TEMUKA LINSEED OIL, CAKE AND FIBRE MANUFACTURING COMPANY.

Temuka Leader, Issue 1149, 8 March 1884, Page 3

TEMUKA LINSEED OIL, CAKE AND FIBRE MANUFACTURING COMPANY.

The annual general meeting of the shareholders of the above Company was held last night in the Wallingford Hotel. There were about 12 or 13 shareholders present, amongst whom wasE. Wakefield, Esq., M.H.R. Mr John Talbot (Chairman of Directors) occupied the chair, and read the following report :

“ Annual Report of the Temuka Linseed, Oil, Cake and Fibre Company, Limited, for the year ending February 29th, 1884. “ Gentlemen,— -Your Directors beg to present ■ you with this, the first annual report of the Company’s proceedings, and to inform you of the present position of the undertaking. We were aware at an early period of the year that a very limited area of flax would be available for this year s operations, but this fact has not influenced us against proceeding with all necessary steps for the commencement of active measures, as we were convinced that until farmers are assured that the crop can be handled, they will not care to grow it. “ After making careful enquiries as to the most suitable plant to procure, it was decided to get one complete set of breaking and scutching machinery of the kind used in Ireland, and found by the actual experience of a similar Company to this carrying on work near Christchurch to be most suitable. Mr Hayhurst, who left here early last year on a visit to England via America, kindly undertook to look about for any machinery he might deem necessary, the result of which is that he has had forwarded to us a machine of American make, and this is now lying in Dunedin and will be sent on as soon as some repairs, rendered necessary by an accident in landing, have been executed, A piece of land has been purchased from Mr James Lyon at a cost of £4OO, as a site for the works. The position is all that can be .desired, with the exception of the absence of available water power, hut it was found impossible to get a site with anything like a sufficient Water power that was centrally situated, and suitable in other respects. A building will speedily be erected for the purpose of containing the machinery, and we anticipate that in a month from date we shall be able to give a fair trial to the crop that has been grown this The Directors propose to make arrangements for the manufacture of twine, and are making enquiries as to the requisite plant. It is believed that this will be a profitable portion of the undertaking. “It will thns be seen that farmers can now rely on a market for the raw material, and the Directors hope that they will, by sowing a moderate area, say from five to ten acres each, assist the Company in its endeavor to develops this most important industry. “It is of the greatest importance that only seed of the best quality should be ■own, and, with this fact in view, steps have been taken to import a quantity from Home, which should arrive here in time for this year’s sowing, and will be supplied to farmers at cost price. “ The balance-sheet, which I will now read to you, hes been, together with all the books and accounts of the Company, audited by Mr Rout, and certified to by him as being correct. “ The Directors are of opinion that the balance-sheet is a most favorable one. Including, as it does, all the incidental costs in connection with the floating of the Company, the expenditure is very moderate. “There is a considerable sum outstanding as unpaid calls, but this may be explained by the fact that the second call only became due on the 15th January, and the present is a time when money is scarce. The fact of calls remaining unpaid has not caused much inconvenience up to the present time, but as a considerable amount will be required at an early date to pay for land, buildings and xnait is to be hoped that all calls due will be paid up with as little delay as possible. “ John Talbot, * “Chairman,” ■The balance-sheet showed that the capital paid up amounted to £76016s 9d, and expenditure £735 6s lOd, leaving £35 9s lid in the bank. At the conhis address ' the Chairman referred in very flattering terms to the excellent manner in which the Secretary, Mr Ashwell, bad discharged his dntie| v He always paid great attention to ffife duties, and was most active arid energetic. The Chairman then moved the adoption of the report and balance-sheet. . Mr G. Woodhead seconded it, and it was carried unanimously. Mr-E. Wakefield moved— { That Messrs Barker, Lyon and Pilbrow be elected to fill- the three vacant seats on the directory. Mr Hayhurst seconded the motion. Mr Twomey proposed— * That Mr J. W. Miles be elected.’ Mr Metson seconded the motion;

It having transpired that there were in reality four vacancies, the four nomi nated weie elected, on the motion of Mr Brown, seconded by Mr George Mason. Ob the motion of Mr Twomey, seconded by Mr J. W. Miles, Mr Bout was reelected- auditor for the ensuing year.

Mr Twomey thought it would be ungracious on their part to separate without giving a vote of thanks to the Directors for the past year, and moved a resolution to that effect.

The motion was carried by acclamation, and the meeting terminated.