LBION BREWING AND MALTING COMPANY.

Otago Daily Times, Issue 4741, 28 April 1877, Page 2

LBION BREWING AND MALTING COMPANY.

'■' The adjourned general meeting of the; shareholders uf ;Albi6n- Brewing 'ami Malting" Company, Limited," was'held at the'

Brewery,,,on .Friday, the.. .2 ; 7th AptU r athoon^MFW.,£[. Reynolds'in the ; chaif\ \/ %_ : The Secretary readt&e following ''■'■'"'*■ "■■■ \ •■■■;::>''{-i; ■'•] r'.r HJEPOBT. "i-,^ ;-_,,■•; ..;■ -. ; ;•>;>■>• : 'The!' Directors,, in Handing the balance s'iee£ for tKe year ending thVJSSth' February, 1877. annexed hereto, have to report that since the • adjourned: general Baeeting, keld 18th Apri', .. 1876,,theyhave.applied themselves to ther-r--duction of the working expenses of the"Coni; ■ pany, which,theyAeve:accomplished to a greit extent.. -The debit to charges^ would have bran lessfhad it;' not been for s^peemSntstEeji'existiDg - which" could- nbl ;be; ternniitajted'before^^;uguS6~ last. ,>:=*;.;;•'.'>■•'.! f :;*n ■ .

i A large amount of planted material taken pvet-feom' the ''Distillery-Qompariyby.'^he, Provisional Directors, which -"was afterwards^ found to be useless;'has-been disposed oft^-?^ > ~The.beerin stock at data ef last balance sheetturned but iinsaleable^a^d iasbeena source of" serious losSj,but'th'e;Dir^ct6^',may fairly congratulate. .thY .'shareholders;^ pa! the' excellent; • ciuali^of the beer now brewfed; which is" meting with a ready and increasing sale... ; .."_ J,"T ; Malt shows a fair: profit'6i''quaati&Moid." Oi : A dividend warrant,-payable at the Bank of NewiVZealaiid, Dunedin, for the guaranteed' interest; payable sth April instant, is enclo'ssct' herewith.-; *:.;:•■.■ -/.'■■r •: ■-•:■<>■„•■>s■■■■;■ ■__;. y . i^.i ;By the articles of "associationthe. number "of!!^ directorsjs.fixed.at>ninei''u'lfc^is nowprpposedi .to limit the number to six. In consequence of| the lamented death' of the late Dr sHulme yo^ will be called upon',tp elect a director to mak^ up that number. ". ' • ,?f

Wilt.ta'm Hi EETNOLD3, Chairman. » £ _J:-7,' rKQMT;A«I>;i,O33 ( ACpC>P|iT.I ■>■'. -iO^r .-The following. is;the .profit;ancMoss 'account to 28th-February, 1877':—To'ftalanee from/lastyear,; L 280619s17d; auditors' fees- li42j charges on lpai;:L372 ; ls3;M^^suspense acpoiiat, .L29i3s. 4d;' license fees, L6s.";.Cprporatipn' assessmeit, postages, telegramfej advertising, .newspapers,. Btationery, and sabsraiptilonßi::li349''''l4a 113 ; " salariesi L1283'35;:,:9dj fire insuraace,:L2B3l6s. 7d; coal,'Ll9o-17S7d;■ coke;L4Bl4s4d; commission to travellers, L 1064 153 2d; la-w exipenses, 1i220.1s Id;-discount,and exchangeL 289! 2s'ld; interests t739'iosr7dV directors'-;;----fee's, L 343 7s; trayeUing e3^enHesi'L29i'23 6d P aU6wance'aceount,'^2?so/83 7dV> cask acceunt, L9351759d; repairs to' cottages, £14 lls; re- - Berve for bad debts, L 1000; total, 1i12,98615:----2d. By transfer fees, l&.Ja Q4 ; .recovery of. amount debited to charges last year^^l^lOdl-'----brewing account;1 L2326~7s iScf; inaltaccount?'?' L 538 :4s;3d~; marine l insurance;1 nil; balance LlO.lll 7b Id; total, L 12,98613 2d. ! --.■.,■-,.- .---BAIiAKCE SHEET.-t.- ■• '■■--~-:-,

