TAI TAPU DAIRY COMPANY.

Press, Volume LI, Issue 15393, 25 September 1915, Page 6

TAI TAPU DAIRY COMPANY.

ANNUAL MEETING. Tho twenty-seventh annual meeting of tho Tai TapU Co-operative Dairy Company was held at 'lai 'lapu yesterday afternoon, Mr il. E- Peryman, chairman of directors, presiding over a fairly large attendance of shareholders.

ANNUAL REPORT. The twenty-seventh annual report of tho directors stated that during the vear ending July 31st, 1915, 9,<93,-3591b of milk, and 23?,5391b of cream were received, and irom this o4S,:JSBIb of commercial butter had been manufactured. giving the result of lib of butter to everv 22.'J01b of milk. Suppliers had received slightly over Is 0;u per lb for butter-fat for the year. Tho working account showed a balance to credit of £4013 13s Id. The directors made tho following recommendations: —(I) "That the sum of '2d per lb on butter-fat bo refunded to suppliers for the months of •September, October. November, and December, 191-1, and January, February, March, and April, 191-5, making average price paid to suppliers for this period Is 2 l-ilid per lb." ('2) "That the sum of 4d per lb on butterfat be refunded to suppliers for the months of August. l l Jf4, and May, June, and July, 1915, making the average price paid to suppliers for this I period Is o_id per lb." <;') "That a j dividend of (J per cent, be declared on the subscribed capital at July ;51st, 1915"; and (4) "That £100 be written oif land, buildings, and plant." The death of tho late Mr J. Mangels was referred to with regret, and it was stated that M'r G. .Mangels had been elected to iill tho vacancy on the directorate. CHAT UMAX'S STATEMENT. In moving tho adoption of tho report and balance-sheet, the chairman said that it was once more his pleasant auty to present a balance-sheet which, in the opinion of tho directors, was an extremely satisfactory one. The prices paid by tho company had been competitive prices with other companies, and tho balance enabled the directors to recommend a bonus of 2d per ll> for eight months, and Id per Jl> for Tour months, which should be considered extremely satisfactory, as it was by far the best bonus ever paid out by the company. Tho major portion of the business was confined to the local market, though for a large portion of the year the price realised locally did not compare favourably with that obtainable for export butter. This was the lirst year under the new articles of association, aud the directors had recommended a differential bonus. The feeling of the Board was that tiioj-o who supported the factory loyally for tho full financial year should not Ik> losers thereby, and "this jjolicy was proposed to bo given effect to this year, and in future years, should the recommendations made with this balance-sheet receive tho ineeting's approval. Reviewing tho balance-sheet, the speaker said that tho general expenses for tho year compared favourably with the preceding year, and the net profit showed an improvement of £1300. In view of tho large operations undertaken, and the heavy stocks it was | necessary for tho company to hold during tho winter, the item of £'87 for intercst was particularly pleasing. The j quantity of butter made Mas somewhat less than last year, but the season accounted for the difference, (suppliers had received, without bonus, slightly over Is OJd per lb for butter-fat for the year. With regard to the supply of electric current, the directors had entered into a contract with the Public Works Department, and had been granted a license extending over section 1. 2. 5, o, 9, and 10 of the Halswoll Survey District, nnd had agreed to energetically proceed with tho installation of electricity. During the year some fifteen miles of lines had been constructed, and further extensions were in tho course of erection, or waiting for material. This scheme, an entirely new department, met with whole-hearted response from the portions of the district to which it was offered, and the directors had no hesitation in prophesying a large extension in this department. Tho directors were actuated with the idea of assisting the factory, which was sadiv under-powered, and I benefiting tho district, by giving to tho district 0110 of the latest improvements it was possible to instal in the home or on tho farm. Some discussion had taken placo upon the method of charging for. energy, but this matter received the earliest consideration of tho directors, and after many meetings it was found that the only practical and satisfactory method was tho 0110 adopted. The directors had compared tho charges made by the company with those of other bodies trading iu somewhat similar circumstances, and in no instance had tho charges compared unfavourably. Tho prospects for produco of all kinds were bright, but the circumstances which tended to enhance the value of produco were of so distressing a nature that they all looked forward to uormal times, following a complete and satisfactory peace. In conclusion, tho chairman said the staff was worthy of more than ordinary credit. Tho outstanding feature was the energetic, thorough, and cordial way in which tho work, from beginning to end, had been carried on. Tho general manager set the example by his foresight and business abilities, coupled with energy and enthusiasm that were beyond praise. The factory manager, with his patient and up-to-date methods, still maintained the quality of tho butter, and continued to hold tho esteem and the goodwill of both suppliers and staff. To the staff in general ho. extended thanks for the careful attention given to tho company's interests. ) Mr R. A. Forbes seconded the adoption of tho report and l>alanco-sheet, and moved that an acknowledgment of the services of the late Mr 'Mangels be ulaced upon the minutes. . The motion was carried, those present standing. - Mr Forbes complained that tho financial statement issued by the company did not show the exact position of the concern to the last farthing. He thought that tho rbareholders had a right 5 to this information, and should know what the. director* were doing with tho balance, and what they proposed to do in future. The chairman thought that the information given was not inadequate. In answer to other questions, the chairman said that the question of a bonus to the employees was under consideration ; tho dairy accounts and the electricity accounts were being kept quite separate, and. as the finding oi the actual position would have entailed a great deal of unnecessary clerical work at the present time, it had hp£r, decided to reserve it full statement oi affairs until the next balance-sheet. The rc-port and balance-sheet were then adonted unanimously. GENERAL. Messrs T. Macartney and G. Mangel; were re-elected to the directorate. Mr G. W. Mnlinp was re-elected audi tor. and it was decided to send Mr F W. East, who had retired, a lettei thanking him for his past .services U the company. j It was resolved that a romuneratiot I oi £'100 bo given to the directors. an< ! that they la- recommended to give i bonus of at least .3 per cent, on tin wages paid to tho employees. Hearty votes of thanks to the direr tors, to' the secretary, and the staf closed tho meeting.