TIMARU MILLING COMPANY.

Temuka Leader, Issue 1870, 26 March 1889, Page 1

TIMARU MILLING COMPANY.

The fifth nrnual meeting of the share- , holders in the Timaru Milling Company was held en Saturday. There was a good attendance of shareholders, and Mr TV. Balfour, chairman ot directors, prosided. The directors' report was as follows : "In submitting the balance-sheet of the company's operations for 14 months ended 28th February, 1889, the directors regret that the results are not more satisfactory. The mill has earned a fair amount duriug the period, an shown by the workiog account, the profit being £2052 9a lOd. Thia would probably have been larger, but for an unfortunate breakage in the driving machinery, which eu- ' tailed a stoppage of the mill for five weeks in tho busy part of the season. The profit atid loss account shows a debit »£ £1336 15s Id, occasioned principally by the heavy amount of bad debts, n large portion of which are the remains of accounts ©f the previous year, at that time estimated'as good, but wbjch huve since proved a total loss. The mill and plant are in good order, except that a new engine muhf/ be ptovided for this year. fhe flour during the past year has given every satisfaction to customers. The company was awarded a first pr'z? for their products at the Melbourne Exhibition." In moving the adoption of tin report und balance-sheet, the chairman said the amount of profit for 14 months, £2o>"2, was comparatively small, but the company was heavily hacdicapped at the beginning of the period, as on December 31, 1687, it had a large stock of wheat valued at 3s 4d per bushel, but owiog to the rapid fall of wheat to 2a 6d per biihhal, or less, and consequent low price of flour, it was working for a considerable time certainly without making any profit. In August, at a time when the mill was working night and day, and the company ... .. /»__«?_! ... :< i.j u,.

( iras selling tha flour as fast aa it could bs produced, tho driviDg cog-wheel broke twice, and this cauaed a stoppage of five weeks altogether, and shortly afterwards the mice of wheat rose. The reasou the ■company did not go on purchasing wheat when tho price wais low was because it had 1 not the capital and the bank was stiff, j The bad debts for 1887 amounted to j £1369 12 j 101, and for bat year to £1687 S7a 6d, or £3057 in all; this with a debit | balance to bo»in the year with meant that the mill would require to have ihai a very successful year indeed to ahow a balance oil '»be right side. He stated the position of the Company in inference to shareholders'capital as foiling --—"Striking out from the balancesheet' the entries as to the shareholders' money, and those referring to the property, we .find that the debts owing to the company amount to £13,116 17*, debfs owing to the company together with the stock to £17,182' 9s, leaving say a credit of assets over liabilities of £46o®. Tlio property in thu balance-sheet suuils al £l9 579, ad there is owing to Mendelson's trustees £14,0&?, divine a credit balance of £5579, or in all £9a79, as rtjrainsttho shareholders' paid up capital of £10,982, or £I4OO of a deficiency. * m The mill property had cost £24,8,39, and it waa questionable if the amount written off for depreciation,£s26o,wasnot excessive. Tho directors had just made an arrangement with the trustees whereby it hud been agreed to extend the mortgage of the whole amount for 7 years from 31sf May next at 6 per cant, it being providod tkat £3OO per annum shall b» paid off the mortgage, and more if the comply so desires. After some diJ-eussiofl the report I waa adopted.—The election of directors \ resultad in Messrs William Balfour, John Jackson, John Meikie, Charles Bowker, i wd Isaac Lewis Morris being appoioted f, w th« ensuing year.—Messrs Quinn and Zi wler were elected auditors.—The remi, iteration of directors was fixed at £IOO for t&e year, and tlio auditors' foes at £3O. —On 1 the motion of Mr Pago, seconded hy Mr ft.tor.ria, it was decided to give fourteen days' notice of meeting instead of seven sb hitherto, it being considered that seven days did not give country members suffici' Wit t'mae to fill in and rotaru proxy forms..- The> meeting closed with a vote of tha, atlsa to tho Chairman.