Milton Dairy Factory Company.

Bruce Herald, Volume LIII, Issue 73, 17 September 1917, Page 5

Milton Dairy Factory Company.

ANNUAL MEETING. The annual meeting of shareholders in the above company was held in Bruce County Chambers on Friday evening, Mr P. Porter (chairman of directors) pre» sided, and there were 18 other shareholders present. The report and balance sheet (as pub« lished in last Monday's issue) were taken as read, on motion of Messrs R. Michelle and D. 0. DavidiO 1 . In moving their adoption, the Chairman remarked that shareholders were to bo congratulated on another succastful season, There had been many difficulties, especially with regard to shipping cheese, but these had been successfully ovorcome. There were 72 shareholders, to whom 1411 shareß had been allotted, and their paid-up capital amounted to *£7SB 63 Id. Every item of expenditure on the profit and loss account showed an increase, owing to the higher cost of materials, and the cost of maintenance and repairs would continuo to increase, owing to the plant requiring*'renewals. The price of coal had risen from 10s 4d in the firai year to 15s 2d. Tho interest on overdraft had been higher, due to the difficulty of getting away their consignment?. Although strong representations had been made to the Government, and through Sir James Allen, he considered there was not the slightest possibility of obtaining any refund of the amount paid for butter-fat levy (£209 10s); it was most unjust that the Gov* ernmeht should have singled out the farmers, and levied this iniquitous taxa>tion on butter-fat, The balance (£35) of the company's preliminary expenses had been written off. The sum cf £1633 lis was owing to suppliers, and the directors had not yet decided whether the whole of this amount—or only a proportion—should be paid shareholders at the usual settling up in October; a suggestion had been made to pay. out three fourths of tho amount, owing to the difficulties of financial arrangements, and to reduce interest on overdraft until payments were forthcoming for the ensuing season's products. A considerable sum had to be paid for wages, coal, stores, etc, and, even under ordinary circumstances, there was no possibility of receiving any revenue from cheese until November. Their bankers had treated the company liberally, but the directors desired to keep the overdraft as near as possible within the limit. The wheysskimming plant showed an ap* proximate credit balance of £sl 9s lid, after paying £BO off the plant. Suppliers were obtaining their butter at a reasonable cost. The plant was paying handsomely, and had justified its installation. The Chairman concluded by reading the auditor's report. The motion was seconded by Mr R, H, Michelle. Mr Rennie congratulated directors and shareholders on tho continued success of the company. Owing to tho factory being situate in their midst about £7OOO of " foreign capital " had come into the district during the past year. They were not responsible for the enhanced prices occasioned by the war, but wee entitled to a share in the profits. He referred to the company' 3 gloomy outlook at its commencement about five years ago. There was a spirit of pessimism as to its future, and the directors iolt very fnxi-> ious; it seemed for a period as if they wou d have " to nurse the baby." When matters looked gloomiest he was milking 12 cows, but immediately increased that number to 50 cows, Others increased their herds, remarking "If Rennie i 3 game enough to increase his herd everything is all right." He congratulated the directors en tbeir meritorious services on the company's behalf. The motion was then put and carried, Mr J. B. M'lntosh trusted that the directors would overcome the difficulties of finance, and pay out the full amount on the due date, as in previous years ; otherwise some of the suppliers might be financially inconvenienced. The Chairman congratulated tho manager (Mr J. Begg) on the general excellence of the cheese and butter tured. The cheese had again secured a prominent position in the grading corn* petition at Dunedin show, and the company was fortunate in having retained Mr Begg's services for the incoming sea* son, Election of Directors, Etc. There being no other nominations, Messrs R. H. Michelle and D. O. Davidson were re-elected directors. Mr J, J. Lane was re-elected auditor at the usual fee (£3 3s). Directors' Fees. Mr A, Rennie moved that tho shareholders take into consideration the ques* tion of remunerating the diiectors for their services. The proposal lapsed for lack of a seconder. Mr J. B. M'lntoeh remarked there was a feeling amongst shareholders that being a director was a sort of honorable I position amongst them. Whilst recognising the directors' meritorious services, it would be a mistake at present to remunerate them. He understood the directors were all " wealthy men." The Chairman: We are all poor struggling farmers. Mr Michelle: We wouldn't be cow spanking if we were wealthy. Complimentary. Votes of thanks were accorded to tho directors, and complimentary references made to their services, A vote of thanks was also accorded the Bruce Herald for its publicity to matters effecting the company's affairs.