GOLDEN BAY CEMENT

Evening Post, Volume CXX, Issue 86, 8 October 1935, Page 12

GOLDEN BAY CEMENT

DEBIT BALANCE REDUCED

The directors of Golden Bay Cement Co. report for the year ended June 30, 1935, a profit of £346 13s 7d. This has the effect of reducing the debit balance in profit and loss account to £3356 4s. Although the demand for cement has shown some improvement during the year, the company's works were closed down on numerous occasions which has had the effect of keeping the costs at a higher level owing to reduced output. Provided normal conditions prevail, it is expected that there will be an improved consumption of cement during this year. The board records its sense of loss on the death of the late Mr. C. M. Ollivier, who was a director of the company for many years and had done very valuable work in the interests of the company. Messrs. George Shirtcliffe and C. W. Salmon resigned from the board during the year as they were proceeding overseas, and Mr. C. N. Cathie and the Hon. Vincent A. Ward, M.L.C., were appointed to the vacancies. Owing to the subsequent death of the late Mr. C. M. Ollivier, it was decided that until the annual general meeting, the number of shareholders' directors should be reduced to three, and the Hon. V. A. Ward resigned from the board. It is recommended to shareholders and debenture holders that the number of directors for the coming year should be reduced to five, three representing the shareholders, and two representing the debenture holders.

Shareholders will be asked to confirm the appointment of Mr. C. N. Cathie to the board as a shareholders' director. Mr. J. M. A. Ilott, retiring shareholders' director and Mr. Charles McArthur, retiring debenture-holders' director, offer themselves for re-elec-tion. Mr. P. E. Pattrick, retiring auditor, also offers himself for re-election. Liabilities are: Paid-up capital, £72,481; debentures, £149,925; tax reserves, £1050; sundry creditors, £3151. Fixed assets include freehold land £14,071 less £7000 mortgage. Plant and machinery and buildings £175,742; floating assets include stocks and stores and cement, £16,750; sundry debtors, £7813; cash in hand, £10; bank, £2270; cash on deposit with accrued interest, £13,592.