FARMERS’ LIME COY

Grey River Argus, 3 May 1932, Page 2

FARMERS’ LIME COY

Annual Meeting The annual meeting of shareholders of the West Coast Farmers’ Lime Producing Co. was held in the County Chambers on April 30. Mr J. Mulcare (Chairman of Directors) presided, and there were also present: Messrs P. Smith, J. Thompson,. P. Ryder, P. Kennedy, W. Fisher (directors), J. Burrows, J. Keller, A. Muir, J. Cropper. McGowan, and H. Thompson. Apologies were received from Messrs W. J. Butler and J. J. Mclntosh. The Directors’ report was as follows:— In submitting the balance sheet tor the year ending 31st March, 1932, your directors again feel there is cause lor congratulation by reason of a second successful year. Farmers have loyally supported the Company when the abnormally hard times are taken into consideration, and it is to be earnestly hoped that the worst is over. Your directors feel confident that the main concern of the future will be to meet the demand—as times improve—as farmers now realise the absolute necessity of lime. A reduction in price of 5 per cent was made early last year and your directors anticipate a substantial reduction immediately. The company’s financial position has prevented this reduction being put into effect earlier and the sole aim of the management is cheap lime. The usual depreciation of 5 per cent and 7 percent on the Diesel plant is debited to the profit and loss account. Lime sales have increased from £1985/7/- to £2200 on the credit side and there is a credit balance at bank of £254/12/10. Wages and railages again show an increase due to the increased output; increase in former is compensated for by erection of new storage bin, installing pulveriser. Diesel plant is now paid for. There is

a substantial decrease in ‘ i liabilities, ” of £477/0/4, which must be regarded as highly satisfactory. On the assets side, li sundry debtors” has decreased from £402/7/4 to £321/1/11; £5B/16/6 has been written off as irrecoverable. The profit for the yeor is £282/15/9. We again wish to place on record our high appreciation of the Manager-Sec-retary, Mr A. Thompson. His one aim is to make the Company a successful one and to this end he is practically working night and day. He has every attribute essential —highly capable, tactful,- and persevering. The members of the staff have loyally co-operated with him and our best thanks are due to them also. — (Signed) James Mulcare, Chairman. In moving the adoption of the balance sheet and report, the Chairman

said he was sorry to see so sparse an attendance. They hoped it meant that shareholders generally were satisfied with their management. It had been decided to reduce the price of lime, this time by 20 per cent, and the directors were unanimously of opinion that as the plant was made more efficient, they would be selling lime at a price comparable with any works in the Dominion. However, that meant money, and they had also their old liabilities to consider. The directors had sent the manager to inspect various works on the East Coast, and Mr Thompson had gained much valuable information which would materially benefit th? company, which also had purchased a pulveriser very cheaply, which was too small for the company from which it was obtained. Altogether the visit was money well spent, and also served the purpose of a long overdue holiday. Air Thompson seconded the motion. Air J. Cropper, in supporting the motion. was pleased to see the progress made, and thought it most satisfactory, lie hoped the present reduction was only a forerunner and considered that cheap lime was the first essential to assist the farmer to carry on. He warmly eulogised the work of the manager. Messrs Burrows, Keller, Muir and Ryder also added their congratulations. The report and balance sheet were adopted unanimously. Messrs Mulcare. Smith, Mclntosh. Ryder, Kennedy, Thompson and Ryder were reelected directors ,and Mr R. Wild- auditor. Mr Burrows suggested that alternating meetings at different centres might result in increased attendances, but after discussion, no action was taken. A vote of sympathy with Mr W. .1. Butler in his illness was carried. Consideration was given to many matters at length, and information supplied by the Manager and the Chairman left the meeting satisfied with the prospects and management of the coni pa ny.