SANSON FLOUR MILL CO.

Manawatu Herald, Volume I, Issue 67, 18 April 1879, Page 2

SANSON FLOUR MILL CO.

A general meeting of shareholders in the above Company was held at Sanson on Thursday, April 10. The following report of directors was read by the Chairman, Mr Sanson : The directors, in submitting their second report, beg to state that they have succeeded in disposing of most; of this stock purch&aed last year, and also in reducing the overdraft at the banks; they have however considered it prudent to call a meeting of shareholders before the whole of last season's wheat is 1 disposed of, t~> ask their advice as to the best means of carrying on the business of the company, in future,, as it will be a great advantage to have, say, about 1,500 bushels of old wheat to mix with the new, as a much better quality of flour can ba made thereby, than could be produced from new wheat alone. The directors consider that the company has done a fair amount of business since it was resolved to sell the flour, etc., at market prices, instead of hoping for, and waiting until higher prices were obta : nable. They would also remind the shareholders that mill machinery never works so smoothly, and with bo much satisfaction, during the first year as ifc does subsequently, and now stones will not do the amount of work or produce the highest proportion of flour until they have been worked for some time. All these difficulties have been overcomp, and. _we consider the mill capable of doing a much larger amount of work proportionately during the next twelvo months than it has done during the ten months of its existence. The directors consider that the establishment of the mill has been a great boon to the district, both toprodncn'3 and consumers, and although the first year's venture has resulted in a positive loss to the company, on account of the rapid fall in the price of hread-stuffs, immediately after the company had pur* chased a large stock of wheat, we are still of opinion that a large and lucrative business can be carried on in this mill. The directors find, however, that the importance of the business demands more of tnpir time; and attention than they can spare, and they are of opinion that the mill business can be carried on. as a private enterprise, with equal benefit to the district as a whole, and moi'O profit to the parties interested than it is at present. The directors therefore) respectfully request the shareholders now present to devise the best means of man. aging the business in future. From the balance-sheet presented, it appeared that owing to the suddea and heavy fall in ffour the Company had been worked at a loss of £223, the Chairman remarking that if flour had kept up fo £14 per ton, the Company would have made a profit, and come out on the right side. The assets of the Company — including plant and stock— amounted to £2773 18s Id. The report and balance-sheet were unanimously adopted. After some discussion, it was resolved " That the directors be requested to carry on the business of the mill to the best of their: ability,. and to employ any necessary assistance to relieve their present labour." Votes of thanks to the Chairman and directors closed the meeting.