MILBURN LIME AND CEMENT COMPANY.

Otago Daily Times, Issue 17726, 10 September 1919, Page 3

MILBURN LIME AND CEMENT COMPANY.

ANNUAL MEETING. Thp annual meeting of shareholders in tho Mil burn Lirao and Oinent Company was heldyesterday afternoon. Mr C. G. White .(chnirmau of directors) prfsidod. Tho annual report stated, intor alia: "Tho prolit and loss account, after writing oil depreciation and making- provision lor income tux for tho cm-rent year, show, a credit balance of £13,062 16s 2d, including tho sum of £'33<X) carried forward from last year. An interim dividend has already bcon paid for tho six months ended January 31, at tho rate of li> per cent, per annum, amounting to £3iM9, leaving a balance of £8747 11s 2d to bo dealt with. Tho directors recommend that this balance should bo appropriated a s follows:—To payment of a dividend for the six months ended July 31, at tho rato of 7i per cent, per annum' £39C9; to bonus lor the year at the ruto ! of 2'i per cent, per annum, £2606; balance to bo carried forward to next year, £2232 11s 2<l. Tho operations of tho company were greatly hampered during tho year by tho shortago of coal. Tho influenza epidemic also roriously affected tho business during November and December, 1918. At the present time the restrictions in railway traffic imposed by the Railway Department had a disastrous effect on tho company's busincfcs, resulting in the closing down of tho cemerTt works and tho Makureao limo works, and if theso restrictions conj tinuo for any length period a falling oft' in I the profits ot next year must be looked for." j In moving vho adoption of the report and j balance sheet, the Chairman said that the I year's • operations had been of a distinctly i dillicult nature. He had dealt somewhat in • detail with tho question of the increaso in I cost of their supplies at tho last annual ; meeting, and ho regretted to state that uiat i increase had continued during the year under review, and their figures had, of cjjurso, been detrimentally uUectod. They wero also seriously affected by tho disastrous influenza, epidemic which had so disorganised all tho industries in (Jtago and Southland in November and December. The coal supply had almost throughout tho year boon very intermittent, and as they were absolutely dependent uppn a regular euppiv of hard coal to manulacturo tiieir cement it had required the utmost ingenuity on the part of the acting manager to get any supplies at all, and on the part of their cement works manager to cko out these supplies to their fullest extent. Both these officers had had a most anxious time owing to tho coal shortage, and he could assure them that tho management had been very satisfactory to get tho results which had been obtained'. In view of these circumstances, it was with pleasure that the .board found itself able to present for their consideration tho balance sheet which was now before them, 'ihe demand for cement had been steadily increasing since tho termination of the "war, and the sales for the year showed an increase of 1C23 tons over last year, notwithstanding the serious curtailment of work in NoveirTber and December. Owing to tho increaso in wages and in tiio price of materials it had been found necessary once more to increase the price O£ cement (by 9s por ton), which amount did not quits cover tho increased cost in their manufacture. They were looking forward with confidenco to the ensuing year, as there was a decided movement in building operations of all kindsbut unfortunately tho blight of railway restrictions had fallen on their hopes, and tho curtailment of their business had been worse even than during tho influenza epidemic As they all knew, the cement works had been closed down since. Owing to the refusal of the department to bring in raw materials, tho Makareao lime works had been closed down for se-von weeks. They could get neither limo nor marl, and their available supply of cement was practically exhausted. If. the restrictions continued for any length of time their returns would bo very seriously affected, and it was their earnest hope that the coal supplies would soon be sufficiently replenished to enable tho wheels of their very necessary industry to bo restarted. The sales of both carbonate and burnt limo showed a slight increaso over last year. The influenza cpidoniio ailcctod this side of their business by reason of the fact that the farmers were thrown back m their work, and on top of this camo heavy floods in February, with tho result that there had been practically a complete stoppage for over three months in tho use of lime. Tho railway restrictions had not affected their burnt .limo trade; but the supply -of carbonate to the manure mixers had, until a few days ago, bcon entirciy stopped. This, of course, would also affect iheir position next year. Representations had, however, been made, which might result m a greater quantity being carried. Ino Makareao works had shown a much better result this year; the output of burnt limo being increased by 800 tons and carbonate by 307 tons. Tho supply of labour at both Milburn and Makareao had been satisfactory, and this, ho thought, could bo largely ascribed to the fact that at both places the men were comfortably housed and fed. They hoped to hear that Messrs Stewart and Ewing, who had been absent for some months in' America on tho company's business, had managed to secure nassages for their return to Now Zealand" at an early date, and they felt sure that the company was certain to benefit from tho experiences gained by theso gentlemen on their trip .through the cement works and quarries of tho States. Shortly after tho last annual meeting Mr Robert Hay had found it necessary, owing to his desire to retire from some of his business connections, to resign his office as a director of the company. Mr Kay's practical knowledge and lengthy experience had always proved of great value to tho board. It was, therefore with great regret that his resignation had been accepted by the board. The speaker concluded by paying ■ a tribute to tho good work done by the management, staff, and the employees generally. Mr M. S. Holmes, in seconding the motion, congratulated the directors and management on tho results of the year's work in the face of the many difficulties vjiiicti had boon experienced. The motion was carr'ed unanimously On the motion of Captain Sundetruni tho retiring directors (Mr C. G. White and Mr John Roberts, C.M.G.) were re-elected Messrs Barr, Lcary, and Co. were reelected auditors. The meeting terminated with complimentary references to tho work of the staff.