WEST COAST LIME CO.

Grey River Argus, 26 June 1922, Page 8

WEST COAST LIME CO.

ANNUAL MEETING. A meeting of shareholders in the West Coast Co-operative Lime Producing Company was held in the Greymouih Council Chambers on Saturday and a goodly number of farmers from all purls of the district were present. Mr W. Butler (Chairman of Directors) occupied the chair. The balance sheet was read, explained, and approved of.

The following Directors was elected for the ensuing term: —Messrs W. Butler, J. Mclntosh, J. McLean, J. Fitzgerald, J. Minehan, J. Thompson, and IJ.1 J . Hyder. A discussion took place on the proposal of tho outgoing Directors to issue 2000 debentures of £1 apiece in order to effect certain improvements and put the Company on a sound financial basis. It was reported that SOO of the proposed shares had been already applied for, and, as there are about 300 shareholders in the Company, it was pointed out that if the present shareholders took up, on an average, live shares each out of the proposed new issue of debentures, the necessary capital would be raised, and the whole thing put in working order. A motion was moved by Mr Murrey, and carried, that a meeting of shareholders be held in about a month’s time to discuss ways and means of raising the proposed capital. As the above Company’s limo depo-

sit, which is situated at Ross, is considered by experts to bo one of the richest in New Zealand, averaging nearly 100 per cent, pure lime, it is tip to the farmers on tho West Coast to raise the necessary capital and keep this valuable land fertiliser in their own hands in preference to letting it fall into the hands of any private commercial concern. It is just as well to note that a local building contractor expressed the opinion to the Company’s officials that Ross lime far excelled any other sort he had even used in his building experience, and the Chairman expressed the opinion that a very good trade would be opened up for same once ‘the Otira Tunnel was completed.