West Coast Farmers’ Lime Producing Co, Ltd.

Hokitika Guardian, 30 August 1924, Page 1

West Coast Farmers’ Lime Producing Co, Ltd.

SECRP.TAIJY'S REPORT. At the annual meeting ol shareholders held in Creymouth on August 23rd. lIIJI. the Directors "ere n-ked to cnit--ider t.he adoption of a cash discount svhcinc t > shareholders purchasing lime, rnfortunaiely in the past the account.-, for lime were often left .standing for a considerable time ill the books, and as the trading account far the last IS-mnnths has shown a loss, it clearly proves that the reduction then made in the price ul lime Ini* not had the dc-ired effect. To my mind the reditetinn was made in the wrong wav. as no iudueeiueiit was olfered to the shareholder to pav promptly and so were allnwe:l to drift. \Ve tnil't litid ;t remedy tis it is quite as iiupleiisalil for me to have to instruct our Solicitors to i-stte a summens as it is lor one to receive ii. We have only recently obtained a new license (for “l .wars) from the band ppm id. and provision has been made tlierein for a back discount. Clause No 7 reads as lollows‘‘After the commencement- of enerations the license shall, on reeeivin" one month's mil ice i apply lime to the nuMie at ;i 111 ice lilt cxi ceding the rutin" rate fur the time being in the -district. Provided tli.il sliareliolders uf nut less Iha.il lit shares may he given a cash discount uf mu more than K> per cent, on the amount ill their purchases.'

Oil and after -Sent ember Ist. lie intend to revert to the original price of IS nmnlis a" give a cash discount to the shareholder who pays inside :<:t days. In this wa.y there will he III) Heed for the "nod payer to help n'V for the long-winded paver or the man who never pays at all. 'I he day tnot far distant when the Company will have to consider the advisability ol doubling the ea pit a I ol tho ( omoany. as there are many wavs of putting in modern labour savin" anpliiniees. which ltt'ii um-e installed "ill enable lim-o lo he iiroihieed at a cheaper rate. The method we wish to admit will induce sliureliolih'Vs to nre.vide the increased capital willimilv as the cash di'(.(itlii t as aiioli.-d "ill 1 ■ disi iihut<-d nc;.o iling to the amount of canital the shareholder lia-* fi-eviiled. Quite -tllli- . icnl latitude "ill he allowed shore holders ivlai are pm-lmos not si fe.rImml el y id,iced its their tdlows. It noisi he distinctly iimleistoed Hull In obtain tlie-e i ash disc Hints the full amount must, reach the Secretary ill l!os' inside .Ti days from the dale of eoll-i"limeIl( . .Ml orders for lime In truck lots ol ft tons and ever, to ehlaio free nil:*"" for ID) miles, mil'! he from hona Side tanners, and " * di'timtlv stijiulate i hat to eht-iin l lies-e cash discounts the lime must I •• used hy the farmer on his Divii land. The price if agi iciilt ural (hiirntt lime is !os per ton and carbonate of lime 2ns per ton in truck lots Iron) Sent. Ist. IP-.’l. Sllii relioldei-s holdin" Ihe following shares "ill he allowed the rash disi mints as lollo" s : lit to -JO shares allowed diseount. to |t) shares allowed 7dJseoiinl. .-,0 to (>D shares allowed ID"., discount. \ price li't will I e printed and rir- ( ul Hi d lo sharc-luilders al a Inter date.