HINTON'S LIMITED

Otago Witness, Issue 3384, 22 January 1919, Page 41

HINTON'S LIMITED

The annual meeting of shareholders in Hinton's Jam Manufacturing and Fruit Preserving Company (Ltd.) was held in the Express Company's board room on Monday afternoon, Mr James Horn (chairman of directors) presiding over a fair attendance. In moving the adoption of the report, the Chairman said the meeting had been adjourned from the original date owing to the influenza epidemic. He was sure they were all gratified that the great war had terminated, and he was confident that the Empire's statesmen would be able to com: plete a lasting peace, which would bring prosperity in its train. In this latter, he trusted Hinton's (Ltd.) would share. A great many men had -gone from New Zealand to assist in the Empire's fight, and a good number of theso would not return, he regretted to say. When those who had been spared did como back, everything possible should be done to assist them in their future life. Speaking with reference to the report and balance sheet, the chairman said that the first year of -their operations resulted in a loss of £143 2s 9d; but the second year showed a profit of £955 i2s 9d. After balancing the loss of £143 2s 9d on the first year they had £Bl2 10s of. a profit. Of this sum the directors recommended tho company to write £137 Is off the goodwill account, and £6l off the preliminary expenses account. This would leave a nefc balance on the year's operations of £6li 9s, which it was reoommended should be carried forward, and thus keep their finances strong. They had secured a big stock of tinplate, and this was responsible for heavy interest charges, principally on their No. 2 account. That this had been a wise expenditure was demonstrated by the fact_ that their stock of plate would return a big profit to the company. There were 824 preference shares still unallotted and, the directors should consider the question of placing these. The prospects for the present season were bright both so far aa tho local market and business overseas wero concerned.

Mr H. C. Campbell seconded the motion, which was carried. Mr Hinton in addressing the meeting', pointed out that the company could take up to 100,0001 b of black currants and guarantee igood prices. He considered . thaft black currant growing would yield a return of £IOO per acre. The company had received inquiries froin Seattle for 200,900 cases of jam. and business had been established with Ceylon. They were also negotiating a large order with the Old. Country. Messrs J. Horn and F. J. Ivake were reelected to the dircctoi-ate and Messrs Algie end Smeaton were re-elected auditors, at a fee of 20 guineas. The directors' fees were fixed at a total of £75.