PROPOSED WOOD WORKING COMPANY.

Patea Mail, Volume VIII, Issue 976, 27 December 1882, Page 3

PROPOSED WOOD WORKING COMPANY.

A meeting of gentlemen was held at Mr C. F. Barker’s rooms on Saturday afternoon to consider the advisahleness or otherwise of forming a company to purchase and extend the business of Mr Dale’s saw mill and wood factory. There were present Messrs C. A. Wray, R. C. Tennent, C. F, Barker, J. H. Clayton, Lnrwell, J. Guy, G. T. Potto, D. Smith, G. D. Hamerton and others. Mr Hamerton was voted to the chair and explained the object of the meeting. He‘said that he had been thinking the matter over for the past six weeks and had gone over the mill in company with Mr Humphries and that gentleman had satisfied him that it was a good thing. He spoke to Mr Barker on Friday and that gentleman waited on Mr Dale who gave him his price. Mr Dale would no doubt state to the meeting what bis terms were. Mr Dale said that Mr Barker waited on him and asked him if he was.preparcd to sell to a company. He replied that he wanted to* sell but it was immaterial to him whether it was to a company or not. He felt satisfied that the concern was making a profit, and it would be a good thing for the district if it were curried on. The capital invested, and the amount of wages and ,other working expenses dating the 12 months, was £8233 17s sd. That included interest at 8 per cent, on the value of the plant, buildings and land. The sales to date amounted to £8306 5s Id, and the stock in hand should he about £6OO, making a total of £8906 or a profit of £673. Adding an allowance of £l5O for rent, it would give, in round figures, a return of £B3O on the capital invested, say £3OOO. That was about 27£ per cent., but an allowance wonld have to he made off that for bad debts. The past had been the dullest twelve months for some time, and he thought they might expect that it would not get any worse. The business could be increased by going into the manufacture of doors which was the best paying branch. Mr Barker said the object in taking the matter up was to prevent the business falling through, which would be a great pityr Mr Dale had shown (hat the concern was a good paying one, and they had so few industries that they could not ' allow one to fall to the. ground. Mr Lnrwell remarked that he would greatly regret seeing Mr Dale’s mill shut np. He knew it required an extension of plant and more means than a private individual could employ, but ultimately it would be a benefit to Palea and the district around. The mill had been of great use in Patea, and they should strain every nerve to keep it afloat. Mr Barker suggested the formation of a provisional directory to make all possible enquiries. Mr Dale had no objection to allow an inspection of the books. He could not, however, undertake to wait week after week to see if a company was going to he formed. He thought himself that they would have no difficulty in one up, as it was plain lie was not trying to get rid of a had speculation. He was selling everything, and that was his reason for parting with it. He was prepared to take £3OOO for the concern, and he and his friends Would take up £SOO worth of shares. That should he evidence that he was satisfied with the thing. After some further discussion it was resolved—“ That Messrs Cowern, Mace, Storey, Horner, and Lurwell be a committee to examine the mil! and books, and to report at a meeting at Mr Barker’s rooms on Friday, at 4 p.m.” The meeting then adjourned with a vote of thanks to the chairman.