JOHN WILSON AND CO., LTD.

New Zealand Herald, Volume XLIV, Issue 13450, 29 May 1907, Page 5

JOHN WILSON AND CO., LTD.

THE PLANT TO BE DOUBLED.

THE annual meeting of shareholders of John Wilson and Co., Ltd., was held in the company's office yesterday afternoon. Mr. Geo. Elliot (chairman of directors) presided.

The /report submitted by the directors stated that the profit earned for the year, including the balance (£909 lis 7d) brought forward, amounted to £8745 14s, and from . this sum the directors recommended the following appropriations:— of a dividend at the rate of 8 per cent, per; annum on the amounts paid up on the preference and ordinary shares, £3721 6s lid writing off goodwill, £1750; depreciation of plant arid machinery, £650; depreciation of buildings, £343 16a; directors' honoraria, £150; carrying forward £2130 lis Id—making a total of £8745 14s. The results for the past year ha 4 been eminently satisfactory. The plant had been quite unable to keep pace with the increased demand for the, company's products. A contract had been made, however, :to duplicate the plant, and it was anticipated that the new eection would be in operation during the present financial year. An additional area of 163 acres of limestone land adjacent to the works at Mahurangi had been purchased. * The chairman, in moving the adoption of the report and bal-ance-sheet, stated that the financial position of the company had considerably improved on the year's operations, the balance-sheet showing that the liabilities were less than ; last year, notwithstanding the fact that loans on mortgages nad been increased from £2000 to £4000 by the purchase of 120 acres of limestone land near the works at Warkworth. While the company had limestone, apart from the new purchase, sufficient to last several generations of shareholders, they had been troubled in the past by the water supply available, and it was to get over that difficulty that the land had been acquired. The bank overdraft had also been affected by payments made on account of machinery now being manufactured in America, but on the other hand the assets had been considerably increased in value. Freehold land and raw material had been advanced by £3000, freehold buildings by £300, plant and machinery by £2000, stock by £1300, and sundry debtors by over £3000- The plant and machinery, valued at £36.814, was the largest asset possessed by the company. As all shareholders were cognisant, there had been a big demand for Portland cement all over the colony, and the company's works had been quite unable to meet the demand. While the management was doing its best to fulfil contracts very large and remunerative orders had unfortunately to be . refused. When it was decided to duplicate the plant the company's engineer was sent to America, England, and the Continent, to make a selection, and an order for the plant had been placed in America. Advice had recently been received that the first portions were being shipped this month. At the present time over 500 tons of Portland cement and hydraulic lime were being made every week, and with the installation of the new plant that output would'be doubled. During the year the total output. exceeded by 4000 tona the quantity handled the preceding year. The chairman emphasised the claim that the cement being turned out was equal to the best made in any part of the world. Mr. W. C. Daldy seconded the adoption of the report and balance-sheet, and the motion was carried. Mr. J. W. Ellis and Captain James Smith were re-elected directors, and Mr. 0. A. Jonas was appointed auditor. ~;.. • The Chairman announced that the dividend would be payable to-day. On the motion of Mr. W. R. Wilson a hearty vote of thanks was tendered to the directorate and management for their services during the year. ' . At an extraordinary general meeting held subsequently, it was decided to alter the name of the company to "Wilson's Portland Cement Company, Limited." '