Milton Dairy Factory Company.

Bruce Herald, Volume LIII, Issue 74, 20 September 1917, Page 5

Milton Dairy Factory Company.

At the last Friday even* ing's annual meeting of the above company, ah extraordinary,general meeting of shareholders was held, to consider two alterations % to the company's artioles of association, as proposed by the directorate. Briefly stated, the firßt alteration was that article 3be substituted by a provision that an amount not exceeding l*sth of a penny per gallon per month be deducted from each shareholder's monthly milk account. At the close of each financial year one fully paid-up Bhare shall be allotted each shareholder for every oomplete 20s deductedAlso that article 5 be substituted by a provision that new suppliers desiring to become members shall notify the secretary in writing, in default thereof all moneys retained under the articles of association Bhall be applied as the directors think fit. Considerable opposition to the first proposal was shown by Mr Jno. B, M'lntosh, who asserted that a more equitable method would be to reduce the qualification of- number of gallons of milk as the basis for taking up shares. The chairman (Mr P, Porter) re« marked that the company's financial position necessitated an alteration in the articles of association in order to reduce their liabilities. Although the proposed deduction was for an illimitable period, shareholders would receive their 5 per cent, dividend on paid-up shares on the amount deducted from their milk accounts, The directors had considered the financial position closely. The proposed arrangement -was already in force in several other co-operative dairy factories, and Bhould previously have been enforced at Milton, Mr G. H. Thomson (company's solici" tor) explained the legal aspect. Mr M'lntoah considered the proposed alteration most unjust, and threatened that, if carried into operation, he would cease supplying milk, The proposed alterations were moved by the Chairman, and seconded by Mr Ai Rennie pro forma. Although there was not the legal requisite majority of shares represented, either in person or by proxy, to alter the articles of association, a show of handß was taken, and 15 shareholders voted in favor of the alteration; none against. Mr M'lntosh protested, declined to vote either way, and exercised his privN lege in demanding a poll of shareholders. The poll has been fixed to take place at a later date,