EGMONT BOX COMPANY.

Stratford Evening Post, Volume XXXIX, Issue 96, 13 August 1914, Page 3

EGMONT BOX COMPANY.

The annual general meeting of the Egmont Box Company was hold it the Theatre Royal, Eltham, yesterday afternoon. Mr J. Mars (chairman and managing director) presided, and others present were Messrs \V. I). Powdrell, 11. Dingle, J. B. Murdoch, A. Morton, J. Burgess and H. Spratt, directors, and the following shareholders : Messrs C. Connett (Bell Block), J. H. Smith (Waitara), H. D. Forsyth (Eltham), R. Lambie (Pihama), A. Adlam (Oakura), E. Gray iLowgarth), J. V. Wyborn and J. W. Batten (Riverdale), W. Richards (CardiiO, W. Jones (Moa Farmers), W. Skedgwell (Midhirst), C. Dobson (Kaiinata), W. H. AVere and A. Lelimann (Stratford), A. Farquhar (Awatuna), G. Hollard and W. \Tait (Kaponga), AV. Morrison (Xgaere), J. Crowley (Joll's), and 1). L. A. Astbury (Mangatoki); together with the secretary (Mr H. Xorthover), and the Manager (Mr Barry. REPORT AXD BALANCE-SHEET. The annual report read by the secretary was as follows: " After writing off £4O 15s 3d for bad debts, £654 3s 3d for exhausted bush, and £3240 7b Od for depreciation,there remains a surplus of £'5292 Is -id, to be dealt with. Your directors recommend -that 6 "per cent per annum be paid on all paid up share capital. This will absord £lO4l 12s 4dj leaving a balance of £3650 9s to bo further dealt with. Your directors further recommend that £2120 bo added to premium reserve account and £llß7 lis 8d to reserve account, leaving a balance of £382 4s. Reserve and premium reserve accounts will then total £6OOO. Eight additional dairy l companies have become shareholders of the company during the year. Steady progress is being made ill the way of opening up the company's lately acquired timber block on the Wanganui river. The retiring directors are Messrs Richard Dingle, W. D. Powdrell, who are eligible, and offer themselves for re-election. As auditor Mr Parrott again offers his services. The . balance-sheet showed capital and liabilities, including paid up capital £32,070 Bs, Tauwera milling timber vights purchase account of £24,103 and balance £5292, of £86,757 8s 10d., The property and assets totalled the same amount, including bush rights at Ohutu £3OOO, bush rights Tamvora £33,992 2s, plant Ohutu factory £0570, Ohu'tu mill £llOO, Eltham factory £1173, Ohutu tramway £16,000. The profit and loss account showed that' freights amounted to £7427 Os 7d; wages bill £19,625 lis 2d; grants to directors £389 10s; reserve account, £1250; and-timber account £42,539 12s.

The chairman, in moving the adoption of the report and balance said he was pleased to ho able to .-ay that the work of the past year had been successful. They had made an increased 'miriibr-r of cheese crates at Ohutu of 41,000, ni'd their work at that place would continue for another five years. As the work decreased there it was increasing at Tauwera. Any increase in the business had to be provided by new shareholders or an increase of shares. They wove.steadying the price and their.supply was assured for years to come. Thej had much brighter pro-nbets than any other concern of its description in New Zealand. The company would probably prove one of the largest and 'mort successful in .the Dominion. Mr Oonuett questioned the "directors and the managing director's salary.—After discussion the chairman said they ha dto handle an enormous amount of capital and had to provide for its porper handling. They also had to look ahead. They had to make the position of their present shareholders as easy as possible,' and at the same time provide for the future. The company was not run on the same lines as a dairy company, with which they were all so well acquainted. The dairy companies had only .to consider their 12 months' work, but the-Box Company had to look many years ahead. In answer to another question the chairman said the man who was directing affairs at Tauwera was really their engineer, and he had done exceedingly good work for the company. It was necessary to have an expert there in connection with the work of laying down the tramway. Mr Burgess pointed out that their managing' director received less during the past year than he did for the previous year. The report and balance-sheet were then adopted. ELECTION OF DIRF.CTOE3. Messrs R. Dingle and"W. T>. Powdrell were re-elected unopposed to the directorate. Mr E. Parrott was reappointed auditor at a salary of 25 guineas, and was also' voted five guineas for work done during the past; year. The chairman said he; would like to make a suggestion which he hoped that meeting would see its way clear to follow. Ho would like them to vote the directors a sum of £l5B, to be divided proportionately on the work done by them.—This, was carried.— (Abridged from the Eltham Argus).