OPUNAKE FLAX COMPANY, (LIMITED.)

Wanganui Herald, Volume V, Issue 16711, 6 February 1873, Page 2

OPUNAKE FLAX COMPANY, (LIMITED.)

The annual half-yearly meeting of this Company was held at New Plymouth on January 27th. We take the following par- „ ticulars from the Taranaki Bferald. The f Directors informed the shareholders that v since the last meeting the turbine: Wheel had been erected, and found to work1 satisfactorily. The weather being unusually dry the quantity of flax produced since the • erection of the new wheel has not. been nearly so much as would otherwise have been the case; but, notwithstanding this drawback, thirty-two tons of flax have been produced at an average cost of £16 per ton. The balance sheet shows that the debts due by the Company amount to £577, and the overdraft at the Bank of New Zealand £619. A shareholder asked "what, assets the Company had against those items. The Secretary replied that the thirty-two tons of flax at, store might be reckoned at £700; the proceeds from last shipment £186 '; stock-in-trade, £458 ; and debts dve1 to the Company,. 291, which ; made the- assets £1,000, against the £1,200 Mr Kyngdon had mentioned. .-.: . , In answer to other questions it transpired that the sost of carriage from the store to England averaged £12 a ton, and that the cost of production was; about £12 10s a ton. The report-and-balance-sheet were ultimately adopted..••■ 1v »