r The,fpllowing is -the, ..balance-sheet, ;to 28th^ February,; 1877:—Debts .dud. to the Company L 3667, Ss.7d; bills: receivablep'LW 17sa0d *■ property, L 32.953 7s 10d; plant, L79219a 6d;: unpaid.calla, L226145;9d ; fitocfcaccount—malt ■: L 63223; sacks, L 282343; sngar.^E9o: h0b3,L255. 3s sd; beer, LB3B 17s Hi; casks, L2d2o 12s ; bottles,,Ll? 7a 9A ;-"rcash;in,Bajik of JTew Zea-^- ■ lancl£_!Lßs la;sd j-bill3-tisder-yis6(<unt per coil-' 5 tra, L 1394 03 6d; total assetsj L 43.658163 lOd: ""■ prbfit'ahd!loss,::Llo,lll:7s Id f'totiJ debtors, L 53.770 3a lid.—BillaTOyable, L 824 9s 9d j. mortgage, LIO.OOO j sundry .creditors, L6Ol Bslid ; bills under discount per contra, L 1394 0s- ■ 6d; total: liabilities, L12;819 19s 2d ; reserve " for-bad and doubtful debts,- L 3192 4s 9d; capital^ account, E40,000.3 leas' shares unallotted;.: L 242 ; total creditort,XsS,77o i 33,nd. "i ■■--''- Auaitedand compared with th£Cqmpany'sv; books and vouchers, and found correct! • . ■■ ■. ■ , ": ■■■ J. >1.5.;3Y i ebb, auditor. ~.,,:;'■" ■. The CHAiKitiNiskidih^-r^&tfce^tbjjt:h"&v could not congratulate' the shareholdera on a-, more successful issue, aa'regarded- the affaiiav ofthe Company^ ;;'Tlie balance'sheet showed"' aloss.equal to about one.fourth.of;the total. assets. • jTheiDirecfcoral considered itbestta-' showthe Company in itsworstposition, and they had therefore left alarge.ma'rgin. H&' explained that agolid portion /of the lossesdated Antecedent vto; the : formation* of the;.; Cbmpauy' and the purchase of the property, and were" subsequently'caused by extrava--'; gaace and l mismanagement."' He' had "the ' satisfaction, however, of, stating that they-j had'gbt over most "of their diffigalties, and there, ,was of. late a . smallr'profit—a fact* which ivas most ericburaging. Success no doub.t.depended m6re.upoa.the manager, the--brewer, and the secretary, than upon the Directors, and it appeared that they were unfortunate in regard to: the1 brewing/ for a:: great-deal of the beer turned5 but Bad, -whicb. involved a heavy loss. The travellers, too, ~ it appeared, had not exercised sufficient carein the selection of customers. He had himself; examined the whole of fthe affairs of the^ Company "closely, and - the - Directors had; made such changes in the way of economist ing the working of the establishment;, as would, he had no hesitation in saying, sepure the" entire success of theundertaking. According to calculations, wliich he had made, he had no doubt but a. profit could be made of £3000 per ancum. There was every prospect of their being: enabled, mthin a short timej; to let one ,half * of the premises/ 'andi they."wera in hopes of getting the mortgage aV^riower, figure than that'^ which they were gaying.- : They alsointended to proseoata the' m^Hing of .barley.?, for.'isale; <,!;';. The present':iiabjlities^were dE^l9J;' 12s; .They had beennnfortanatej bit they^ had'- ■reduced 'expenses^ and{* a»\ ho already^ " said, the Company^aß now.^fib^ing a pro« fit; so thatthere w»-every'reason to hope

