FARMERS’ LIME CO.

Hokitika Guardian, 20 May 1933, Page 4

FARMERS’ LIME CO.

REVIEW OF FAST YEAR'S WORK

QUESTION OF LIQUIDATION

A meeting of tlie West Coast Fanners' CK>-op. Rime Coy will be lieYl shortly to consider the question ol going into .liquidation. Jt is understood tlrt th<? Company',-; overdraft has been called, in by the Bank of New Ze land, but it would be a great loss to the district were its operations ‘to be discontinued. The chairman, Mr James M idea re, in his annual report, on behalf of the directors, to the shareholders, states; In submitting the balance sheet for the year ending 31st -Mf-reh, 1933, your directors feel much pleasure . in placing befor e you for the third successive year since they took office, the Returns showing another successful year. This is really remarkable when one considers that in the la s t three years—the deisel engine, pulverizer and various other plant have Kean installed -and al) paid foi ; the .adverse seasons with continually declining prices for primary products ; the fact that .you! directors have reduced prices per ton as follows: Burnt lime from £2 to 25g, mixed lime from 28s to 21s. tar.d carbonate from 19s to 15s : liabilities have been reduced by over £l4oo* the fact that prior to the last three years fwith two exceptions) the hi lance sheet was very discouraging, This .goes to show the possibilities, were business again established on normal lines. The item sundry credv tors now totals £695 15s Id, a reduction of £875 13s. Sundry debtors show ia slight increase but is quite satisfactory, It Will be noted that there is .ft bank overdraft of £133 3s 9d, which is very satisfactory, when it is realised that with the exception of about £2OO in lime to be supplied, the debenture loan /is completely wiped off There has been a higher expenditure than, usual, consequent upon bringing the plant into line with the modern type of pulverizer installed last year, replacing the old obsolete one. The profit this year is £59 Is 10c!. All things considered, it is felt that there is reason for satisfaction. The output of 'lime increased slightly front 1413 tons to 1446 tons. Times are very , hard now with,'the- farmer, but unless we have la largely increased output during the /present season ; yve will show a loss, as tne profit thi s last financial year was built up prior to De'cemher Ist, when, prices were cut .to the present low figure. It is therefore hoped that one .and all will endeavour to stretch a point and. keep their lime work busy and in a sound position. It is now an .established fact that it is impossible to farm successfully without lime. We can only - reiterate our ap precision expressed in former ' years of the valuable services of the sec-retary-manager,- Mr A. "-'Thompson.- Tt would he almost impossible to find a man more fitted in . an all round wayto manage the affairs of the Comp-ny; combining as -he does business ability, tact and the fact that .h 3 dues not hesitate to tackle the . hardest of mamunl work. Our best thmk s are due to him and his efficient staff who have loyally co-operated with him. r; t . sri-j The balance sheet shows liabilities.' as £5454 5s Id, including capital £4625 : sundry creditors £695 13s Id, and bank overdraft £133 3s 9d. The resets include ; Buildings (£I2OO less depreciation £36. sale £l5O. debentures allowance £2lO 10s 8d) £376 10s 8d ; plant £1571 3s 4d, le.ss depreciation £95 Is 4(1, sale £25) £1451 2 S ; stock £sl 8,3 ; imprest account £lO ; sundry debtors’ £362 11s 4cl; profit a pd loss account debit (£2,522 18s lid le«s profit £59 Is lOd) £2463 17s Id; preliminary expenses £291 8s id. The profit ,and loss account shows:— Dr.: Wages £879 12s 3d ; secretary £SO ; travelling expenses £4l 19 s ; printing and advertising £29 14s 4d ; insurances £46 18s 8d ; rates and fees £34 10s 8d ; interest £7 8s lid; discount £147 8s lid; repairs and supplies £407 13s 7d ; railages £l6O 17. s4d ; diesel expenses >£24 Os 2d ; law costs £3 11s; depreciation £l3l Is 4d ; balance £59 Is lOd; lorrv expenses £306 11s lid; total £233 9s lid. 0. : Lime £1973 0s id; lorry earnings £386 .18s lid • rents £lB 16s o ft; had debts recovered £1 Us 2d.