NEW ZEALAND PAPER MILLS.

Otago Witness, Issue 2829, 3 June 1908, Page 13

NEW ZEALAND PAPER MILLS.

ANNUAL MEETING. - , Ths third annual meeting of sharqjioider£ of the New Zealand Paper Mills (Limited) was 'helcK on Wednhesdffy, May 27,' nh* the Chamber of Commerce. The chairman of j directors (Mr F. W. Mitchell) resided, and | 14 other shareholders were present.' % ~£ j The Chairman, in moving the afloption of the annual report (previously published) and balance sheet, said it was gratifying to know that the business transacted during I the year had shown considerable expansion, i with an inorease in profits which, while not ! entirely in proportion to the greater trade, , must, in circumstance now Obtaining, be • considered satisfactory. It had , fallen to . the lot of the company to be, cited before I the Arbitration Court by the union at j Mataura Mill, and it was to be regretted, ! for the sake of the men, that they ,were j not satified with the proposals of the direc- ' tors. By rearranging the ehifts the «xtrit ! cost to the company was reduced to a mini ' mum. while the men did not earn so much | as under thej old arrangement.^ t The <nnU 3 i have been kept in good- repair," and *a number of improvements effected" during the year. The sum of £5765 19* had been I expended on repairs, renewal^ and depreciation, and it might interest shareholders to learn that since the company started operations the amount set aside for this last item was represented by the substantial figure of £7815. It would appear that the time had now arrived when a '< separate reserve fund might with advan : j tage be started, the policy of the boarcf : having been hitherto in the direction of ; strengthening the company's position by : writings off and renewals. " Owing- toj.jthe demand for the company's products in the North Island the board had ! considered it expedient to add materially !to the plant at Riverhcad Mill. A new \ pa-per-making machine, with necessary j equipmente. had been authorised, and the I manager of that mill was to proceed to the Old Country at an early dale to superi vise the preparation of this "plant. With j its installation it was anticipated that the . output of the mill would bs much increased and the earning power equally benefited. Til* ' benefit of the paper-making industry to tH&" community was seen in the large sums paid ; for wages, freights," commission, "eie.- The ' utilisation of waste material which formerly. j would only have been destroyed was an^ other factor to be considered. It« collect tion and sorting employed many hands, so 1 that in the mills mjght be seen fathers, , sons, and daughters all employed, and so keeping the home together in country places , which, but for the niills. would be impossible. The chief items in the balance sheet calling for note were an increase in the i gross profit of £2337, in the cash bajance !of £1008. Their stocks were £491 more ' than last year; plant and machinery account £817 less (the balance being net , value after additions for new plant and deducting depreciation) - r sundry debtors* £400 more; sundry creditors £465 more— whioh represented merely ordinary fluetue.-- ' tion in the business." While their gross 1 profits had been a good deal higher than I last year, this increase had to some extent ' been discounted by ■mch additions to expenses as wages *(£49 l}, freight (£261), 1 repairs, etc. (£909), coal (£467), and dis- ' counts (£293). On the other hand, he was f pleased to say there had been a reduction I in, their general expenses, of £611. The6e I figures would indicate the general course of their operations during the year. They ! were making steady but solid progress, and | while the Dominion continued prosperous such industries as paper-making were bound ,to share in' the prosperity. At all e\ ents ! they deserved to, and in closing hi 6 re1 marks he could only hope each year would see an improvement, and that shareholders I would ere long receive a larger return for ; their investment. He had much pleasure • in moving the adoption of the report and { balance sheet. ' I Mr W. F. Edmond seconded the motion, ! and congratulated the board on the satisj factory nature of IJhe balance sheet. i The motion was carried unanimously. It was decided to postpone the election of directors until after the meeting to be held at a future date to confirm a proposed alteration in the articles of association regarding the number of directors. Messrs Barr, Leary, and Co. (Dunedin) and H. Wallace Bruce (Auckland) were reelected auditors. Mr E. R. -Smith moved a hearty vote of thanks to the staff and workers for their efforts on behalf of the company during the year. No matter how able the direction might be, unless the management was backed up by the staff and employees generally their operations were not likely , to result in success. The motion was agreed to on. the v.oices. The Chairman, in acknowledging the vole on behalf of the stajf an«T employees, said ' that in the three mills 13.S hands were engaged. For raw material last year £24-,3C0 , had been paid. -That was. for ran*.

waste paper, sacking, refuse of different kinds, which was taken and sorted, and material imported from the East and the Old Country, in the 3hape of into, wood pulp. etc. In wappes £12.020 had been paid, and £3126 in outward freights, whilst the coal bill amounted to £3309. I * V i ■'

A carpeuter named- Creorge W.-M'Kenzie-jumped from the cliffs at Coog^e (Sydney) the othor> afternoon. He fell -tv distance of £Oft on,j^» the rocks. Death, yws instantaneous. Sergeant Bowdon, of the Feilding police farce, giated- in the court Ufere on Satur- - _daj Hh*t j^lter^ had.o»t *€&h ~a local female"" resident convicted of drunkenness for two years, and no looa-1 male resident for six months. XJifi* occasional offenders who came , before the- s court* were strangers to the di«-' trict. •*" ±~^ v - ~