TEMUKA DAIRY COMPANY.

Press, Volume XLV, Issue 7139, 29 August 1888, Page 6

TEMUKA DAIRY COMPANY.

m TXie aPTinal meeting of the shareholders of. the above Company was held on Mond/ty evening at the Wallingford Hotel, Ti'emuka. In the absence of the Chairman of Directors, Mr R. A. Barker was voted to the chair. The annual report and i balance-sheet was read. From the report it appeared that there had been a loss on the year's transactions of £493 8s 10d. The Company's position was stated to be as follows: — The overdraft amounted to £1952, and the amount owing to sundry creditors to £95. Against this was to be placed unpaid call-. £107 8s 6d; sundry debtors for cheese, £203 los 3d ; cheese on hand, £1000 4s 2d; unpaid bills, £34 10s; in all £1345 17s lid, thus leaving a deficiency of £701 2s Id. The Directors regretted having to record such a heavy loss, which was accounted for by the excessive charges for duty and freight incurred in shipping to Australian and English ports. The cheese had in all cases realised top prices, though these had been abnormally low. During the season 194,105 «als. of milk had been received, from which 193 4591b of cheese had been made —an average of 15 9-10oz of cheese to 101b of milk. The prospect of an increased demand for cheese was not very encouraging, and the report pointed out that it would devolve upon the new Directory to adopt measures of a precautionary kind to prevent a recurrence of the losses of the previous year. Three Directors would have to be elected in place of Messrs Quinn, Cain, and Gray, who retired in accordance with the regulation. The Directors elected would have to sign a personal guarantee to the Bank for £2000. The report was adopted. Mr Brown moved—"That the Directors take into consideration the advisability of so adjusting the price of milk that something would be left to pay a dividend to shareholders." The motion was carried. Messrs Gray, Cain, and Woodhead were elected Directors. Mr Rout was re-elected Auditor. A vote of thanks was passed to the Manager, Secretary, Chairman, and retiring Directors.