NEW ZEALAND DAIRY ASSOCIATION

Auckland Star, Volume XXXIII, Issue 204, 28 August 1902, Page 3

NEW ZEALAND DAIRY ASSOCIATION

FIRST ANNUAL MEETING

The first annual meeting' of the shareholders in the New Zealand Dairy Association, held in the Lee* ture Hall of the V.M.0.A., was con* tinned after we Went to press yesterday. After* movingl the adoption of the annual report and balance-sheet, *a printed yesterday, the chairman (Mr Wesley Spragg) gave the following figures with reference id the busi-* ness of the association:—Number at pounds of milk dealt with, 59,879,972; total btlttef fat, 2,200,838 lbs', total butter 2,409,572 lbs; average percent* age, 3.675; average overrun (differ- 1 ence between butter fat and butter made), 9.48 per cent.; average losses In alf places on skim milk, 0.0805 per cent.; average losses on buttermilk, OJB6 per cent.

Mr H. T. Greenslade seconded the motion for the adoption of the report and balance-sheet. He endorsed "all that the chairman had! said with regard to the business, and with regard to the outlook for the coming season. He also endorsed the remarks regarding the harmonious nature of the relations of the directors.

Mr Cossar did not think it just that the suppliers who stood out at first should be^allowed to step in at the conclusion of the year and have equal profits with the earlier shareholders. Had the season not been successful these suppliers would not have assisted in the bearing of the loss.

Mr Firs said they had more than one season to face. As the past season had been so successful many more had been encouraged to come in, and if they wanted suppliers to become shareholders they would ■have to encourage them.

Mr Teaadale (Te Awaflitftu) thought directors had acted Very wisely in including- the later shareholders in the dividend.

Mr Swing* (director) thought that the directors had acted very /wisely in allowing- people to come in on an equal footing- in the first year of the ten over which the liability extended. As a result shareholders were in a much better position than they would have been. There were 3000 shares taken up that would not have been had the list not been kept open, and that represented £7500 added to.the association, and this was of more 'benefit to shareholders than the gmn.ll sum required to pay the dividend.

Mr McPherson thought the ■balancesheet was not as full as it might have been.

Mr. Beghe, referring to the balancesheet, thought that more details should have been supplied of the items donations and travelling expenses. In reply the Chairman said that what had been given by the association of 847 shareholders was not onetenth of what he had given out /of his own pocket, and not a single penny had been taken out of the, business that was not a legitimate charge against it. In his judgment the bal-ance-sheet was ample, and if shareholders Wanted more they would get it, but not printed. As to the remarks about keeping the lists open, he thought they were doing the right thing. They had to engineer carefully to get every possible subscriber into the business. With an ordinary joint stock company nothing of this kind would have been done, and had the association intended to wind up at the end of a year it would have been most unjustifiable, but the business was going on for years and years, and evsry supplier they could bring in was i source of strength to the company. The report and bal-ance-sheet were then unflnaifiously adopted

Consideration of Suggested alterations in the articles of the association was then ttadertaken. Article 58 was amended to provide for 3(5 days' notice for the annual meeting and seven days' notice for other meeting's. Articles were added to provide for the retirement annually of one director from, the Upper Waifcato, one from the I*ower Waikato districts, and for the election by a plebiscite of shareholders, of a shareholder to the directorate from each district, each shareholder to vote in both districte. The chairman stated that it w3s proposed to have the divisioii Hiire between the districts at a point between Btm'tly. and Ohinew'aJ. The districts could be eh&nged at any time.

The alterations were then agreed to with but three dissentients.

The Chairman announced that the" two retiring directors, Messrs. Moskings and Greenslade were re-appoint-ed as directors, there being no other candidates. Mr. Seering- H. Matthews was re-appointed auditor for the ensuing year.

Mr. Hoskings moved a cordial vote of appreciation of the services' of Messrs. Loville and Christinas, the London agents of the firm. In a great measure the success of the business had been due to the London agents. The vote was unanimously agireed to. Mr. Robinson proposed & Vote of thanks to the two butter-makers for turning out such a first-class article. Mr. Saver, Who seconded, thought that a bonus should also be given to the butter-makers. The vote of thanks was agTeed to, and a similar vote was accorded the chairman of directors and the officers of the company. The Chairman announced tMi U would be necessary to1 have another meeting in about a fortnight's time; to confirm the alteration of tite ar;icles of fhe association, and the meetingl then closed.