N.Z. PAPER MILLS (LTD.).

Otago Witness, Issue 3195, 9 June 1915, Page 6

N.Z. PAPER MILLS (LTD.).

ANNUAL MEETING. Tho annual meeting of shareholders in the Now Zealand Paper Mills, Ltd., was held in the New Zealand Express Company’s Building on the 21st inst. ihc meeting was attended by about 20 snareholders, and the chair was occupied by Mr F. W. Mitchell, The Chairman stated that after tne experiences tiioy had Had for some years preceding tiiat now under review, it was w.tn feelings of considerable satisfaction tiiat he moved the adoption or tlie report, ana congratulated snarenoiders that, cKsp.te tiie drawbacks incidental to the deplorable state ot alt airs in Europe, they were able to present a balance sueet disclosing so great an improvement in the company s aha,is. Tho point which would have most interest for shareholders was tho increase in tneir gross profits, from ±137,604 in 1914, to ±142,498; an improvement to tho extent oi £4894. A short comparison of other items in the balance sheet showed a decrease in property and plant from £88,701 to £86,659. This was mainly accounted for by writing down, and indicated tho desire of tiie directors to take every reasonable means to strengthen the company’s position, fcitocks had also boon reduced from £18,760 to £16,047, chiefly though delays in shipments of wood pulp. Sundry debtors were £421 higher than last year. On the liabilities side sundry creditors had increased from £5231 to £5859, and the debt to the bank showed tho substantial reduction of £B/1;, last year’s figures standing at £13,302 against £4585 at tho end of March last. Wages and salaries account had increased from £14,950 to £16,757; discount and interest from £4072 to £4860; coal and power from £5531 to £6226; while general charges showed a reduction from £IBSO to £852. None of these called for special comment. In common with most manufacturers, they had suffered by the war in tho shape of increases in freights, and in the cost of raw material, such as woodpulp, and other articles they had to The directors had taken stops to cope with these drawbacks, but were handicapped by the competition from Canada, and the difficulty in obtaining pulp from Scandinavia was not becoming less as tho aetion of German submarines continued. Apart from having to suspend operations temporarily at Auckland, through the difficulties referred to, the mills had been running steadily throughout the year. Tho various plants were in good order, and were as far as possible being kept up-to-date, having regard to the raw material available and the largo range of articles they had to produce. He thought shareholders would agree that the year’s business had shown distinct progress, and that they would share with him the pleasure ho felt in moving tho adoption of the report. Mr John Mill seconded the motion, and said that shareholders were perfectly satisfied that the directors were looking well after the interests of the company in every possible way. Tho motion was carried without further discussion.

On tho motion of Mr A. Lee Smith, jun., Mr L. W. Harris was reappointed director. Messrs Barr, Leary and Co. (Dunedin), and Mr W. Wallace Bruce (Auckland) were re-elected auditors at the same remuneration aa previously.