Thames Newspaper and Printing Company.

Thames Star, Volume XIV, Issue 4435, 22 March 1883, Page 2

Thames Newspaper and Printing Company.

The first annual meeting was held last evening in the office of the Company, Mr D. Miller in the Chair. The report, which was es follows (and the balancesheet) were read and adopted :—

Gentlesien,—ln presenting yon with the first: yearly Statement of the Accounts of the Company, ending with February, 1883, we ifeel| there'are a few matters calling for notice. First. —With regard to the apparent departure from the terms of the original prospectus of the Company in the matter of calls. It will be remembered that originally it was anticipated that 10s per share would be found sufficient to call up, for purchase purposes based upon the assumption that the shares of the Company—s,ooo—would be applied for. As a matter of fact, there still remains 1550 shares unallotted. Had the whole number of shares been taken up, it would not' have been necessary, except possibly in a small degree, to have called up more than^the 10s originally contemplated. The calls made upon the. shares subscribed for have only realised £2,413 153 4d, which is under what 10s per share upon the full capital would resultt in. This fact will, the directors think, sufficiently, explain the necessity for the calls which have been made of which""a sum of nearly £200 is still unpaid.

The result of the year's operations/though by no means what could be desired, is far from discouraging. The amonnt of profit shown upon the business transacted is, of course, small; but when the peculiar difficulties to be encountered and overcome incident to the'formation and working of a company carrying on a newspaper business during the first years of its existence are considered, we think there is reason for congratulation at having done so well. The additional strain which a portion of formation expenses, the purchase of new offices, and the removal into them, made upontbe financial abilities of the Company, further added to the difficulties named. All these hindrances are now happily removed, and the Company enters upon its second year with an established business, more experience in the peculiar character of that business, and spacious valuable premises in which to conduct it, so that should even a fair maesure of prosperity attend the district during the next year, we may fairly anticipate being in a position at next annual meeting to present a much improved statement regarding the Company's financial nffairs. The amonnt set down opposite "Freehold Premises " is the actual cost of them to the Company, and does not represent the real marketable value of the Company's offices, which is considerably in excess of the sum stated. -

The insufficient amount of capital subscribed has also seriously hampered the ability of the directors to carry on operations with full satisfaction and profiit. The Company's banking account has been heavily overdrawn during tbe whole year. We are now overdrawn to the "extent of £1,372 Is, which sum has only been obtained by the Directors giving their security for the greater portion of the amount. It is hardly necessary to point out to shareholders what a drawback to the interests of the Company this state of affairs presents. In the matter of interest alone, the Bank has received on account of accommodation the sum of £84 8s Bd, which should, and would, have gone to the credit of the profits belonging to Shareholders if the necessary capital had been forthcoming. In other words, the Bank has been largely finding the money for the business, in lieu of the Shareholders. What is required is that the balance of the shares should be taken up, the Bank paid off, and by this means the profits secured to the Shareholders instead of being lost in paying bank interest.

Messrs D. Miller, S. M. Hutchinson, W. J. Speight, and S. C. Schofield, were elected directors, and Messrs J. Frater and J. Grigg, auditors.