RECORD YEAR

Otago Daily Times, Issue 26474, 30 May 1947, Page 4

RECORD YEAR

PAPER MILLS PRODUCTION ANNUAL MEETING OF SHAREHOLDERS The annual meeting of shareholders of the New Zealand Paper Mills, Ltd., held on Wednesday, was presided over by,Mr T. Somerville. In moving the adoption of the annual report and accounts the chairman stated that the year under review had been a record one both for production and net earnings. Inferior pulps had been worked out and with the conditions now existing at the mills it was again possible to produce high grade wrappings. The chairman added that, provided no major stoppage occurred, an even greater tonnage was expected to be produced during the current year, and it was hoped to meet fully the wrapping requirements of the Dominion. Land adjacent to the mills had been acquired for future expansion and in this connection a new factory for paper bag making was at present in course of erection and was nearing completion. Direct Supervision Continuing, Mr Somerville said that for some years past the directors had held the view that, to effect clqser control over production and distribution, the general manager should be stationed at the mills, and had accordingly approved the appointment of Mr D. M. Wilson in that capacity. Mr Wilson had joined the company early last year as mill superintendent after a long association with the paper-mak-ing industry in the United Kingdom and his knowledge and experience had proved of great value to the company. Referring to the supply position concerning raw materials, the chairman stated that this was satisfactory. The mills were also reasonably well covered for accessories from overseas-and no hold-up in production was expected. Availability of electric power had been fairly well maintained, as adequate coal supplies had come forward from the company’s open-cast field, thus permitting full use of the steam-turbo unit, but low river levels had on occasions affected the hydro plant. Distribution of paper by coastal shipping continued to cause some anxiety and it was hoped that the position would show an early improvement to permit adequate service for North Island clients. The report and balance sheet were adopted. The retiring director, Mr J. Elvidge, was re-elected. Dividend Distribution The accounts disclosed a net profit on the year’s operations of £19,507 and in addition £12,600, being net proceeds of a claim for pulp processing losses, was shown. Dividend distribution provides for a final of 4 per cent.,' making 7 per cent, for the year just closed and absorbs £BOOO, as well as a further 3 per cent, requiring £6OOO, representing the final dividend withheld for the year ended March 31, 1945. The carry forward in the profit and loss appropriation account, after provision for the dividend, is £29,429.