CAMBRIDGE JAM FACTORY.

Waikato Times, Volume XXVII, Issue 2196, 5 August 1886, Page 2

CAMBRIDGE JAM FACTORY.

A jieetin'g of shareholders and others interested in the Cambridge Jam Company was .held in the Bown Toard office, Cambridge, la&t night, Mr Thomas Wells in the chair. About twenty shareholders were present. The Secretary, Mr H. Westby, read the following report and balance-sheet :— The directors beg to submit to the sharehorders the first annual report and balance-sheet. The shareholders are reminded that they were called together on the 17th December last for the purpose of coiusideting and agreeing to the draft memorandum and ai tides af association, and also of reviewing the arrangements -made by the directors with Messrs Foster and Gosling. The articles and meinorandem of association were registered on the 9th February. The arrangement with Messrs Foster and Gosling, though not financially successful, has, nevertheless, produced the following beneficial results, viz., (1) enabled the company to m ike, in a sin >.\, w^> atu il start with the sm illi'st |> iW. .)....a- , {2} •■bown that a hv--t-cl • aitv i C" '""' ur duued in the district at. a pa.yai>.t |<a< - (3) it has kept off a rival establishment elsewhere ; (4) the company has gained considerable practical experience. Under the Foster and Go-Jing con ti act the ci>inpany made 5530 tint, of piefiuit, acd 29~)2 tins of depart fiuit. Most of this is still on hand, having just been offered to the. public. In realising it will probihlv show a small loss on the cost of production. Re future operations : — The directors cannot recommend a renewal of operation on last spawn's lines for the following reasons. (1), It is necessary that the company should have i to own premises and tinning plant. (L 5). Thab jam and jelly making, at least, should be carried on simultaneously with fruit ' canning. (3). That the operations should be sufficiently large to ben 1 the cost of a working manage)'. Holding these siews the directors submit for the consideration of the shareholder the fbllowinft piopositions, viz. :— (1). To plaue at le^t 500 additional share.s, and to authorise the calling up of half tin? then subscribed capital. This would enable the company to erect their own premises and plant, and to conduct operations on a sufficiently Bvtensive scale to enable the good.s to be produced at the lowest possible rate-^. (3). To lease the present sm.ill plant to some private venturer for one or more seasons. (3). To dispose of the present stock, store the plant, and suspend operations for a year, or say until June, 1887. (4). To go into liquidation, and wind up. The directors strongly recommend tho fir«l proposition,' and suggest that an effort should again be made to secure it. Failing this eventuating within, say, a month, they propose to adopt the third' proposition. Tho two classei most concerned in the establishment of the industry, namely the fruit growers and the large property owners, have hitherto been the most backward in taking shares. If the company's venture is to be enlarged as above suggested, these classes must be prepared to take up the shares and provide the" additional capital. In terms of i tile 58 of the articles of ; association the whole of the directors retire from office, but are eligible for re-election. It devolves upon the shareholders to elect five directors and two auditors. — Thos. Wells, Chairman. The balance-sheet, condensed, shows : To 1280 shares 5s 8d paid up, and 32 shares paid up, £394 14s 4d— less unpaid calls, £115, £279 13s 4d ; loan, J. Sharp, £25 ; unpaid accounts, £127 6s 9d ; Bank overdraft, £103 7s 8d ; total, £535 7s 9d. Expenditure : Jam and preserves, £250 13s 8d ; tins, £100 19s 3d ; cases, £11 19.s 2d ; plant, 1 £50 12s 2d ; labels, £17 10s ; other expenses, freight, cartage, printing, etc., £103 13s Gd ; , total, £535 7s 9d. Assets : Calls unpaid, £115 ; plant, £(>2 12s 2d ; 230 cases of fruit at 18s, £287 ; 123 cases fruit at 225, £135 ; sundry accounts, £20 9s Gd ; stock of tins, labels, &c, £26 17s b'd ; profit and loss account, £104 15s 7d; total, £GCO 0s 9d. Liabilities : 1280 shares at 5s 9d, and 32 at 20$, £394 13s 4d ; unpaid accounts, £127 Cs 9d ; rent, £7 13s ; interest, £2 ; loan, J. Sharp, £25 : Bank overdraft, £103 7a Sd. The report was adopted as read. The Chairman moved, and Mr Chambers seconded "That it is desirable that effect be given to the fir.st proposition in the report ; that the directors be requested to invite fruit growers and others interested to take shares in the company ; that should the subscribed shares amount to 1000 within one month, the directors be requested to call up the capital necessary to carry out the recommendation : that if at the expiration of one month the said additional shares are not applied for, the directois be requested to adopt the third proposal ; that notwithstanding anything in clause 4, the directors are requested to offer liberal terms for the eoinmuiy's interest and plant t> any bon.t fi e c»pitahst, who may be desirous of establish >ng a jam factory in the district." The Chairman spoke to the motion, and recommended that honey and butter tiniung be combined. Mr Sharp thought the honey and buttei would take more capital. Mr Russell said if they were going on they should Kiake a g<«id cauvass. It wtvs no use doin<? things by halves. Archdeacon "Will is., Mv Stewart and ofciiai's «{ioke. After considerable discussion, Mr Russell moved and Mr Forrest seconded as an amendment "That tho directors bo requited to notify fclufc the company is prepaicd to oli'er inducement to any private individual who will carry on the fruit tmniug and jam makine industries, ; and tho directors bo empowered to make the best p>ssible, airangomonts willi any Biich person; tailing the abo\o being successful that the company suspend operations until Jure, 1887." The amondnient was carried. Mr Russell moved and Mr Brooks seconded, ''That theshareholdcis desire to convoy to the directors and especially the chaiiman, ahearfcy vote of thank? for the interest they ha\e shown in endeavouring to make the adventure a success."— Carried. The outgoing directors were re-elected, and MehSM J. Rally and J\ B. Lewis were appointed auditor". The meeting concluded at ten o'clock.