GOLDEN BAY CEMENT WORKS.

Dominion, Volume 4, Issue 1227, 8 September 1911, Page 8

GOLDEN BAY CEMENT WORKS.

ANNTJAL MEETING. Tho fourth apnual meeting of the Golden Bay Cement Works, Ltd., was held at the office of .the secretary, Nathan's Buildings, at noon yesterday, the chairman (Mr. 0. Prendereast Knight) presiding. In movine the adoption of the renort and balancesheet (already published), the chairman said he must first express regret at the absence of ono of the directors, Mr. J. A. Flimnier, who was ni-ja-hle to be present on account of a serious illness in the family, lie was sorry that- he had not the result of six months' working to place before the meeting, but the works had taken "a little longer than expected, and tho position was just now that ,thoy had commenced to manufacture cement. The company was now thoroughly floated, and it remained with the future to tell how it would progress. In tho meantime there was a- rood [ demand for all our cement. Beferrinrr to the item "premium reserve. £c 0 2r.." in [the balan"e-.«h?et. the ch"iirm"u stated that I the consulting engineer had been given t!I option of 500 shares instead of payment in cash. He had elected to take the cash, and as the parcel was too small to offer to the shareholders, tho directors had diI vided thorn amongst themselves, and learnin'; that shares were already at a rireminm they had paid the market'price. The company was very much indebted to the skill and encrrry of the works manager. Mr. M'Larcn, for the work he had done. Anyone who froc'icnted. the wharf may have seen huge pieces of machinery for the works from time to time. These had to bo erected in a place far away from a convenient centre.:nnd hampered at time's for proper appliances. The work which h.«d . Ii"«n- done reflected ereat credit on Mr. M'Larcn. Thanks were c.lsa to the managing director 'Mr. W. M. Hannay) for his untiring efforts, and to th? secretary (Mr. E. M. Fonlton)' for his share in the good work. When it wa.i considered that in times of depression the whole of the capital f.C.fn O'f) nnd' horn eot in. everyone had paid tho calls, something had been achieved, and it was vot "ratifying to note the patient war in which the shareT>o!dcrs had snpnor'ed fbom up till reaching tho stage they had done at tho epd of the fourth year. The debentures had all been taken up with the exception of abint £"r-0() worth. The directors and their friends had taken them up as had many of the shareholders, whom he hoped would take up the balance. They had had to pay a very, larcc amount in Customs duties. No less !>■ sum than .E.i 832 bad been nn.id. There might bo a, slight balance in the company's favour at tho final sett'ingup. hut it would he a. small cne. They had to nay £tfif" odd in duly on the e'r..--' tric.il plant only. JTo moved the adoption of tho report and balance-sheet. Tn cvnndin? the motion. Mr. W. M. TTanpav (mnnadng director) said he rcro'ted that they were not farther forward than rhey were, but it was not o^- : n<r to n"v ln."he« on the part of tho directors. He was glad to say that at the present. stace tho plant was now rnnnin* and turningout cement. It would, however, he a woefc or two before it would be offered tn f.V nublic. It would be found to bo absolutely /ir=t class. The company's, chop-ist' tv-h'o had come from tho Commonwealth Wor'-s) had mad" a very cnrefnl analysis of the Vt.ono and marble, making possible test.- ard the cement had turn"d out as F-tated in his orifripal repir*. The work? had co«t more than h>it what bic works did not? Fe believed they had got "ood value for their money, and "■■ would not he the fault of the d ! *-eetors if they did not trot a go"d retm-n. THcv h"ned to place the rest of the debenture.' with the shareholders. So far they had not offered them to the public or pushed them in or.y way.

Vi\ T). BoMrt.son f,-iid he w:>? rlc.isod with tli" out.loo'-t. nnj was pntisfipd *.hcy \™>»i) eoinsr to .t"ni out n. - Oltie nt of excellent rutnlky. Ho moved that. a. "le-irty vote of Mm nits be given to Messrs. Hannav and M*La.ren. The motion was adopted. Tu>."ts. J. .A. piimyirr .mid Oorri Wilson were re-elected directors wi-thiuf oniw Bition, and Mr. E. Bucholz wa.s roannointed auditor n-t a fee of twentv piin^F. ifr. n. W. Wil'ans movod Hint t.lie company be li=ted with the stock exch*n"Pt! of the Dominion. The ohMrnu'i sMd 'Vit "■ it was the wish of th" shareholders it would be dono. Mr. Hanna*' »Tnl->inrd that he had not thought it judicious to list the company until it was mann'.-"--t.urine. Finally the matter was left in the hands of the directors. The F-eetintr coneluded with a hea.rty vote of thanks to the works manager, general manager, and directors.