BONUS OR DIVIDEND?

Dominion, Volume 1, Issue 285, 26 August 1908, Page 3

BONUS OR DIVIDEND?

NEW ZEALAND FARMERS' DAIRY UNION. INTERESTING ANNUAL MEETING. An annual meeting of the New Zealand Farmers' Dairy Unions was hold in Devine's Hall yesterday afternoon, and was largely attended. Mr. T. Parsons, chairman of directors, in moving the adoption of the report and bal-ance-sheet, complimented the shareholders upon a reduction in expenses resulting in an average of lOd. being paid out for the season. Ho also . traversed the various operations of the season, and regretted that some suppliers had thought fit to leave the company. With their support better results would no doubt have been obtained, • but in spite of all this tho company had made wondorful progress. Tho plant had been kept in good repair, and was capable of dealing this season with a 75 per cent, increase in supply. Ho hoped they would do all they could to increase the prosperity of the company. The management was determined to place a good quality article upon the market, and lie hoped tho suppliers would do their best to supply the milk in good condition. The cheese-making had not come up to expectations, as the Company did not receive the, promised support after putting in the plant, but they had done remarkably well in paying out the amount they did. Bonus or Dividend? A good'deal'; of argument took place regarding the paying out of a dividend out of the combined -accumulation's of tho last two years. •' " ' Mr. Stella asked if it was a fact.that tho company paid more, to large suppliers than to small! ' The Chairman,: No.Mr.: Woodloy suggested that the TJnion should pay a dividend' on all paid-up capital, especially to those who started the company,'. Mr. Buick endorsed Mr. Woodley's remarks, and complimented the directors. Conflicting Motions. ' Mr. Elliott proposed, and Mr. Barry seconded, "That the balance of the money be paid out as a bonus to suppliers." Mr. P. March, a director, protested, and vwas; supported by Mr. Coulter. Y' Mr. Elliott' asked leave to withdraw his motion. : » >l Mr. Munro moved, "That a dividend of lOYper cent; be paid." Mr. . F.,, Mason , moved, ".That a dividend of' 5. per cent., be paid, and the' balance divided among suppliers." *' Mr\ Moss, a director, pointed out that they had 878 non-suppliers, and 264 suppliers,'\and lie appealed to the meeting to have some reason and support the recommendation of the directors. The recommendation of the directors to pay a 5 per ccnt. dividend was adopted.