KEAST AND M'CARTHY (LIMITED).

Otago Daily Times, Issue 6502, 14 December 1882, Page 3

KEAST AND M'CARTHY (LIMITED).

The first annual meeting of shareholders in the Brewing Company of Keast and M'Carthy (Limited) was held at the Robert Burns Hotel yesterday afternoon. About 15 gentlemen were present, and the chair was occupied by Mr T. S, Graham, who officiated in the unavoidable absence of the Chairman of Directors. The following report was presented:— Tlie Directors, in presenting their first balance-sheet to the shareholders, congratulate them upon a continuance of the success undor their regime which attended the operations of the Company while in private hands. Up till 30th September tho net profits are £2501 0 9 Out of which they propose to piy— ' . The whole of the preliminary expenses .. £1187 13 4 In reduction of good- . will account (leaving ' that account at £2100) 600 0 0 ■And a dividend at the rate of 10 per cent.' " '•■ per annum on the jiaid-up capital .. 416 0 0 £2182 13 4 And carry forward to credit of new ■ profit and loss account the sum of, say ; .. .. .. £111 7 5 In reforence to the purchase of the property and business by the Company, the Directors inform shareholders that the balance-sheet and books as received from tho late, firm were subjected to a most detai ed scrutiny and examination by three auditors, who t. stifled to the minuteness and completeness of their investigations, (on long and. exhaustive report which they presented to the Board, the gist of which is summed up in the last clause as follows:—" The balance-sheet 53, in our opinion, a just and equilab'.e ba is cf settlement as batwpad- vendor and vendee— (Signed) William Brown, Thomas Kew Harty, Jno. C. Morris, auditors." . ji« . Shareholders will also be.pleased to learn that the Board caused a valuation Id be inado of the wholo of the brewery property and plant, with the ohject of satisfying themselves regarding the jnmulnennw of the figures standing against the property !n the books of the old firm of Knast and M'Carthy, and that in every caßo the re-valuations were in excess of those appearing In the books. The reasonableness aud justness of the old fhrares being thus confirmed, they were allowed to remain as they were. It is hoped that it will always be the pilicy of your Board to underestimate in the books tho value of your properties. In tho bxlance-nheet now preeontod to shareholders a substantial proviiion has hoen made for eontlugenclef, whether in cpnueclion with (It bts awin;'to the Company, or th«t may arise fntn uufavourable fluctuations in the vahio of properties in tbeir possession After providing for those contingencies, tho Bum of £1000 has been place) to the credit of a reserve fund, and your Direct ts trus-t that the nucleus thus formed will develop into a valuable auxiliary as a dividend-earning power.

In the month of April our preEdnt brewer entered on his dutici, and the Board arc pk.vad to report that ho has been uniformly nnd entirely successful. Act X ou his advico and recommendation, tho Directors entered info a contract f'.r an extension of the . brewery ' premises—tho object being to secure much ■ heeded' additional accommodation, and to eriiblH the Company to turn out with efficiency and economy ft superior and regular article all the year

round. The late firm of Keast and McCarthy (prior, to the vurcha°'e of the business by Messrs NeilUnd Boyd) had commenced an extension of the pp miscs, but their operations wore stayed on account of the decease of Mr John M'Carthy. Th>! additions which tho Company are now eii»a;ed on are not a resumption of these works, but are laid on different-lines, and tho result your Directors arc confident will not only add greatly to the conrenioico of working the lmjine.l?, but will contribute largely to tho prosperity of the Company. We hope shoi tly to occupy tho new biiildi-.fr; iti' row ivoil advanced, and tho contract time hiis aliviidy expired. Tho Directors have eonniienco in assuring the shareholders that they j'O'so s a valuable bui-iness and property, and havo every reason to believe that a successful careen's b'.-foro the Company. I'mler the article* of issoc&tkn it is provided that r.llthodiiocitO'B, except the managing director, shall retire from office at the first general meeting of shareholders. In accordance therewith. Messrs Wm. Givfrg, Wm. AVright, T. S. Graham,. Wm. G. Neill, JJicholas Molouey, and Robert Neill now retire, but, being.eligiMe, they are candidates for re-election. The auditors—Messrs T. K. Harty and Jno. C. Morris—alao roliro from oflico, but are eligible and offer themselves for re-election. ■;

The object o( postponing tKc? meeting to so late a data bs the 13th December is*that this being the first general mcc ing of shareholders, the Directors consider it desiiable lo j-ive the nlovt distant members an opportunity of buing represented. The dividend will'be payable on the day after the adoption of the report, at the office of the Company, Fl'lcul street, Dunedln.

The Chairman in moving its adoption said that the directors, before deciding to declare a dividend after the Company had been working only nine months, had carefully considered tho position of affairs. They were secured in every possible way against loss. Mr'J. Boyd seconded, remarking that tlm stock had been taken very carefully. Speaking for himself, he had every reason to be gratified with the 'success of the venture; indeed, so satisfied was lie that he had increased the interest he held in the concern until he now held a very large number of shares. It was not usual to disclose everything at such meetings as the present, but it was only fair to say that the outstanding accounts due to the Company (about £4000) formed an exceedingly small sum for a company or firm which did a large wholesale trade. Every possible deduction had also been made in estimating the value of these accounts, which were actually returned at far beJow their value. The business was also steadily increasing month by month. The motion was put, and carried unanimously.

The Chairman mentioned .that at a meeting of directors the previous night it was decided, in consequence of applications being made by outside shareholders for additional shares, to put the unallotted, shares into the market at once.'".The premiums had not been fixed precisely yet, but they would do that at a future meeting. He had no doubt every one would be taken up. The' retiring directors —Messrs W. Greg?, W. Wright, T. S. Graham, W, G. Neill, N. Moloney, and R. Neill—were re-elected; as also were the retiring auditors, Messrs T. K. Hartyand J. C. Morris.

The Managing: Director (Mr J. BOyd) intimated that he had received a letter from the Melbourne .firm of brokers, who placed their shares in that market, to the effect that the Melbourne shareholders were highly gratified with the report. The proceedings closed with hearty votes of thanks to the managing director, the employes, and the chairman.