MILBURN LIME AND CEMENT COMPANY.

Otago Witness, Issue 3418, 19 September 1919, Page 23

MILBURN LIME AND CEMENT COMPANY.

ANNUAL MEETING. Tho annual meeting of shareholders in tho Milburn Lime and Cement Company was held on the 9th hist. Mr C. G. White (chairman of directors) presided. Tho annual report stated, inter alia: "The profit and loss account, after writing off depreciation and making provision for income tax for tho current year, shows a credit balance of £13,062 163 2d, including tho sum of £3300 carried forward from last year. An interim dividend has already been paid for tho six months ended January 31, at the rate of per cent, per annum, amounting to £3909, leaving a balance of £8747 lis 2d«to be dealt with. Tho directors recommend that this balance should be appropriated as follows : —To payment of a dividend for the six month 3 ended July 31, at the rat© of 7£ per cent, per annum, £3909; to bonus for the year at tho rate of per cent, per annum, £2605; balance to be carried forward to next year, £2232 lis 2d. The operations of tho company were greatly hampered during the year -by the shortage of coal. The influenza epidemio also oeriously affected tho business during November and December, 1918. At the present time the restrictions in railway traffic imposed by tho Railway 'Department have had a disastrous effect on the company's business, resulting in tho closing down of the cement works and the Makareao limo works, and if these restrictions continue for any length period a falling off in tho profits of next year must be looked for." In moving the adoption of the report and balance sheet, the Chairman said that tho year's operations had been of. a distinctly difficult nature. He had dealt somewhat in detail with tho question of the increase in cost of their supplies at the last annual meeting, and he regretted to state that that increase had continued during the year under review, and their figures had, of course, been detrimentally affected. They were also seriously affected by the disastrous influenza epidemic which had so disorganised all the industries in Otago and Southland in November and December. The coal supply had almost throughout the year been very intermittent, and as they were absolutely dependent upon a regular euppiy of hard coal to manufacture their cement it had required the utmost ingenuity on tho part of the acting manager to get any supplies at all, and on the part of their cement works manager to eke out these supplies to their fullest extent. Both these officers had had -a most anxious time owing to the 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 the?© circumstances, it was with pleasure that the board found itself able to present for their consideration the balance sheet which was now before thorn. The demand, for cement had been steadily increasing since tho termination of the war, and tho sales for the year showed an increase of 1023 tons over last year, notwithstanding the serious curtailment of work in November and December. Owing to' the increase in wages and in the price of materials it had been found necessary once more to increase the price of cement (by 98 per ton), which amount did not quite cover the increased cost in their" manufacture. They were looking forward with confidence to the ensuing year, as there was a decided movement in building operations of all kinds; but unfortunately the blight of railway refallen on their hopes, and the curtailmernNjf their business had been worse oven than during the 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, the Makareao"* lime works had been closed down for seven weeks. They could get neither' lime nor marl, and their available supply of cement was practr'cally exhausted. If the restrictions continued for any length of time their returns would be very seriously affected, and it was their earnest hope that the coal supplies would soon be sufficiently replenished to enable the wheels of their very necessary industry to bo restarted. .Tho sales of both carbonate and burnt lime showed a slight increase over last year. The influenza epidemic affected this side of their business by reason of the fact that the farmers were thrown back in their work, and on top of this came heavy floods in February, with the result that there had been practically e complete stoppage for- over three months in the use of limo. The railway restrictions had not affected their burnt lime trade; but tho supply of carbonate to the manure mixers had, until a_ few days ago, been entirely stopped. This, cf course, would also affect their position next year. Representations had, however, been made, which might result in a greater quantity being carried. Tho Maka'reao works had shown a much better result this year; the output of burnt lime being increased by 800 tons and carbonate by 307 tons. The supply of iabour at both Milburn and Makareao had been satisfactory, and this, he thought, could bo largely ascribed to tho fact that at both places the men wci'e comfortably housed and fed. Thev hoped to hear that .Messrs Stewart and Ewing, who had been absent for some months in America on the company's business, had managed to secure passages for their return to New Zealand at an earlv date, and they felt bubo that the company was certain to benefit from the experiences gained by theso gentlemen on their trip through the cement works and quarries of the States. Shortly after the 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 Hav's practical knowledge and lengthy experience had always proved of great value to the board. It was. therefore, with great regret that his resignation had been accepted by the board. Tho speaker concluded by paying a tribute to tho good work done by the management, staff, and tho emraloyees generally.. Mr M. S. Holmes, in seconding the motion, congratulated the direr-tors and management on tho results of the year's work in tho face of the many difficulties which had been experienced. The motion was carrod unanimously. On the motion of Can tain Siindstrum. tho retiring directors (Mr C. G. White and Mr John Roberts, C.M.G.) were re-electerl. Messrs Barr, Learw, and Co. were reelected auditors: The meeting terminated with complimentary references to tho work of tho staff.