ANNUAL REPORT

Hokitika Guardian, 25 July 1931, Page 3

ANNUAL REPORT

OF KOITERANGI CO-OP. LIME COY. LTD. Your Directors have pleasure ijh submitting tne eigmui annual report and balance sheet. The profit and loss account shows ,ai net balance of £5 os -Id. after providing for depreciation the sum of £57 11s lOd. The balance brought forward from last year’s account was used to provide the balance of thd depreciation required. The output of 405 tons was the same as last year.

The table of comparative costs shows the total cost including depreciation to be 35s rer ton. Wages increased i>y 3s Id per ton, and repairs and maintenance by Is per ton. A small reduction of 5d was made in fuel used, due to cheaper cartage. The total cost before providing for depreciation was 30s per ton.

The balance sheet shows a sound position. Sundry creditors are only nominal. The crushing plant is in fair order; a new set of hammers is on hand, but are being charged to next year’s account. Considerable non-recurring repairs have been effected during the year, viz: New legs juid stays to bins; new chute; and new elevators. A new set of scales costing £lB 10s was purchased and included in the item of repairs and maintenance. These repairs making the plant and building in good order with the exception that the roof needs relaying during the coming season. A substantial reduction of 2s 6d per ton was made in the price of, lime this season, resulting in a corresponding reduction in our profits. Whilst the output was the same as last year the sales increased from 349 to 405 tons. • Wages have recently been reduced, and the coming season will receive the benefit of this reduction. As the directors are anxious to apply lime at a further reduction this year, proposals are being formulated to effect economies in wages and other operating costs. The retiring directors are Messrs W. A. Jamieson, A. Dimniick and J. T. R. Smith. The retiring auditor is Air v. Wild. All these gentlemen are eligible for re-election.