ASHBURTON CHEESS FACTORY.

Press, Volume XL, Issue 6019, 31 December 1884, Page 2

ASHBURTON CHEESS FACTORY.

The second annual general the Ashburton Cheese and ButterjjOutoCT Company was held at the on Wednesday, Deo. 10th. occupied the chair, and there 'jfpit gf&d attendance of farmers and othersT|| v rM The Directors reported that >|jp opjrations for the past season had resnpedm a small profit aa agrainst a considerable whit for the year 1882-3. The loss wasjicasioned partly through the high pricej|aid for m_k and. on account of hold—igjwtek for the Government bonus, but priiicaSly ' through the early shipments of London and elsewhere. UnleES so_<«teduction could be obtained in the sh|BK&g charges the Directors had decidedJ&Rto give more than 3d per gallon dunnJHthe ensuing season. A reduction _ effected by the Shipping Company||nthe freight on cheese, and the DkectoeSjrarposed giving the milk-suppliers tSgfull benefit of the reduction. If the firoers would increase the supply of milk factory the Directors now felt theifc was every prospect of satisfactory resnlteweing obtained daring the ensuing The, cheese manufactured had been %ghly spoken of wherever it had t,one, and wders. weru now in hand for a .regular pupay toj one of the chief tonus of New Zea__2| i The following balance sheet for the^reaw ending 30th September, 1834, was reasr-fl Dr. £ % df To Capital paid up ... * ... 3211 I%j£ „ Debts due by the Company, inoludingß—ls discounted by Bank ... ... ... 2777 0 1 £5988 14 2 Cr. £ s. d. £ s. d. By Freehold Property 2516 8 3 „ Plant Account ... 1216 911 „ Preliminary Ex- ' penses «. ... 220 3 3 I —— 3952 16 5 ' „ Debts due to the Company ... ... 106 7 2 „ Stock on hand ... 45 12 6 „ Balance in Bank ... 90.16 9 „ Cash in hand ... 12 10 0 „ Profit and Loss for - 1883 ... „ .178517 7 Loss Profit for 1884 5 6 3 1780 11 4 " £59F8 14 2 P-O—tT and Loss Account yon 1882-3. Dr. £ s. d. To balance as per statement, 15th November, 1883 ... 1170 14 1 „ Losses -on consignment shipped prior to last annual balance 452 16 6 „ Interest on above .... ... 162 7 0 £1785 17 7 Cr. By balance to debit £1785 17 7 Pboti- and Loss Account fob 1883 4. Dr. £ s. d. To stationery ... .- ../ 319 3 „ Printing ... ... ... 15 0 „ Petty cash 9 0 .1. -Secret—cy'ssalary ..."... 37 10 0 „ Interest and diaoount ... 161 17 0 >, Charges, including Govern- , ment fee* postage, rates and taxes, audit fees, re- I *alrß, &c ... 83 0 4 „ Balance to credit ... ... 56 3 £311 17 11 Cr. - By profit on cheese account ... £111 17 11 Capital Account. . Dr. ~ £ a. d. To 1000 shares at £5 each ... 5000 0 0 Cr. By unallotted shares—ls3 at £5 each ... ... 765 O_Q „ Arrears of calls ... ... 1023 5l „ Calls paid up ... ... ... 3211 14 g|

; ASMO o_% In moving the adoption of the rep&l and balance-sheet, the ChAranan said tlrof if the farmers would endeavor to givef_j sufficient supply of milk to keep tie: factory going to its fall capacity pr making cheese, the Directors would ftp their utmost to make the Companyjga success, and he hoped they would at no tant date be in a position to dividend. - S;! Mr C. T. Dtn>i_nr said the position m the Company appeared to be more Battel factory than last year, and he had mu| pleasure in seconding the adoption of tw report and balance-sheet. J|| The retiring Directors were' and Mr George Jameson was elected And* tor-for the ensuing year. |*& Mr Jam_3 Bbown then asked how it waj| that he had been asked to sign a pjrw| missory note for JBIS on account of shaieji he had taken up pro rata while other __&P| holders had not taken-up the rem___6g shares. He understood that the wholepf the shares were to be taken up, but he sair that there were 153 still unallotted. Jse complained that the shareholders had nj|t been dealt fairly with. He would movett"That as the whole of the shares have njj| been taken up pro roto as requested by ti§| Directors, those who have taken up s_ar*j| on that understanding be exonerated frowf all liability on the shares so taken up." _s Mr Pa_septon seconded the motion. r __ A lengthy discussion ensued, durinffij which several shareholders expressed th M opinion that they were given to under® stand that the whole of the shares were tqj? be taken up pro rata before they would Tom called on to pay on any of the new gbareJ they might apply for. ..]

The Chai—__w replied that it was stated at the last meeting'that it would rest with the Directors whether operations at the factory wonld be carried on if the whole off the unallotted shares were not taken up. Within ten days of the last meeting 105 of < the shares had been applied ;for, halt of whiph were taken up by the? Directors _-_aselves, and believing thai the re_i—ihdep'wonld be applied for _ndj taken up iJrof-fa, the Directors had macgl themselves person ally liable for a consideM able outlay in deciding to cairy on opera|| tions, and he thought they were be_|k treated very unfairly by being blamed fqK doing what they had done in the intereli of the shareholders. If Mr Brown's motiowf ■were carried it would probably result _§ the factory being closed, while th« shares holders would still be liable for the <?a_s oxjl the shaies they had taken up. In onff sense he would like to see the factor* closed, as it was a great source of anno*! _ace to him, but he thought they shoulg go on and work vigorously and ecorufS mica]Uy, and do all they could to make tin venture a paying one, especially as the* had got into the way of working properlw and had the promise of a good market UM their produce. . _ The motion was put, but only four voieS for it. The motion was therefore lost byS larsre majority. m Mr Gso—on Jamison thought the Dlreg tors deserved the- thanks of the farmeSj and shareholders for them—iner in whiogj they had worked to make the factory pa* A hearty vote of thanks was then passes to the directors for their services. M ■Mr J. Tuckia spoke in favor of winding up the Company if it w«.re found that tarn concern codid not be made to pay. m The Cha—u__r expressed the opinynr that operations should oe carried on to ti_i end of the season, when a meeting couj9 be O—led to.consider the position of tra Company. This would give the farm.«§■ time to make any necessary for disposing of their dairy stock if it wef| deemed advisable to wind up the Company.; He pointed out, that this season tbs Directors would be prepared to take milf from any supplier, whether a shareholder or otherwise. jj After some farther discussion of a gen# ral nature, the meeting adjourned. J