PORTLAND CEMENT COY.

Dominion, Volume 6, Issue 1663, 1 February 1913, Page 7

PORTLAND CEMENT COY.

—-i— ANNUAL MEETING. - (Ry Telegraph.—Press Association.): ' Duncdln, January 31. The fixtoenth annual meeting of. the New Zealand Portland Cement Company was held to-day.' Mr. P. Barr (chairman of directors) presided. . In moving the adoption of the annual report and balance-sheet, the ohairman said he regretted somewhat that the confident expectations of last year had not been realised, and he recognised, that ' shareholders were .entitled to n. full explanation of 1 the company's affairs. -Tho profit and los 3 account showed that the handsome profit of £1C,E61 of the previous thirteen'months had been reduced almost to vanishing point, and tho year just closed produced only £124 ffi..6d. An examination of the figures would Ghow that, tho position resulted from a reduction on tho gross profit on manufacturing on tho one hand, £7503, and inoreaeo of: expenses on the other hand, £5399. ; The result was not caused by reduction of output, but was duo. entirely to increased cost of production. Cement and lime sales showed an increase of £2519 as compared, with the previous period, and tho output showed a substantial increase for the twelve months ended November 30 as compared with the same period, of 1911.' A close analysis of the ma-nufacturinrr accounts showed an increased cost of production of £10,000, an increaso of 15 per ccnt. In view of tho many chanpw in management ho had personally visited Limestone Island. Ho was satisfied that tho new control (Sir. Washington) was. the right thing, and ho left tho island convinced that tho works wero in the hands of a mon who Understood the cement-making business. A new contract for white llmo had been arranged, also a new quarry started, and at the time of bis visit he thought the watcrsiders would modify their requirements for paper-lined bags and accept the Calcutta bng as satisfactory to themselves and eoonomical for the company.! Ho anticipated a reduction in tho cost of production during tho present year, as tho outcome of several alterations, particularly in tho direction' of Mi-ting out Sunday work and overtime. regarding tho business, apart from the management of the works, Mr. Vickcrman had good experience, and ho believed the appointment would be justified by the results. There was no capital expenditure of a scriouß nature ahead. The completion of tho opening of a traok to tho now quarry and the payment of the balanco of £600 to the Brush Electrical Company being the principal items. While in Auckland he went carefully into tho prospects, and anticipated ?. reduction in indebtedness to the bank. He regretted that tho directors were not in a position to pay a dividend. Since 1903, when a lieavy debit balance was carried forward, dividends had besn paid rangin? from 6 to 12 per cent., ond averaging for nine years 5S per cent, no hoped tho future would not have fluetwa/tions,' and ho believed the o.nrangemenf.s for the conduct of tho business had never been on a better footing. Mr.-J. M. Begg seconded the motion. Ho said for the first time in its history the company had produced more C6ment than it could dispute of in the Dominion. With increased now uses it was hoped to dispose of all they could produce. In' answer to questions, tho chairman said he did not anticipate difficulty with the Australian tariff,, the tendency of which was rather downwards. _ The report was adopted. The retiring directors wore re elected, except Col. Hoigate, who .is leaving for. England. Mr. J. IT. Upton (Auckland) taking his place. Messrs. \V. R. Holmes (Auckland) and Jos. Brown (Dunedin) wci'e appointed auditors.