COMMERCIAL

Evening Post, Volume CX, Issue 117, 14 November 1930, Page 3

COMMERCIAL

GOLDEN BAY CEMENT.

The directors of- the Golden Bay 'Cement Co., Ltd., report for the year ended 30tk June, 1930, a profit of £42 12s IQd. Part, of the old plant having become obsolescent, its present book cost will 'need lt>' be written off over the next few years. This the directors propose to do 'out of anmial profits, which in their opinion, should be more than- sufficient for' the purpose. During the latter part of the year, the difficulties of maintaining the output of the old plant were increased duel to the fact that the installation, of the new plant wasnearing completion, but tha result of the year's working has actually been more favourable than was anticipated. The new machinery commenced, manufacturing cement during August, and is proving satisfactory. Cement of the first quality is being manufactured, and the board is fully satisfied that this modern plant will give the favourable result that was expected of it. The board: expresses on behalf of shareholders; its appreciation of the way in which the management and other personnel at the works have carried on the operating of the old plant under trying conditions during tha past year. ■ • The deepest regret is expressed at tha recent death of Sir Joseph Ward, wh» had beeu chairman of the board since early in x 1929. The valuable services rendered to the company by him during his connection with the board are duly recognised. During the year Mr. George Shirtclift'e retired from the board, as he "was proceeding overseas, and Mr. H. L. Nathan was appointed to the vacancy. Ou Mr. Shirtcliffe's return to New Zealand he was appointed to the. board to fill the vacancy, caused by the death of Sir Joseph Ward. Mr. F. E. Hogarth, a shareholder-director, and Mr. C. M. Ollivier, debenture-director, are the: retiring directors, and both being eligible, offer themselves for i^e-election. Mr. P. E. Pattrick, retiring auditor, also offeri himself for re-election. . .':■