GOLDEN BAY CEMENT CO

Dominion, Volume 7, Issue 2259, 19 September 1914, Page 10

GOLDEN BAY CEMENT CO

ANNUAL MEETING. The amnio! meeting of the Golden Bay Cement Works, Ltd., was held yesterday, Dr. C. Prondergast Knight presided. Tie seventh annual report and balancesheet, for the year ended June 30, showed that the gross profit from tho manufacturing account ivas £11,532 <a. 9d. After bringing this amount to credit of the account end. providing for debenture end other interest aid head office charges, the net profit woe' £7692 3s. Bd., to which must be added the sum of £542 4s. lid., balancebrought forward from last year, making a. total to credit of £8234 Bs. 7d. The directors propose to deal with this balance as follows:—To write off for depreciation £2000; .and preliminary flotation expenses £2000 (thus removing taia latter item from future balance-sheets); and to carry forwo.rd £4234 6s. 7d. They felt that shareholders would be pleased with tho satisfactory result of the year's operations, taking into consideration the fact that tho works lost nearly six weeks' manufacturing owing to the strike at the end of 1913. which cost the company well over £2000. ■ Tho chairman, in moving tho adoption oi the report and' balance-sheet, eaid that although the company had had <v very good year and could have paid a dividend of at, l*ast five par cent., they did not feel justified in doins so under tho present abnormal conditions, nor with present prospects did i.hey feet justified in. pTorcieing a, .dividend in.the near future. Tho works were now running very satisfactorily; tho machinery and equipment had been much improved, and the whole plant was capable of turning out a considerably fTMto nrantity of i-ement than wns oriprinelly estimated; Up to the present the demand had kept up vjry well indeed, but there we're now indication* of a falling off. Thfl nullity of the eomrony's. cement was well maintained during the year, and sales hod shown a coneid-erable increase ovot tho precedm? year at remunerative prices. . The motion for the adoption' of the report nnd balance-sheet woe seconded by Mr. Charles Stewart, and carried without dissent. "Pic retirintr directors, Messrs. (5. Wilson, end C. M'Arthur, were re-elected for the cineuiii'g' year. Mr. E. Bucholz woa reoloDted auditor.