ANNUAL REPORT

Press, Volume LXVII, Issue 20381, 30 October 1931, Page 12

ANNUAL REPORT

The directors of the Golden Bay Cement Co., Ltd., report ft profit of £l4B 8i 'Bd for the year under review, ended June 80th, 1981, after allowing for depreciation in the 'working plant; but there is some of the old plant still to be written off. This will be dealt with in its future accounts* but in the meantime it is ezpeoted that a Dale of some of this old plant will bo effected. "The profit would have been substantially greater but for extraordinary expenses inseparable from a change-over to new machinery, "the report continues. "The directors advise shareholders that whilst the new plant has been working quite satisfactorily since it commenced work last year, this company has suffered in common with others through the general depression in trade. The returns of the reduced number of building permits is sufficient indication of the position, and owing to this, on two occasions during the year, the cement storage was full and it was necessary to shut down the works for a period. The .turbine which was purchased in Australia last year on very favourable terms, has been transported to the works, erected, and is now on load and is working satisfactorily, and the result is that ample power for all purposes is now available. When conditions improve in those branches of industry which require cement, this company is now fully equipped to supply requirements wtih cement of the highest quality." During the year Mr H. L. Nathan resigned from the board in order to create a vacancy to enable Mr C. W. Salmon to be reappointed to the board. Mr Salmon was appointed to the board, and his appointment requires confirmation by shareholders.

Mr J. M. A. Ilott, shareholder-director, and Mr J. S. Macarthur, debenture-direc-tor, are retiring directors, but both being eligible, offer themselves for re-election.

N.S.W. INSURANCE.