GOLDEN BAY CEMENT COMPANY

Evening Post, Volume LXXXIV, Issue 64, 12 September 1912, Page 8

GOLDEN BAY CEMENT COMPANY

ANNUAL MEETING. I Dr. C. Prendergast Knight presided at the fifth annual meeting of the Golden Bay Cement Company to-day. In moving the adoption of the report and balance-sheet (already published in The Post) the chairman observed that the directors had- on that occasion not quite so good a report as they had hoped, but better than seemed likely last February. The results showh m the balance-sheet were., however, actually four months work only. The whole of the very heavy machinery had been erected without any accident and yet with* the most primitive appliances. Things were running very satisfactorily at the works, where a cement was now being produced that was equal to the very best. The directors were most careful not to put upon the market an article which would not do tho company credit, and from independent tests that had been made of the cement now that it had gone into consumption, they had good reason to believe that they had succeeded in their aims. He referred to the wisdom of the policy of appointing to the Ijoard men who had consider* able financial influence. This, had been emphasised by the fact that when the capital of £60,000 was all called up debentures for £25,000 were issuedi and these were practically all taken. He thought shareholSers could look forward to the company next year paying a small dividend if the company went on as it was going now. Owing to the efforts of the managing director (Mr. W. M. Hannay) the company was now getting its cement on to tho market. Dr. Knight also referred to the energetic work done by the works manager (Mr. M'Laren) and to the chemist (Mr. Strudwick), and the staff generally. The purchase of the Pohara freehold was a good investment, enabling the company to erect cottages for the men away from the dust of tho works. Mr. Hannay, referring to the year's working, said it had taken longer to get the works running than was at first expected, but that was usually the way with similar undertakings. Practically all the debentures were taken' up by the company's own shareholders, and it was advisable, he thought, in an undertaking of that sort, to have a class of shareholders who could readily take un debentures. The company was now more ' than > paying its way. He could not say with assurance, however, that there would be a dividend next year, as the chairman had said. Dr. Knight: I said a. "small dividend." The report and balance-sheet were adopted. Votes of thanks to the managing director, the works staff, and the secretary were passed. Dr. Knight and Captain C. M'Arthur were re-elected directors, the former remarking that the board was one confining itself to business only. There had never been the sligntest difference of opinion. Mr. E. Buchol2 was re-elected auditor.