ROSS LIME WORKS.

Hokitika Guardian, 26 August 1924, Page 4

ROSS LIME WORKS.

ANNUAL NEI'ONT. 'l'li!- < )isiirin:iti said: In moving tho adopt i4)ii (»i tlio liiilaticc .Sheet lor 11 it*. B2 months ending the 31st of Alitreh hist I beg to olfor some explanations respecting the position of the Company as disclosed hy the statement of accounts. Dealing with the itents set out under the bonding “ l.iahilities ” it will he seen hy eoniporison with hist rear’s Balance Sheet that only 2.7 adlitiontil shares have been taken Up during the year; Imt the nn-vutH of dlttl-e capital has been increased by L"JIJ 2- (111 its « result of the pressure that has heeit brought to bear to seine the payment ot unpaid calls. There were, however, still L 2'- i lis (i«l unpaid calls title ai the .list .Mart'll , but owin*4 to the insistent applications of nub wortliy .Secretary this amount lias l:eett reduced to date.. • • Debenture l.oitti ” including inlei-

e,t lots increttsetl by C 176 3s Dd ilurid-g the year. The Hi rectors "etc justified in counting <•'" more dolx.-nturc-s being taken up. following the many assurances that were tciven by members at last Annual .Meeting: ami it *- s ,crtainly discouraging that titose who have most to pain by the estnhlisltmetit and maintenance o! a relmblsotiree for ngrii'iiitui :d lime sbottltl lake mi little centime interest in the welfare of the Company.

••Sundry Creditors” ha, been redticed by L'll I : and the ” Bank Ovurdraft " hits been mitlcrd by L-’ll BJs 3,1. Titrltill'J to tlie item- under " As...•ts •’ it will be seen that rare hits been taken not to include in the •'Property and Plant Account " any expenditure that could fairly be charged to Working expenses or Bepatr- ; m fact, althottpli no property Ims been di-posed of dttrinp the year the I’rnpertv Ace unit stands f2BB '-’s <>d h-ss 1,11111 it was last year. Tile item "Sundry Debtors” has beet, reduced by L 207 |,; s |,|. This improvement t- entirely due to the splendid etierpy and zeal ilisi,|a veil bv the Secretary, ami every cro lit is 'due to him lor the strenuous el fort that lie lias made to i olleet tin l old debts. Here apain, those shareholders who are the chief debtors have displayed anythiup but a retd interest in the Company's wellnre. I lie statement of " Liabilities ” and " Assets lint- discloses llte Tnmneial position ol lie Company: and the balance against •• Prolit ami Loss Account " i- L 1.122 •j, sd. Tlitil is to say that the Company has pone back LIS!) 3s Id dttrinp the vear, as apain-l L"_’tiii Bis 2d lor last year. The “Profit and Loss Aicount” disclose- the item- that "erg responsible lor this loss. 1 would lib" to point (Hit one redeeminp feat tire in ibis connection, that is, that accordinp to an interim balnme sheet "hieli was taken out for the <5 month.' eudiup September 31 >t 1 1 last year, the loss lor that period was Ll-7-7 ISs bl. So that the loss ditrinp the last (i months

of the year wa- fitly L’3.3 -Is Sal: amt this it must be remeif.bered was dttrinp a period when orders were -lai k and ct.iisiderable repairs were elleeleil. Ihe "Working Expenses” appear higher than last year in prnpnrtien to the <1 i!:t 11 (i t v id lime -old. but ibis is in some extent neenliutcd for by tile fait that a considerable part of the L'.'iiih extra wapes paid was absorbed in other than actual product ion. Last year the difference between "Lorry Earnings" and "Lorry Kxpeiises" showed a 10-s ol L2I II- Sd. This year tlie dillcrellce shows a 10-s i-l L'-'i Bis Id. In this connection I may here iimiiliou that we have decided to ci'ott a bridge over Dnniiellv’s Creek near the Lone Works, and we eoioidetit Iv look lorWind to next year -liowinp a va-t impreveineiii in the lorry aeeotint. Not only will the cc-l of reuairs he 1.-s.s----ened. lull the lorry "ill lie aide to perform mot'll more actual work. Despite the lac t that appearances are apain-l us we have no hesitation to write oli' L2 !:> is- sd as depreciation, hemp 7 per eenl el the "Propeity and Plant Ar'-nimt ’ as at tl" lopHlltll'emeiil ol tlie year. Wlo-tt lie met you last tear we expressed I lie Ini].— that Cittit el’iury would prove a profit aide mar!- d for building lime. Althoiipli Ibis Ita.s to som l • extent been ronli.-od. it lot- imi turned util qniie as v.c cmpeeletl. This was elii-ellv ov.inz M soiii.s inferior lime poiup forward, ami to some extent owinp to our not having inlercstad representatives to watch our interests. We are -till eonlident that a pood mark'd tail be .secure,l if We ("til supply the lipid article, and with iniiircivcmenls that have recently been ma.de in the kiln there is every prospect of suitable lilllc heiilp turned out in future. Butler Bros Ltd. have a new timber yard opened up in Cliristeliureli and in the course ol a week or |wo will be able to deal lullv with lid- trade as a pen is for the Company. Amonpst the recent improvements at the Lime Works, there has been install d a means ol definitely dry hip the line waste limestone a- it comes Ironl the f|ttarry. so a- to enable il to he pulverised. There have in the past keen thousand- el tons of this partly pulverised -time thrown away, but with the improved method ol dealinp with il.

and with the increasing orders coming in lor this class ol lime, we are eonlideni of reaping a good return I rum wlial was originally wasted—costing shillings a lon to get rid of it. It is gratifying that, owing to the | shii.vii by Air .1. .Murdoch in visiting the different funning ten ties it ltd 1., Hi,- able manner in which lie has placed matters before the farmers whom lie has addressed, orders are (-nmip-r more lively, ami with the more intelligent interest that farmers are taking in the use ol I,me, we icel instilled in fur-casting a va-t improvement in tl.e Company's position during the current vear. I cannot do better than repeat what I said last year, viz: 1* the meantime. shareholders should discharge their debts and obligations 1., the Company. They should realise that the Directors and the Secretary have made great personal saerdiees B'. wrest the enterprise from utter lailure sneriiiees which would not have been culled for had the shareholders Kepi faith and done their duly.”