GERALDINE DAIRY FACTORY COMPANY.

Press, Volume XLV, Issue 7157, 19 September 1888, Page 6

GERALDINE DAIRY FACTORY COMPANY.

The adjourned annual meeting of the shareholders in this Company was held in the Road Board office, Geraldine, on Monday last. There was a large attendance of shareholders.

Mr Postlethwaite, Chairman of Directors, occupied the chair, and stated that owing to the returns for a >hipment of cheese sent home not being available on the first date axed for the meeting, and the flooded state of the rivers on the second date fixed, the meeting had been twice adjourned. He then read the annual report and balance sheet. The former pointed out that the price paid for the milk during the year had been 3d per gallon, which was more than was paid by any other Company in New Zealand. The difference represented the paying of £195 in cash. Had the price paid by other factories been paid, the sum above-mentioned represented curd, which, at 4d per lb, meant £260. The shareholders were to be asked to assist the industry by supplying milk on the same terms as was done in all other districts. The report also pointed out that from the Ist November, 1887, to June 30th, 1888, butter and cheese had been shipped from New Zealand to the value of £134,213. These figures were sufficient to set the shareholders thinking whether fche industry was not worth, fostering and an endeavor made to open up a trade rather than neglect it because at present a direct profit was not reaped. The Directors had also made themselves personally responsible to the Bank for the overdraft- of £2800, which was due, and they now asked the shareholders to come forward and assist them with the burden. The balance sheet showed the receipts for for the year to be £2719 9s Id, and the expenses £265113s lid.

The report and balance sheet were adopted. Opinion was divided as to the advisability of shipping the cheese Home or selling it in New Zealand. Some of the shareholders said they would rather see the factory closed than supply milk at 2|d per gallon. Mr Slack pointed out very strongly that the suppliers not only got the price paid for the milk, but got the dividend from the Company, the advancage of having a factory In the district as a market for their milk, and the increased value to their property by the factory being there.

The retiring Directors were Dr. Fish, and Messrs B. Skinner and D. Shaw, all of whom were re-elected.

The scheme of the Directors with regard to the shareholders going responsible for the overdraft as a body was shortly discussed.

After passing votes of thanks to the Directors and the Secretary the meeting adjourned for a fortnight to consider the financial proposals, which provide for the granting of preferential shares to those who come forward to bear the burden of the overdraft.