ANNUAL MEETING

Hokitika Guardian, 3 May 1937, Page 6

ANNUAL MEETING

WEST COAST LIME COY

At the annual meeting of shareholders at Grey mouth on Saturday, of tb e West Coast Farmers’ Co-operative Lime Producing Co., Ltd., Mr J. Mulcare, chairman of directors, presided over the following: Messrs J. J. Mclntosh, W. Fisher, F. Delaney, P. Kennedy, and P. Smith (directors), W. Clayton, D. Shannahan, J. Keller, J. Burrows, A. Muir and J. Meyer (shareholders), and tiie- secretary-manager, Mr A. Thompson. The chairman extended a welcome to T.c Delaney as the new director.

ANNUAL REPORT

four directors for the seventh successive year that they have been in office have much pleasure in subbutting the balance-sheet for the year ended March 31, 1937, showing another satisfactory year’s operations. The profit, £29 11s sd, is not a large one, but when the following factory 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 Is per ton on June 1, 1936. This year owing to the wet season, our output lias dropped 80 tons from that of last year; the total being 1797 tons. A further payment of £IOO has been made t'o Mr A. Peebles which lias assisted in reducing sundry creditors by approximately £177, which is jnirticiilarly gratifying, when it is realised that the total of this item in 1930 was no less than £2308. Shareholders would karu with considerable regret of the sad and untimely death of our late and esteemed shareholder and fellow-director, Mr P. Ryder.

The retiring, directors are Messrs Fisher and Smith, both of whom are eligible and offer themselves for reelection. 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 same 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 wo tender our sincere thank's for their good work.

| The balance-sheet which was read as follows was adopted: Liabilities: Share 1 capital £4657 Os 4d, sundry creditors 1 197 15s Id, total £4845 15s sd. Assets: Plant £1450 8s 6d, less depreciation ' £B9 17s Id—£l36o 11s sd. buildings £727 17s, less depreciation £36— £691 375, sundry debtors £297 18 6d, balance Commercial Bank £llO 16s Id, imprest account £lO, profit and lass account balance 1936 £2413 3s lOd, less profit,. - 1937, £29 11s 5d—£2383 12s sd, total £4854 15s ss. 'Profit and Loss Account: Payment —To wages £1065 4s Id, secretary £75, directors £35 2s 2d, Diesel expenses £4l Is 2d, exchange and bank charges £3 17s 6d, rates and fees £4l 4s, lorry expenses £lsl 19s 7d. supplies £219 ss. railage £lsl -3s discounts' £124 18s Id, travelling-ex-penses £8 7s lOd, printing and stamps £23 38s 7d, insurance £43 3s, flood repairs £142 19s 7d, depreciation £125 17s Id, balance net profit £29 ; 11s sd, total £2283 3s 6d. Receipts; By lime sales £2009 14s 4d, lorry receipts £273 Os 2d, total £2283 3s 6d. . "

In moving the adoption of the bal- . ance-sheet the chairman paid a tribute to the manager and staff. His remarks S were supported by Mr J. J. Mclntosh i and other speakers. 1

Messrs W. Fisher and. Preston Smith were re-elected directors and Mr It. Wild (Hokitika) was re-elected auditor.

Mr W. Cloy ton moved a hearty vote of thanks to the directors and eulogised the manager and staff, and his remarks were endorsed by Messrs D. Shannahan, J. Keller, and J, Burrows. Th e motion'was carried. The chairman and manager suitably replied. -