The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-03-21
TO FIND The LEAK.
What Is the Matter With the
Syndicate Breweries I?
The President Of the English Company Will
Try to Unearth Some Annual
Dividends.

Since the consolidation of ten Of the larg-
est local breweries by syndicate Of Eng
Hsh capitalists two years ago, the affairs of
tie company have occupied no small share
Of public interest.
Numerous speculatiOns were made regard
ing the ultimate success of the ENTERPRISE,
many business men predicting that at the
price for which the individual brewerles
were purchased, it would be impossible to
so operate them as to give reasonable an
nual return on the investment.
At the end cf the first year all the profits
Of the business were applied to the pay
ment Of interest on the debentures issued
by the corporation, leaving nothing for the
shareholders The latter, expecting good
margin, were grieyously disappointed. and
after tie first annual meeting in London
there was Change in the management
The last quarter of the second wear IS at
hand and as the indications do not point to
q greatly improved balance sheet, the presI-
dent Of the San Francisco Brewe rles lIm-
lted) al the request Of the Shareholders, has
come out from London TO examine the in
teTnal workings Of the concern and take
steps TO Increase its earning capacity. lie
has been connected with the brewing indus
try all his life and is regarded as thor
oughly competent man.
Robert Mlburp, who is the chief officer
of the ccmpany, is well known in English
commercial circles, dire ctor in the City Of
London Brewery, the BaTtholomy Brew
cry Of Rochester, \. y, and the st. Louis
bTeweries Qimited). President Of the Denver
breweres Umited), and a capitalist whose
check is said to be worth S5.CC0OtO.
NO RADICAL CHANGE.
II have not come to San Francisco to
make any radical change IN the manage
nent of the breweries," said Mr.. MilbuTn,
in explaining the object Of his visit yeSter-
day The bTeweTies are not for sale and
there viii be no change IN the present pol
icy Of centralizing the management.
TIE ENTERPRISE should pay. but il
is true that il is not being operated at
profit to the shareholders. l admit that
we paid too much for the individual brew
cries, hat il is still possible to secure a tair
rate of interest on the investment.
mistakes have been made in the direc-
tion of affairs and there has undoubtedly
been some extravaganza. 1t is my bust
ness TO discover these defects and TO indi-
cate a remedy. Our consolidated breweTies
in Denver, 81 Louis and Rochester are pay
ing us very we'll and We should have the
came success in San Francisco
we do not intend to enlarge the score Of
cur operations by acquiring other brew
cries. Our plant is capable Of greatly in
cTeaSinE the present annual output and the
only changes necessary are in tile line Of
improved appliances"
SYNDICATE RETURNS.
when eleven breweries are united under
one management can they be so conducted
that the aggregate profits will be as great
as If each bad a separate and Individual
owuer?' Mr.. MilbuTn was asked.
Yes, this is exempliied in the instance
OF our consolidation of breweries in st.
Louis, We have been managing the CON-
binati0n for four years, aud the returns are
quite as great as when each brewery had a
separate existence. Each individual brew
cry has the advantage Of its owners per-
sonaIity and friends, but in a union there
should be a reduction in the expense of
management
Il shall commence my examination of the
business methods Of the office Tomorrow,
and one Of my first considerations will
be the trouble between the brewers
and the trades unions. l can't ex-
press an opinion as 10 the merits of the
controversy because l know none Of the
particulars, but l shall be able to indicate a
line Of policy in q few DAYS. The men re-
ceive high wages. and l don't know, now,
any cause for dissatisfaction. On general
principles l am opposed to a spirit of dicta-
tiOn, whether on the part OF tie employer or
the workman"
Mr.. Mibun will remain in the city for
several weeks.