that it wotild tarn cot a great sacceßs. He mored the adoption of the report. Mt Js. S. Chapman, in .rising"to" second the adoption of the report, said he was not, like. their Chairman, a practical business •nan, but there was one faculty which; in She practice of his profession; he hau to exercise, and that was to examine evidence and draw conclusions. As a shareholder, he though* the statement read was correct, but he? considered that their . Chairman took rather a gloomy Tiew.of ;the"Bituati6n.i They commencedtunder;difficulti^a,lahd for the first: year had no/income. • tut In September last they arrived at the turning point' The beer produced had been;puttoafarr testit \wai-now.undoubtedly "good;, and- it was inigroying. • Economy had been'introduced into ail branches of the business, audit was certain that the affairs of the Company were in a good position, and that they would improve during the next. year: \. They were certainly indebted to Mr Keynolds and Mr Brodrick for their present improved condi-: iron* Jbut .jrape.cully^'taiSltv.i^yhDlds-; who was most untiring in hia exertions to place the Company upon a solid footing.-:1 The gratitude of all the shareholders was due to, Jum .for the services which he-has gratuitously rendered, y'r >' - . .'• Wameb enquired what rate of interest was paid on the mortgage ?;; ■ y The Chairman said, the -rate waa 9 per <%nt>, but they:would probably require a little mort. capital, say £2005, and could get the whole at; 7. per cent. -It might also- be considered advisable to write off 53 per ahafe, which would make the; shares 15s each. There Was a chance oL.letting a por-tioa-of the property at from £400to£5C0 per annum, which would very materiallyredace their expenditure. ; The Directors did did not consider it prudent; to sell any of their proper% as. theywpuld no doubt require it all hereafter. As brewers, they Tfere; not at all in a singular" position in being in difficulties the first-year.. Mr Howard, a practical brewer, said he •would like to know the cost of the malt, the quantity naed, and the quantity of beer produced. If he knew what the Lr^wer got out of the malt he would be in a position to judge as to the prospects of the Company in future' ' """■

JPh© Chairman* said it would not be ad--naableto let out all the sscretß of-the trade, but the booka arid the workj.were open to i&arahbldere/ He had no.doubt,but they could diapose of 100 hogsheads per annum, •' Mr Howard said the buaines? ought to piy. The beef was undoubtedly good,, ana ought to find a market. ~•'-; It was better than that from some cf the other breweries yrhiqh he Bia'tasfeerl. :"-" '"■"•*-■*- .'?r:.---:~:.r-- ,-.-;•::.;;....

Mr Walter, enquired thelvalue of the plaat!

JEhe Chairman could not -ay. what it was wbrfcb, apart from the other property, but .if tha whole were forced into the market it ■wonld realise more than they had valued'it AIL ' . ' *

Mr.WALTER agreed with-Messrs Reynolds and Chapman in regard to the position of the Company. The state of affairs had greally improved of hte. They had to pay for their experience, and it was only: to be regretted that they could not have-availed themselves sooner i of the valuable services: of Mr Key. nolda. The brewer," he thought, was.not altogether to blame for the bad Equality of their early brewings. ;! He' (the' brewer) at^ tributed it ;tb the'indiscriminate^^ purchase of grain^much of. which, was.of. a qpality un- ; suitable for malting. Good ; men ,to work were of no use without good in'aterialar" . The report was unanimously adopted. -Gnthemotipn of MrG.WrElliot "seconded by MrHoGfGf,'; Mr'j; S. Webb was appointed Auditor.. r , ;,/ :n v - . v >

./Mr,Elliot epoke encouragiagly of the position and prospects of the Company. He had no doubt but they would, be vi a. very different position next year. V ,!' '. r. . ■'. ,;l6>as moved by Mr Watsos, seconded by Mr, Walter, and carried, "Teat the annual meeting fcafce.., place "in April, instead of March." :. ' ' '■".'.■■■. '.v..:'. :" ..-.

It. was moved by '■ Mr' Elliot, seconded by Mr Pullet, and carried, "That the number of be six 'insteadof nine.5? It was moved by Mr Brodrice, seconded by Mr Henderson, arid earned, ;<* That Mr O. E. Howden b3 appointed Director, vice DrfHulme, deceased." ": : -■; vuv

A vote of thanks to the Chairman closed thoproceedings, .-.-•,.;;; -..■■■ -