NEW ZEALAND FARMERS' FERTILISING CO.

Oamaru Mail, Volume XLIV, Issue 14703, 2 June 1920, Page 6

NEW ZEALAND FARMERS' FERTILISING CO.

(Auckland Star.) The annual meeting of shareholders in the New Zealand Farmers' Fertiliser Company, Ltd., held on May 27 in the Town Hall Concert Chambers, was a particularly happy one, the report and balance-sheet being unanimously received after discussion without adverse criticism. Also, the directors were congratulated on their activities during the year, and good reports of t the feeling existing throughout the provinces in respect to the Company and its operations were forthcoming. ■ A suggestion that additional capital to the extent of £70,000 should be subscribed in order to place the Company in. a position to carry on its business without having to depend on outside sources, put forward by the chairman, was very favorably received. Tile chairman intimated that adjudging from present conditions a commencement of operations at the works could be looked for about September. In presenting the fourth annual report and balance sheet, Mr Ross said that the directors much regretted that, contrary to expectations, it would not be possible to have the works in full operation at the date of the annual meeting. This was more regrettable in view of the fact that large supplies of fertilisers were urgently required, and there was no source at present in sight from which this demand could be supplied until their works were going at full capacity. The machinery in the power-house was completed and in running order. The acid manufacturing plant was so far completsd that it would be ready to start well up to time. The rock store and all its appointments were complete, and the superphosphate store required very little further work to complete it. The water supply, the drainage, and the railway sidings were all complete. The roc-k grinding and mixing part of the works were still very backward, due largely to the lion-arrival of certain machinery and to the necessity tor first completing the rock excavation, but definite word has now been received regarding the forwarding of the last of the machinery, and the building was being pushed, forward with all possible speed. Jn the expectation of an earlier start, arrangements were made for certain supplies to arrive, notably sulphur and manure bags. The market rate having advanced considerably since arrangements were made, the company was now on a- very good footing regarding those articles. In view of an early < ommencenient of operations, the directors decided unon a scheme of distribution under which each provincial district will receive its portion of the output, according to the number of shares held by financial shareholders in such districts, and it has also been dei cided that lots of 50 tons or over will le delivered freight free to the main ports in each province. There was a debit balance in the profit and loss account of over £BOOO, which represents the working expenses since the formation of the company, and, added to the preliminary expenses and brokerage, made a total of over £22,000 standing to be written off at some future date. All members of the present directorate were re-elected, and the election of a representative for Hawke's Bay district was allowed to stand over, no nomination having some forward. It was unanimously, agreed amongst members that the' company would aim at manufacturing a high standard article.