COMPANY AFFAIRS.

Auckland Star, Volume LX, Issue 303, 23 December 1929, Page 4

COMPANY AFFAIRS.

CHALLENGE PHOSPHATE CO.

SEEKING CHEAP LIME

The Waitomo County Council has granted the Challenge Phosphate Co. an option until January 31 over a reserve at Wait'Ste near Te Kuiti, in which there are large lime deposits. Mr. W. Goodfellow, chairman o£ directors of the company, informed the council that it had been realised that cheap lime for sale at about 15/ a ton, and would land province, especially in the Waikato. The company would endeavour to -produce lime for sale at about 15/ a ton, and would install plant capable of an output of 10,000 tons a year. Mr. Goodfellow said the company did not expect to make a profit out of the lime. He considered that the introduction of cheap lime would help to arrest many stock diseases. MORTGAGE CORPORATION. A statutory meeting of the First National Mortgage Bond Corporation, Limited, was held on Saturday morning, the chairman of direcetors, Mr. H. T. Merritt, presiding. In moving the adoption of the directors' report, the chairman said that the company had several thousand shares over the minimum number required to commence business. '"It is the desire of the -directors to operate on sound •lines," stated Mr. Merritt. *'"Because of this fact, it was distinctly advisable that the financial stability of the company should be completely assured. The conservation of expenditure up to the present had been such that public confidence would increase, and it was hoped that early in the new year sufficient further capital would "be forthcoming to enable the corporation to commence business with every prospect of success. Messrs. Hutchison, Elliffe and Cameron were elected auditors at the meeting.