Buchanan & Co, Ltd, Auckland.

New Zealand Graphic, Volume XXVII, Issue XX, 16 November 1901, Page 944

Buchanan & Co, Ltd, Auckland.

WHOLESALE AND MANUFACTUR ING .JEWELLERS, SILVERSMITHS, ETC. Among the many large ami imposing warehouses which have lately arisen in Auckland and marked the <‘\|Kinsion of trade and wealth in that city there is probably none that for certain reasons presents such features of interest as a square block at the corner of Albert and Swanson streets. facing the Star Hotel. Several stories in height, massively

iManag.-r Wholesale Department.) l.i.i.t, widi windows protected by iron bars, it suggest at first sight the chilly hospitality provided in certain cases by the law; hut a glimpse of the interior, with its handsome otlices. show rooms and lifirgs n. t to speak of the cheerful faces of its umerous occupants would at once serve to dispel that impression. This is the new warehouse and manufactory of Buchanan and Co., wholesale and manufacturing jewellers, silversmiths. etc., long and favourably known in the Xew Zealand jewellery The building, which was designed by Mr \V. \. Holman to the order of the firm, comprises four fiats, all

splendidly lighted and affording most extensive space for the purposes of the business. On the first flooi are the public offices and book-keep-

i:ig department, tinder the charge of a staff of elerks, the show rooms, manager’s and managing director's offices and strong-room. The strongroom is framed of iron rails built into the walls and brickwork and supported on asbestos covered pillars. Should a fire occur and the whole

building- be gutted by the flames, the strong-room would remain intact. Risk of fire, however, is reduced to a minimum by the paucity of material of an inflammable character in the interior. On this floor is to be found the company’s large stock of imported

and manufactured goods, comprising jewellery of all descriptions, rings, brooches, etc . English and Swiss watches, in gold and silver; a large and splendid assortment of the latest things in small silver goods; electroplate, clocks, leather goods mounted in gold and silver, etc., etc. All these articles are of the very newest patterns, having been selected by the

managing director hi the European markets during the past few months. A noteworthy line stocked by the. company is Goerz’s celebrated prismatic binoculars. These need to be seen, or rather, seen through, to be

believed in. Compared with the best binocular of the old pattern they are as “sunlight unto moonlight." Buchanan and Co. are also agents

f..r Samuel Withers and Co., the celebrated safe manufacturers. Ascending now to the manufacturing department we find spacious and well lighted work rooms with accommodation for seventy men. and all necessary machines and appliances for the manufacture of such ai ticles as gem rings. brooches, bracelets, mi ll chai* s. ge it’s albert*

links ami studs, scarf pins and inii ii inera lilt* otlit*rs. No pains liuvc been spared to secure the most efficient workmen, ami the whole of the work turned out is of the lust de scription. bearing comparison with the finest imported goods. For the purposes of this branch of the business the company hold a large stock of unmounted gems diamonds, rubies, sapphires, opals, pearls, etc., etc. Large quantities of greenstone are also mounted. In addition to the main staircase in the front of the building a back stairway is provided tor the workmen. They are also accommodated with a large luncheon room in the basement. Other pirts of the basement provide space for an engine to drive the polishing wheels, etc., ami a pit. for the medal making machine. In fact, no eonvenience. whether for the better performance of the work or the comfort of the employees appears to have* been neglected. I’he firm of Buchanan and Co., now a limited company, has been in existence for more than twenty years, the formation of the company dating from April last, when the proprietors found the increasing magnitude of their business necessitated its reconstruction on a different basis. A limited company was accordingly formed with a capital of £’:i(>,(M>, divided into 30.000 shares of l*|. Four thousand pounds’ worth of these shares were taken by the proprietors for cash at par. and a further £‘4ooll worth set apart, which they undertook to subscribe as required for the purposes of the business. The articles of association present one or two novel features. The bedding- of shares is restricted to within the limits of £'loo and £’soo. There are no preference shares whatever, and the interest on share capital is limited to ten per cent, per annum. As the business had always previous to its incorporation as a company returned its proprietors much greater profits than this, it may be' asked what then becomes of the excess profits over ami above the amount necessary for the payment of interest

at that nite? 'Die answer is that sueli excess profits are utilised—(l) To pay a bonus on the accounts of purchasing shareholders. (2) To pay a bonus on the wages of shareholders who are at the same time employees. And (.3) To form a reserve fund. ft will thus be seen that in so far as a man is a shareholder in the company, he is entitled to interest on his capital invested up to ten per cent and no more: and it is not until he becomes a purchasing shareholder that his complete partnership in the business is revealed. In other words, for a small investment of from -£IOO to £SOO a jeweller may become his own manufacturer and importer, the whole of the company's profits being distributed in accordance with the above scheme among the shareholdl lt is needless to say that there is no similar business to be found in New Zealand, and that no such opportunity as is afforded by the enterprise of Buchanan and Co. lias been previously offered to the trade. The company, it must be thoroughly understood, is already formed, and in no way dependent on the taking up of any further shares. Its business during the six months of its renewed and enlarged existence already points with certainty to the payment of the maximum dividend and the distribution of a bonus. At the first general meeting' of the shareholders the following directors and officers were appointed : — Directors: Mr E. A. Price (managing director). M r James Coe. Air Fredc. Shaw. General manager. Mi 1 M. A. Carr. Manager of manufacturing department. Mr .1. G. Buchanan. All these gentlemen are well known either in business circles or in connection with the jewellery trade, and the conjunction of their names in the carrying- on of a business such as this affords the most hopeful prospects as to the future.

New Premises of Buchanan & Co., Ltd., Auckland,

New Premises of Buchanan & Co,, Ltd,, Auckland.