MILBURN LIME AND CEMENT COMPANY

Evening Star, Issue 17454, 10 September 1920, Page 8

MILBURN LIME AND CEMENT COMPANY

The annual meeting of shareholders of the Milburn Lime and Cement Company was held yesterday. The animal report stated that the profit .and loss account, after writing off depreciation and making provision for Income Tax for the current year, showed a credit balance of £14,183, including the sum of £2,232 carried forward from last year. An interim dividend had already been paid for the six months ended January 31,1920, at the rato of per cent, per annum, amounting to £3,909, leaving a balance of £10,274 to be dealt with. The directors recommended that this balance should be appropriated as follows : —To payment of a dividend for the sis months ended July 01, 1920, at the rate of per cent, per annum, £4,597; to bonus for the year at the rato of 2£ per cent, per annum, ,£2,931; balance to be carried forward to hext year, £2,944. There had been a great increase in the demand for cement and lime during the year, which the companv had endeavored to meet, but the output had been hampered by the difficulties of obtaining a regular supply of coal and trucks for transport. The'sale of cement had for upwards of eight months of the year been practically under the control of the Board of Trade. The works had, however, been kept almost continuously in operation, and the general results fcV the year were satisfactory. Tn moving the adoption of the report and balance-sheet, the Chairman of Directors (Mr C. G. White) said it was a pleasure to be able to record a year's successful operations, notwithstanding the many difficulties which had had to be surmounted. There had been no serious stoppage of the work, the principal difficulties being those mentioned in the report—shortage of coal and shortage of railway trucks. Along with all other industrial concerns, the company’s operations had been hampered by not having a regular supply of both hard and soft coal. They had been able to secure a regular supply of Shag Point coal for Makareao, but at much increased prices. At -Milburn they burnt Kaitangata coal, and for some time were practically living from hand to mouth. The shortage of railway trucks had boon almost as serious a. difficulty as the shortage of coal. The traffic department of the railways had, however, done its utmost in the lace of great difficulties to bring about an equitable distribution of the available trucks amongst the essential y>ii l^ r * es - The capital account stood at £117,116, and when all the calls were paid on shares which were latch- issued it would stand at £130,500. The' amount received for premiums on the new shares (£9,1(2) had been marked rese- ■ plant account. The item .sundry creditors was large, but included in this was provision for Income Tax for the war. The assets side called for little explanabut he might say that the company s plant and buildings stood at a safe figure. The investments in war horde shares, etc. (£55,900), was a large item ; but these investments had also been taken V 1 j £ ccounfc at safe values, as also had the stocks of lime, cement bags, etc, Ihe demand for cement had been enormous, They could have increased their output had the supply of coal tracks been regular, and it spoke volumes for the management when such a fin© result had been brought about. The Auckland Company had even more serious difficulties for some time than were experienced here, with the result that they did not supply anything -ike the ■ quantity which treir plants were capable ot. The result was that the demand from all quarters for public and private works became clamorous, and it was very difficult for the managers and a C en^S °*' var * ou9 concerns to see that the cement was fairly and equitably distributed. He thought he was safe in saving that the Milburn Company had endeavored to hold the scales fairlv. and while there had been a great deal of Snitfibling at the demands not being fulfailed, customers had as a whole recognised that they had had a square deal. The indications were that the demand for cement in the future would be very meat and shareholders might rest assured” that the directors were doing their best to see that the plant and equipment would be kept up so as to be able to put out the iidlest capacity of which it was capable The Milburn and Makareao lime works had been kept in excellent order during the year. At Milburn they had installed a locomotive to deal with the handling of trucks and coal on the siding. This "had enabled them to do away with horse haulage, a most expensive matter the.se days, and the work was much'more expeditiously done. The demand for agricultural lime and carbonate of lime was increasing from yeap to year, and they now had under consideration the installation of new plant to meet the demand. The phosphate works were now well astablished. The new plant brought from America had turned out well, and with it they should overtake the bulk of their commitments. He had not mentioned a new item on the assets side of the balance-sheet—namely, the Crawford street property. This building had proved an immense boon to the management and staff, and he felt sure that shareholders would appreciate the benefits that must accrue to the company from having a domicile in the midst of the business part of the town. In conclusion, Mr White referred to the excellent way in which the affairs of the company had been conducted under the mauasement of Mr Stewart. The heads of the various departments, the manaeevs of the various works, and the staff had worked j loyally throughout the rear, at times under ! considerable stress, and he was sura the name of the Milburn Company had not lost favor amongst customers through any fault of the management and staff. The motion was seconded bv Mr John (Mill, who congratulated the directors in the results of the year’s operations. The motion was carried- unanimously.

Messrs E. C. Hazlett and R. A. Kwing were re-e’cctcd directors, and Messrs 15arr, Leary. and Co. were reappointed auditors. Captain C. F. Sundstrum proposed a vote of thanks to the directors and staff, which was carried by acclamation, and was suitably acknowledged bv the chairman o n behalf of the directors', and bv Mr J. H. Stewart, genera! manager, on behalf of the staff.