TIMARU MILLING COMPANY.

Temuka Leader, Issue 1556, 22 February 1887, Page 3

TIMARU MILLING COMPANY.

The annual meeting of shareholders of the Tinvmi Milling Company w«s held on Saturday last, The attendance was large, and the Chairman of Directors, Mr John Jackson, presided. The report stated that the nett profit for the year, after making allowances for all contingencies, was £5046 12s 51. The grain store, capable of holding 25,000 sa ks, had been completed, and new boilers and boiler-house had been added to the mill at a total cost of £4481 7» 6d, An interim dividend of five per cent was paid on June 30th, and the report recommended a further dividend of 3 per cent and a bonus of 5 per cent (making in all 13 per cent for the year), that £IOOO be written off for depreciation in buildings and machinery, and that the balance of £I7OO be carried forward, Also that the erection of an oatmeal plant be at once proceeded with apd that the cost (£1000) be paid for out of the balance above stated. The mortgage to Mendelson’a trustees had been reduced by £IOOO during the year. The Chairman having moved (he adoption of the peport and balance sheet, Mr Plante said he had attended to oppose that part of report referring to the erection of the oatmea' machinery. Another Company for the manufacture of opthreal would shortly be starting operations, and as many of the shareholders in the Milling Company were also shareholders in the Oatmeal Company he thought it would he more graceful if the Milling Company did not go into the manufacture of oatmeal. He would suggest that the directors withdraw tint part of she report. Mr 1. L, Morris (one of the directors) did not think the directors could do so, Mr W, Evans seconded the motion. The

, U r int. mu explained that the Comip m i‘ir! all the necessary buildings and pien-y of power, which was now running to "as to. Mr Evans, while congratulating the Company on its success, thought it would not bo judicious to spend any moii 'y on the o n meal venture at present Me thought rhe dividend declared too large. AL r K>liand "un against the Milling Company taking oatmeal manufacture up, and thought it would be very discourteous treatment to do so, seeing tuat moat of its supporters were Miareholdoro in the MillI ing Company. He would have liked to see the dividend smaller, and the Company laying by something for a rainy daj, He had heard that shareholders who were farmers had complained that the Company did not buy wheat direct from them. He thought the Company should do so as much as possible—not allow grain to get into merchants’ hands, and then buy. Everything should be transacted squarely and above-board.—The Chairman said the Company did so as much as possible.— Mr James Bruce, as promoter of the Oatmeal Company, s u’d the markets of the wr r id would be open to both companies, so that he had noth ng to fear were the recommendation adopted.—The Chairman explained that the Company had got an offer from an Auckland man to take 20 tons a month, and said that they were losing orders for flour because they could not also supply oatmeal.—Mr Plante said the new Company would be glad to supply the Milling Company with oatmeal.—A proposal by Mr Evans, seconded by Mr Howell, that the dividend be 10 per cent was lost. It was then proposed by Mr I Bruce, and seconded by Mr Reiman j “ I hat the erection of any more plant in (ire mills be heid in abeyance, and that 1:6 funds be conserved to reducing the amount of the Company’s indebtedness.’’ This was also lost, and the motion adopting the report carried, The retirin 'directois wore re-elected. Mes-rs Vvm. Sims and 0, S, Fraser were elected auditors, their remuneration being fixed at £ls each. 1 A reflation recommending tint the | Directors should take steps to have the I stock valued annually was carried, and I votes of thanks having been carried the meeting terminat'd.