N.Z. PORTLAND CEMENT CO.

Dominion, Volume 4, Issue 1037, 28 January 1911, Page 7

N.Z. PORTLAND CEMENT CO.

(By Toleirraph-Pross Association.) Dunedln, January 27. The annual meeting of tho Now Zealand Portland Cement Company was held today, Jfr. p. Barr, chairman of directors, presiding. Tho annual report stated there had been a falling off in profits as compared with the previous year, with tho result that tho result of the year's operations fell far short of what had been confidently expected. Tho company had a great difficulty in meeting contracts entered into somo twelve months previously at low prices in anticipation of increased output and a reduction in manufacturing cost, and was unable to take advantage of tho Phenomenal demand by tho retail trado at higher prices payable by it. It was estimated that tho profits for the halfyear wero all earned during the last three months of tho period. Tho demand for products steadily increased, and the company was still unable to accept all tho business offered, but the additional machinery now ordered should increase the output and permit of considerable reduction in manufacturing cost. Tho directors proposed a, dividend of 3 per cent, (estimated to absorb £2350), which, made a total of 7 per cent, for the year, to transfer £100 to vessel insurance fund, and carry tho ' balanco forward.

In moving the adoption of the report, the chaiman referred to the issue of 20,000 additional shares, of which 19,131 had been taken up by shareholders at a premium of 10s., • while the balance had been disposed of at premiums ranging from 10s. to 13s. 7d. The total asset's were £97,578, an increaso of £10,715 for tlio year. Tho directors proposed to spend new capital in additions to plant and buildings, and the bulk of the premium money would probably bo required for the samo purpose. Tho net . profit for the year was £5502, as compared with £8714 for the prcvivous year. . Rales had increased bv £7203, but the profits had been affected by the company not being able to supply tho demands of. the retail trade, which yielded a greater profit than supplies to contractors. Tho company had secured 27 acres of limestone freehold land at a small cost, this being'largely duo to tho good work of Mr. h'ingswcll (Auckland!. The past year had been an exceptional ono in tho way of difficulties, but tho directors felt confident that these had now been overcome, and that tho profits would be larger than for years past.

The motion was seconded by Mr. Kingslend. Jwtaing by the results of the laFt, three months the company, he said, should by the end of tho present half-year have one of tho best outputs it ever had. Tho speaker referred to the loss of tho Parisians, which had on hoard four machines for tho comnnnv. Three of these would not be required for rereral months, but one was urgently needed.

Tho report was Rtlonfcc!. mill the returning directors re-rlocfetl an follow:— "■"sirii. P. Ti"i'r. J. M. Bc;"T. G. M. (Tluncdin). W""rs. P. >'.' KhiPswoU. Cnloncl irolfr.ito, T. Ft' Ton, anrt J. B. Mncfnrhno (Auckland!: Mwsrn. TTolmos and J. Brown (Dunodin) worn rc-cli>rted anditors, tho former nt. n fee of 20 guineas and tho latter 10 guineas..