ROYAL FLOURING MILLS COMPANY.

Temuka Leader, Issue 1477, 9 March 1886, Page 2

ROYAL FLOURING MILLS COMPANY.

About 70 shareholder! were present at the annual meeting on Saturday last. Mr John Jackson (Chairman of Directors) presided. The earnings of the mill during the twelve month* amounted to £18,794 2s 2d. The report congratulated the shareholders on the favorable result of the year's operations, and then continued :—-"The gross profit for that period, after deducting salaries, wagea, interest, and working expenses, and writing off all known bad and doubtful debts, amounts to £4615 lis 3d, from which has been paid to the trustee* of the Mendelson estate, in reduction of their mortgage, the sum of £IOOO, leaving an available balance of £3615 lis 3d, which the Directora propose, with the assent of the shareholders, to allot as follows :—To payment of a dividend at the rate of 8 per cent per annum, and a bonus at the rate of 5 per c«nt, together equalling 13 per cent on the paidup capital of the Company, £800; to place to reserve fund £IOOO, making this fund stand at £2OOO ; to write off for depreciation of machinery £IOOO, and to carry forward to next year's account th« balance of £Bl5 lis 3d. The business of the Company has been greatly extended during the past year, and shareholders Till be gratified to learn that though sales have been nearly doubled, the amount incurred for bad debts is little more than half that of the previous year. Thei Directors would again draw the attention of all interested in agriculture to tho great benefit that has resulted to tho South Canterbury district through tho operations of this Company. It has purchased during the year some 4QO,OQQ bushels of wheat, and there can be no doubt that such a quantity being required on the spot has secured for whether selling to the Company or to others—fully one shilling a bushel beyond what they would have received had they compelled to Beek an outßide market;; thus causing to circulate in the d'Btiict a sum of £20,000. which would not otherwise have been received. The Direotorg therefore confidently hope that many farmer* and land-owners who have not hitherto taken up shares will now do so, and those who are already holders will tike up more, so with that additional capital the Company may be placed in a yet more favorable position. The report also stated that additional storage to the extent of 20,000 was being provided, and recommended that the first and second, issue of shares should bo closed ? tmdanew issue of 2§oshares at a £1 premuim placed on tho market. The report was adopted after a short discussion. In consequence of some remarks made by. Mr W. Evans, to the effect that a director might b,o prejudiced by the 2J per cent he got ftip selling graio, and influence the Manager. Mr Moody handed in his resignation as a Director. Messrs Andrew Martin, James King, William J. Hardie, Isaac L. Morris, and T. W. Hall were elected Directors, Messrs Morris, Martin, and King being re-elected. Messrs Granger and Davidson were appointed Auditors. The. sum of £IOO was voted as salaries \y the Directors, the auditors! fees tyqre, fixed at the same amount as last year, and the meeting terminated. At a Directors meeting afterwards held' Mr <j. Jackaon was re-elected Qh-airiqan,