DAIRY COMPANY'S FINANCE.

Auckland Star, Volume LI, Issue 210, 2 September 1920, Page 7

DAIRY COMPANY'S FINANCE.

A LIVELY MEETING. (By Telegraph.—Own Correspondent.) • CAMBRIDGE, Wednesday. A deficiency of a large amount in the balance sheet was discovered at a meeting of the Cambridge Co-Operative Dairy Company, held on July 31, and this led to a very lively annual meeting of t|he company, held in the Cambridge Town Hall to-day. Mr. Edward Allen presided. Tlie July meeting was adjourned after a motion, "That the balance sheet be referred buck for a Government audit," but the deficiency has since been re- ' garded as a clerical error, and £11,000 ' has since been accounted for. To-day's : meeting was called on a notice of \ motion by Mr. J. S. Fisher, '*That the resolution passed at the ann,ua] meeting (July) be rescinded." Over 200 shareholders were present, and when Mr. Fisher was called upon to move his resoi lution certain shareholders considered it out of order. A lengthy and at times acrimonious discussion ensued, during which time Mr. Watson moved. "That the chairman leave the chair." This was defeated. Md. Robinson said the directors had got the books audited, and now 1 the books were in a mess, and Mr. Ham- ■ I mond explained that when the books i would not balance there was a detailed i investigation and it was discovered that i j vouchers for shipment on M-iy CI and ! June 2 had 'been sent to Auckland and ; had not been returned. These were not ■ shown in the balance sheet. The secreI tary was overworked, but was a good man. Mr. Watson said the question had . nothing to do with the secretary; the . directors were responsible. The com- .! pany was £11.000 better off than a I 1 month ago, which proved that matters >' then had been in a very shocking condi- , i tion. The directors were totally unfitted . for their position. Mr. Fisher's motion , was then put, an exchange of .compli- . merits passed between the chairman and Mr. Watson, and Mr. Cane 3ield» that a . Government audit was 'better than a , commercial one, as the Government L auditor had practically the powers of a magistrate, and could demand any ex- ! planation he desired. The voting gave a majority of 83 for the motion, which [ was thus carried. , J The meeting appointed Messrs. San'son and O'Meara. of Hamilton, to conI duct a commercial andif, into the books, ' and it was resolved that a Government inspection of the books would 'be made 1 if desired. 1 Tho directors disclaim all resnonsibilitv for staff errors, and meanwhile the ! i meeting stands adjourned till the reaudit is completed.