DOMINION FERTILISER COMPANY

Otago Witness, Issue 4030, 9 June 1931, Page 65

DOMINION FERTILISER COMPANY

FIRST ANNUAL MEETING

The annual meeting of the Dominion Fertiliser Company, Ltd., was held in the board room of the Public Trust Office on Tuesday evening. Mr Peter M'Skimming, deputy-chairman, presided over 70 representative shareholders. The whole of the directors with the exception of MrRobert Hudson were present. Mr M’Skiinming, apologising for Mr Hudson’s absence, referred to the fact that a business engagement of considerable importance in the north was responsible for his being unable to attend.

In moving the adoption of the annual report and balance sheet Mr M’Skimming traversed the early history of the company. He stated that the first announce ment appeared in the press of August. 1929, and the company went to allotment in November of the same year, when building operations were started. The original programme provided for the completion of the buildings by July of this year. Operations, however, had been speeded up, and in point of fact the buildings had been completed in February last, and the works had started manufacturing six months ahead of the original arrangements. In the space of IS months the company sold over 250,000 shares on which payments to the end of the financial year on March 31 last totalled £198,457. Between February and March of the present year the. company also provided debenture capital of £30.350. Since the close of the financial year, by the sale of further shares and payment of calls, a further sum of £lO.OOO had been received, making the share capital payments to date in excess of £208,000. ‘in addition, a further sum of over £20,000 had been placed in debenture capital. The amount provided for stocks exceeded £47,000. Throughout the company’s history all payments on building accounts had been met in accordance with engineer’s and architect’s certificates. Mr M’Skimming spoke appreciatively of the company’s prer ducts and claimed that the company’s works were the only works in New Zea land equipped with a complete aeration plant. He also referred to the significant fall in fertiliser prices since the advent of the company and mentioned that the price of superphosphate was to-day ap proximately 27s 6d per ton less than when the company was first floated. He calcu lated that on the basis of last output the reduction in price represented a saving to the farming community in the South Island of over £125.000. He also referred in appreciative terms to Hi.? staff of the company, which, he claimed, was a strong and efficient one and in which the directors had complete confidence.

Mr A. C. Leary, seconding the motion, complimented the company on the strength of its directorate by the association of business men. Tn his opinion the directive power was well equipped to meet and master any emergency that might arise.

Messrs Mee and M'Caul, shareholders of the company, also congratulated the directors on the position attained by the company. They stressed the fact thi.t the farming community was strongly behind the company, and that individually, and as organised bodies, the farmers intended to give the greatest measure of support to the company. The retiring directors (Messrs M’Skim ming and James Fletcher) were re-electel and the retiring auditor (Mr J. W. Smeaton) was reappointed. Short addresses to the shareholders were given by the other directors, by Mr Douglas Kerr, chemical engineer, and by Mr Stuart Cameron, commercial manager

A vote of confidence in the board of directors and staff proposed by Mr Mee was carried by acclamation.