TAI TAPU DAIRY COMPANY.

Press, Volume LXVII, Issue 14162, 30 September 1911, Page 5

TAI TAPU DAIRY COMPANY.

ANNUAL MEETING OF SHAREHOLDERS.

The 23rd annual meeting of the shareholders in the Tai Tapu Gooperative Dairy Company was _ held in tho Town Half, Tai T»P«. yesterday afternoon. Mr H. &. Perymaii, chairman of directors, presided, and there was an attendance of about fifty shareholders, in addition ki the directors. The roport, which was published in Thursday's issue, was road by Mr H. E. Peryman, and pawed. REPORT AND BALANCE-SHEET. Tlie report and presented by the directors stated that during tho year ended July 3 let, 1911, 13,588,8251bs of milk wore received, and from this 592,732 ibs of commercial butter were manufactured, giving the result of lib of butter to every 22.921hs of milk. Suppliers received lid per !b for butter fat for the year. The profit and loss account showed a balance to credit of £3,021 0s Id. The directors nuuic tlie following recommendations: —'(]) That the sum of Id per lb of butter be refunded to suppliers, making average price paid to suppliers for the year Is per lb; (2) That a dividend of G per cent, be declared on the subscribed capital at July 31st, 1911; (3) That a bonus of -1 per cent, on wages earned at the factory and creameries be paid to employees." The report and balance-sheet were taken as read. The Chairman moved their adoption, and Mr R. A. Forbes seconded the motion. THE DISCUSSION. ! Mr R. A. Forbes complained that the balanee->sheet was so complicated that I shareholders could not grasp exactly j what the Company iiad made with their own butter out of the £3,021 profit. Shareholders should bo told what amount was made on the trading transactions with butter bought from outside. Ho desired to know what amount the Id per lb would abeorb of tho £3021 proßt. Tho secretary (Mr O. P. Agar) replied that the amount absorbed by the Id nor lb bonus would be- £2067 13s Bd, •and that £240 would be absorbed by the dividend, making a. total of £2307 13s Bd. Thore was also tho 4 per cent, bonus to employees to bo paid. Mr J. King urged that a separate account should be kept of the purchases of outside butter, and that the won ay mado therefrom should be paid out of from month to month. Tho Chairman replied that it would add very much to the work of the secretary to pay out monthly what was made on the sale of butter. The secretary stated that allowing Jd commission for selling in town and id for handling at the factory, tho net profit on North Island butter was £832. During January, February, and March butter was very much cheaper than during winter moivtliSj and the directors decided to stop shipping very early in January and store the butter. They had over 20 tons of butter stored and it came in very haudy. In reply to Mr King, tho Chairman stated that id covered the cost oi handling. The Company also made a tremendous saving by using tht;ir second-hand boxes, and saved very considerably by having the freezing done by the Farmers' Co-opi Tlit-y claimed to hayo effected a saving by tho system of administration. , -Mr-- J. F. Watson enquired what part of the £3021 profit was carried forward from last year. ' That ■ was not shown in the balance-sheet. Tho Chairman replied that the amount "was something over £600. Mr King, supporting Mr Forbes's remarks, said tnat the Company had mado one-third less butter in the factory than was made the previous year, and they paid £60 more in wages. The Chairman replied that the labour laws wore against them all tho time, and wages were going up. Notwithstanding that they had paid more in wagee, they had made more. They were not trying to cut down wages to mako a saving. The report and balance-sheet were then adopted without opposition. GENERAL BUSINESS. Messrs H. E. Peryman, T. M. Rainey. and J: Sharp, directors retiring by rotation, were declared reelected, there being no other nominations. Objection was made that tho bal-ance-sheet was vague, and not intelligible to the shareholders, and not as plain as it used to be some years ago. The Chairman replied that all auditors had a system recognised by the Auditors' Association, and would not adopt any other in preparing balancesheets. After further discussion on this matter, it was agreed unanimously, on the motion of Mr Forbes, that Messrs F. W. East and G. W. Huhne, the retiring auditors, be re-appointed at the same remuneration. Mr Forbes wished to move that it be a direction to the directors to frame a balance-sheet snowing the suppliers' supply and the outside trading m butter shown separately. The Chairman would not accept the motion in this form. Ho stated that such items as cartage could not be separated out and allotted separately. After further discussion, it was agreed that it be a recommendation to the directors to give as much information as possible about the working of the factory in the report. The Chairman said that the plant had not depreciated since last year. The directors could have taken off id a lb for a reserve fund, but they could get it from the suppliers any time they needed it. They thought it better to give suppliers the use of the money at present. A question was asked whether the factory would accept home separatedcream. Tho Chairman replied that that was a matter that would have to be dealt with. It was coming, but they would put it off as Jong as possible. A hearty vote of thanks wae accorded tho secretary, tKe manager, and the staff, and, the directors tor their services.