FARMERS’ LIME COMPANY

Greymouth Evening Star, 1 May 1937, Page 16

FARMERS’ LIME COMPANY

ANNUAL MEETING. The annual meeting of shareholders of the West Coast Farmers’ Co-opera-tive Lime Producing Co., Ltd., is being held at Greymouth to-day. The Directors’ annual report, presented by the Chairman, Mr J. Mulcare, is as follows: — ‘Your directors for the seventh successive year that they have, been in office have much pleasure in submitting the balance-sheet for the year ended March 31, 1937, showing another satisfactory year’s operations. The profit, £29/11/5, is not a large one, but when the following factors are considered there is every reason to feel thankful. We have experienced one of the wettest years on record; extensive flood damage has been repaired; increased working costs have been met, and last but not least all farmers’ lime instead of being increased in price (as has been done elsewhere) was actually reduced by 1/- per ton on June 1, 1936. This year owing to the wet season, our output has dropped 80 tons from that of last year; the total being 1,797 tons. A further payment of £lOO has been made to Mr A. Peebles, which has assisted in reducing sundry creditors by approximately £177, which is particularly gratifying, when it is realised that the total of this item in 1930 was no less than £2308. Shareholders would learn with considerable regret of the sad and untimely death of our late and esteemed shareholder and fellow-director, Mr P. Ryder. Mr Ryder had taken a keen and active interest in the company since its inception, and his efforts had contributed in no small degree to the successful outcome. The new director (replacing Mr Ryder) is Mr F. J. Delaney, president of the combined Inangahua and Cronadun Branch of the Farmers’ Union, one who has had the interests of the company at heart and has assisted materially in the past. During the flooding already mentioned, the bridge and approaches were severely damaged by heavy timber brought down by the flood. Two piles wrenched out had to be replaced and opportunity was taken to considerably strengthen both bridge and approaches to minimise the danger of a recurrence. There still remains some protective measures to complete, which will be carried out from time to time as opportunity permits. This unfortunate mishap has precluded any construction work being carried out on the bins, where it was hoped to have spent the time and money thus utilised. We desire to place on record our high appreciation of the valuable services of Mr J. O’Brien, ' M.P., so promptly rendered in connection with the above-men-tioned flood. The retiring directors are Messrs Fisher, and Smith, both of whom are eligible and offer themselves for re-election. To our many clients, who did manage to sow lime in spite of the weather, we •tender our sincere thanks, with the hope that conditions this season will permit them to use their full requirements, as by so doing they will assist both themselves and the Company. The samp staff are employed at the works, and have by their loyal service co-operated with our manager, Mr A. Thompson, in producing this highly satisfactory return, and to each we tender our sincere thanks for theii’ good work. The balance-sheet for the year ended March 31 is:—Liabilities: Share capital £4657/0/4, sundry creditors £197/15/1, total £4854/15/5. Assets: Plant £1450/8/6, les depreciation £B9/17/1— £1360/11/s’, buildings £727/17/-, less depreciation £36— £691/17/-, sundry debtors £297 18/6, balance Commercial Bank £llO 16/1, imprest account £lO, profit and loss account balance 1936 £2413/3/10, less profit, 1937, £29/11/5—£2383 12/5, total £4854/15/5. Profit and Loss Account: Payments —To wages £1065/4/1, secretary £75, directors £35/2/2, Diesel expenses £4l/12/2, exchange and bank charges £3/17/6, rates and fees £4l/4/-, lorry expenses £l5l/19/7, supplies £219/5/, railage £l5l/3/-, discounts £124/IS/1, travelling expenses £B/7/10, printing, and stamps £23/18/7, insurance £43/3/-, flood repairs £142/19/7, depreciation £125 17/1, balance net profit £29/11/5, total £2283/3/6. Receipts: By lime sales £2009/14/4, lorry receipts £273 9/2. total £2283/3/6.