ANNUAL MEETING

Hokitika Guardian, 3 May 1930, Page 6

ANNUAL MEETING

OF WEST CO AS'/’ FARMERS’ COOPERATIVE LIME PRODUC ING COMPANY, LTD.

The adjourned annual meeting of the aibove Company was held in Greymouth on the 28th April, when a large number of shareholders were present. The Chairman (Mr W. J. Butler) explained fully the reason which had necessitated the , present meeting being held; and stated that it was imperative that lie, personally, must be relieved of his duties as a Director. It was impossible. for hi pi, owing to business pressure, to devote the time to the Lime Coy s affairs that he really felt the position demanded.

Although retiring from the Directorate, he stated’ that he was most anxious to see the works carried on under the present Company. He then submitted a proposal to assist in that direction which undoubtedly was a most generous one on the part of the directorate, all of whom agreed to it. Mr Butler also stated -that in'the event bf>it being considered Advisable tUto introduce further capital into the Coy., he could hej - relied -upon to . provide...his Mclntosh asked "the Retiring directors to reconsider their decision to resign), Ibut each one contitleied .that impossible. _ ~. . . . Mr Mulcare, anpther' staunch 1 ; diE' rector who, has sto.od to his' gtuis dti' all '"occasions, said that, considering the Company’s financial position, there was not the slightest reason for a panic. The Company was still making headway; and although at present his name was not amongst those of the guarantors, lie had such confidence in the ultimate success of the company that he had not the slightest hesitation in taking over his share of the liabilities, as a joint guarantor. Mr Mclntosh spoke very strongly in favour of the present company continuing operations; and . stated that any farmer who had used lime had certainly found .the befjjjefit .of it, and . personally lie; considered it would be a great loss from the fanners, point of view were the works to pass ilito other hands;. . He regrettecj, very much, that all tliepresent .directorate’,) would noV;fbmaim;in office. for a further ,period of Twelve months, anjd he stressed the loss 1 -the* company was sustaining by the decision of such able men to resign Mr Ryder, another director who has championed the cause, also spoke strongly, and pointed out that there was nothing wrong with the works except that on occasions the power was not adequate to cope with the demand; but that was a small matter- and, could, be easily.adjusted,..and h : e stated that the matter lay in the hands of the fanners themselves to a large extent, as to the use of the available power. He thought by the interest-evinced- in,the meeting,to-flay that there would be no difficulty in obtaining a sufficient number of divectors to carry on.

Mr McLean said that lie felt it was useless to go on with the works, as they, had now been in operation for ithef- past twelve pqt proved a'success'; and tie ‘felt that it was time the present company was Wound up. Lnne was obtainable elsewhere at a dearer rate; but he thought it was desirable to pay a little more for the lime when one could be sure of getting it. Tiie position with the present company was that lime was often not available and that was most unsatisfactory. Ho believed that the present manager was a capable' man; but bricks could not be made without straw, and he felt that the.time had oome to settle the outstanding liabilities and lie considered' that the debt *of Mr Peebles certainly ought to be paid. \ A ;. ' . The .Chaifman called "■ for nominations for directors. A ready response was forthcoming. •• Three new directors being appointed : ■ Messrs Fisher (Nelson Creek), Kennedy (Totara Flat), and Smith (Ahaura), together with four of the former directors, viz.': Messrs Mclntosh. Mulcare, Ryder and Thomson. Mr 11. Wild was re-elected Auditor.

Mr ltyder then moved a vote of thanks to the three retiring directors for their past valued services, in particular Messrs Butler and Fitzgerald who had stepped into the breach and given their time and services to put the works in order, just when that assistance was necessary.— Carried by hearty acclamation. A hearty vote ot thanks to the chair closed a very successful meeting.