ROYAL FLOURING MILLS.

Temuka Leader, Issue 1307, 24 February 1885, Page 3

ROYAL FLOURING MILLS.

Tiie annual meeting of the shareholders in the Royal Flouring Mills Company took place in Timaru on Saturday last. There were about flfty tiharpli aiders present, nnd thp ch'iip was occupied by Mr E. McCH'ashan, Chairman and Managing Director. The balance-sheet was read by the Secretary. After referring to the difficulty attending the introduction of a new brand of flour into the market, and of procuring a good dry and also to the limited pqpjtql a( flip disposal of ifie directors, the report went on ; liTl'ie gross profits to December 3Ut, after deducting interest, salaries, wages, nnd other current charges, amount to £3029 2s Id. From this, your Directors propose with the assent of shareholders—to place the sum of £I0Q() to the credit of a reservp fppd ; also, the snip of to p dependency account to tpeet losses incurred, or which may hereafter occur from bad and doubtful debts in the course of trade. The balance of £1279 2s Id, is to be carried forward to next year's account, out of which it is proposed to pay a dividend at the jqtq p,f 10 per cent, per op the eal'ls paid up on allotted spares ; also Directors’ and Auditors’ fees for the' past year, and to meet any other claims which may arise as contingencies not yet A hope was also expressed tpat thp capital would ahoptly bo increased to £20,,0,00. The Chairman, in moving the adoption of the report, referred to the mariner in which a market had been found for their produce in the North Island, etc. He further said that the directors had been compelled from necessity to tell Mr Bruce that his jervices were no longer squired, and had appointed (be bead miller to take his place, ana he was pappy to tell them that the head miller was doing the work to their complete satisfaction. The flour was mpph petter, as letters apd testimonials he held couid them, apd the ipill itself ifas ip a yery satisfactory copdiiiqn. Ivir Jackson seconded the adoption of the report. Mr Moody then referred to the fact that it was to Mr Bruce the mill owed its existence, nnd suggested that some attempt should be made to arrange matters betweep f* lo Directors and that geptlemap, He moved qn amendment— That the adoption ot the report be postponed until the 14th March, and that 3 Committee of shareholders, consisting of Messrs John Jackson, James Guild, John Crawford, and the mover, be appointed to confer the Directors as tp tpe restatement of pppep, (|s forking Manager of the mill, and as to the office airangemeuts generally, apd . to report to the said meeting, which shall also bo considered an extraordinary meeting.” The amendment was SHconded by Mr J. Maclean and, allm a long discussion, cairie l, and the Chairman declared the meeting closed.

Mr Moody rained the point that only those shareholders who were present couM vole at ihe meeting on the 14'h March, and the Chairman was authorised to get a legal opinion on the subjec'. The names of all the shareholders present were then taken down and those present dispersed.