EGMONT BOX COMPANY

Taranaki Daily News, 27 August 1930, Page 4

EGMONT BOX COMPANY

THE POSITION REVIEWED MUCH IMPROVEMENT SHOWN. •. MEETING OF SHAREHOLDFRS. The 24th annual meeting of the Eg-, inont Box Company was held at Elthani yesterday, Mr. J. B. Murdoch presiding over an attendance of about 70 shareholder’ representatives, > In moving the adoption of the report and balance-sheet the chairman referred to the position of affairs relating to the Tongariro Timber Company, rhe Box Company’s deputation, he said, met the Hon. G. W. Forbes, who made a promise to do all he could to have their proposals carried into effect. They went to Wellington once again and interviewed Sir A. Ngata, who was also sympathetic to the Company’s proposals. - He- said-the- Native Affairs: Committee were to consider the whole of. the affaire of the Tongariro Timber Company a few days later and they attended the meeting of the Parliamentary committee, receiving a very sympathetic hearing. The committee recognised that the company had a good moral claim and there was a unanimous opinion that the Government should honour the company’s title to the Whangapeki block. It was also considered that its rights in the railway construction would be recognised. The Box Company had made an offer to write £5OOO off its debentures provided payment was received for the balance, but. it was not known yet what the outcome would be. It was possible that a. reply would be received this week. The decision to grant, the company a. title to. the Whangapeki block would bring Mr. Phillips into the position of having to honour his obligations to the, company. . Ab, there now seemed no. legal doubt about the matter he Understood’Mr. Phillips was agreeable to do this. . Referring to the balance-sheet fig-, tires, the stated that they had shown a great improvement. The amount owing to the bank had improved to the extent of £BOOO, arid stocks had been estimated at conservative prices. There were charges amounting to £2OOO per annum representing interest on items from which they were receiving no return, but apart from that the position was very satisfactory. The chairman’s motion was seconded by Mr. J. R. Corrigan and carried.’ Mr. J. P. Marx asked if reductions in overhead expenses wore possible in view of the email turnover. He considered that the ratio of expense to revenue and the working account was unduly large. The chairman pointed out that much of the expenditure was for items which could not be avoided. They had to pay award wages and they had no idle men. ~ , . Mr. W. C. Green asked to whrit extent the turnover had increased on that of the previous years. The chairman replied that it was greater by £13,000. Mr. Green considered the’ company• had been managed in a‘ slipshod* ’’way but he felt they could yet make a success of-the company. For a number of yeare he had advocated that they compete with other concerns and the sooner they turned the -company into a manufacturing concern the better. He believed there 3 was a -way of saving the balance of their share capital. The chairman 1 expressed his appreciation of the assistance given to the company by the Taranaki members of Parliament. ■■ • •

The retiring directors, Meesre. J. B. Murdoch, A. Morton arid J; Brown, were rc-elected unopposed. Mr. H. A. Lennon was re-appointed auditor at the same remuneration as previously. The auditor and the company’s solicitor, Mr. J. L. Weir,, gave a lengthy review of the company’s financial and legal affairs which'was met by expressions of satisfaction by the eharehold-

Mr. W. Power asked for an assurance that no further calls would be made on shareholders during, the' coming year. He moved to that effect. ' Mr. Corrigan said he would second the motion if it was altered to read that no further call be made .without calling the shareholders tog ther. • . The chairman explained that it had always been the directors’ • object to avoid calling up any further capital, and,.in this they had been successful. He did not think there would be any need for taking such a course. The motion as amended was carried. At a subsequent meeting of directors Mr. J. B. Murdoch was re-elected chairman.