PORTLAND CEMENT COMPANY.

Evening Post, Volume LXXXI, Issue 23, 28 January 1911, Page 11

PORTLAND CEMENT COMPANY.

ANNUAL MEETING. » [BY TELEGBAPH— PBESS ASSOCIATION.] DUNEDIN, 27th January. The annual meeting of the New Zealand Portland Cement Company was held to-day, Mr. P. Barr, chairman of directors, presiding. The annual report stated that there had been a falling off in profits as compared with the previous year, with the result that the year's operations fell far short of what had been confidently expected. The company had a great difficulty in meeting contracts entered into some twelve months previously at 1 low prices in anticipation of increased output and a rednction in manufacturing cost, and was unable to take advantage of the phenomenal demand by the retail trade at higher prices payable by it. It was estimated Ihat the profits for the half-yea' were all earned during the last three months of the period. The demand for products steadily increased, and the company was still unable to accept all the business offered, but the additional machinery now ordered should increase the output and permit of considerable reduction in manufacturing cost. The directors proposed a dividend of 3 per cent, (estimated to absorb £2390), which made a total of 7 per cent, for the year, to transfer £100 to vessel insurance fund, and carry the balance forward. In moving the adoption of the report, the chairman 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 assets were £97,578, an increase of £10,715 for the year. The directors proposed to spend new capital in additional plant and buildings, and the bulk of the premium money would probably be required for the same purpose. The net for the year was £5502, as compared with £8714 for the previous year. Sales had increased by £7200, but the profits had been affected by the company not being able to supply the demands of the retail trade, which yielded a greater profit than supplies to contractors. The company had secured 27 acres of limestone freehold land at a small cost, this being, largely due to the good work of Mr. Kingswell (Auckland). The past year had been an exceptional one in the way of difficulties, but the directors felt confident that these had now been overcome, and that the profits would be larger than for years past. The motion was seconded by Mr. Kingswell (Auckland). The past year had been an exceptional one in the way of difficulties, but the directors felt confident that these had now been overcome, and that the profits would be j larger than for years past. The motion was seconded by Mr. I Kingsland. Judging by the results of the last three months th« company, he sajd, should by the end of the present half-year have one of the best outputs it ever had. The speaker referred to the loss of the Parisiana, which had on board four machines for the company. Three of these would not be required for several montlis, but one was urgently needed. The report was adopted, and the retiring directors re-elected as follow :—: — Messrs. P. Barr, J. M. Begg. G. M. M'Lean (Dunedin), Messrs. P. N. Kingswell, Colonel Holgate, T. Simson, and J. B. Macfarlane (Auckland) ; Messrs. Holmes (Auckland) and J. Brown (Dunedin) wer9 re-elected auditors, the former at a fee of 20 guineas and the latter 10 guineas.