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Hokitika Guardian, 7 April 1930, Page 6

£IOO a month in wages, and no lime was being produced. The directors bad done tlieiy best to try and provide cheap lime for Vest Coast farmers, but 1 without the .money to provide for the necessary machinery it seemed useless to carry on.

Mr Mclntosh expressed his regret that the step of winding up the company should be brought up. Mr Clayton said that it was? hard for the present directors to carry on as they had a personal liability. Lime;- however, was a necessity for farmers, and. in his opinion the coming years would see prospects brighten and the company would-be in ■ a-,"better position. There was no doubt that tin* user of lime received the benefit—ns a farmer he had found that out for himself Possibly production would be held up only for a period. The - chairman stated that he wanted to be relieved of the responsibility. The overdraft limit ,to the bank was £IOOO. It was possible l that-this limit might be reached ,and then the bank could step in and select any of the directors to pay. Mr Mclntosh was of the opinion that it would lie well to carry on. The past year had been something of a failure, but the corning one might seean improvement-.

; Mr McLean said that the director’s had done their hit. Every year new .shareholders were introduced, and the company was no further ahead. On the ' chairman's suggestion the meeting was then adjourned, and die annual meeting was held. After some discussion it was decided that the vunual meeting he held at 11.30 a.in. on April 28th. ■ The extraordinary meeting was then resumed, and the following resolution was passed: That failing the making of provisions "to relieve those directors of the company who have been acting as such‘during the'past financial year as guarantors to tin l company, of'their responsibility, steps he taken to wind up the company.