Waikiekie Lime Company’s Annual Review

Northern Advocate, 21 July 1938, Page 13

Waikiekie Lime Company’s Annual Review

Recommendation cl' a five per cent, dividend on both preference and ordinary shares is contained, in the annual report of the directors of the Waikiekie Lime Company. Limned. r l ho balance-sheet for the year ending May 31. 1938. shows the company's assets at £9430, these being made up of fixed assets valued at £6113. stocks £462. del,tors' open accounts £731. and aerial ropeway £2132. Liabilities are made up of nominal capital. £13.000 (10,000 ordinary £1 shares and 3000 five per cent. cum. prof. £1 shares); allotted share capital, ordinary. £4750, allot.cd share capital, preference, £ 1680; bank account. £1384: sundry creditors, £430: unclaimed dividends. £8; suspense account. £2OO, and profit and loss appropriation. £977. The balance in the appropriation account. as at June 1. 1937, war. £1203 while the net profit fa the year endue; May 31. 1938, after allowing fo> dividends paid last year, reserves f-v preference dividends, .income tax and a balance carried forward of £977, is £l2B. Lime-sales and stocks amounted to £6384/5/11 during the year. Directors’ Report. “The buildings have been maintained in good order and are now in very • . , good condition/ the directors’ report states. "A reasonable depreciation has been allowed. During the past year an aerial ropeway has been installed, including a 100-ton feeding hopper. This has solved the transport problem of taking spawls from the quarry to the mill, and is proving an unqualified success. This has been in operation since January of this year, but the full effect of the saving in costs will not be felt until the coming season. “Waikiekie lime continues to be of very high standard, an average analysis taken out over a period being 871 carbonate of lime, samples being taken from the quarry, from customers’ bags, and the bulk lime stored in the mil). With the installation of a new crusher and remodelling of screens, a finer and more even product has resulted. The higher operating costs due to more modern machinery, etc., may result in a slight increase in price for the coming season. Farmers and shareholders can rest assured that the directors will see that prices are kept to a minimum consistent with safe working costs, “The directors are confident that from now onward deliveries will be more prompt, and appeal to farmers to buy their lime during the slack months, such as September, October, and November. As lime does not injure stock, it can bo applied at any time during the spring and early summer." Two directors, Messrs. F. Yates and G. S. B, Morrison, retire by rotation this year, and are eligible for reelection.