CHELTENHAM DAIRY MEETING.

Dominion, Volume 1, Issue 286, 27 August 1908, Page 3

CHELTENHAM DAIRY MEETING.

SECRETARY.STANDS FOR DIRECTORATE. INTERESTING DISCUSSIONS. The- annual meeting of the Cheltenham Dairy Company was held at -Cheltenham yesterday (says our Manawatu correspondent). Mr. Bruce presided, and there was a good attendance. • The balance-sheet, already published in The Dominion, was read.. i Tho Chairman said they had ' passed through a bad season—probably tho worst ' in tho history of .the company. Consequently the supply was diminished., Tho output was about a third less than that of tho previous year. The cost of_ manufacture,, was about tho same. The directors regretted they could not recommend .a dividend. A guarantee of 300 cows 1 had been received to opeii the new creamery erected near Kimbolton, and the addition would considerably benefit the company. They had also arranged to take over tho Rewa Factory, and run it as a creamery. There was a guarantee of 350,c0ws received. , , Mr. Mickie, a director, in seconding the adoption of tho report and . balance-sheet, said that the company's affairs had . been well managed, and the factory and creameries were well equipped: Bought Butter to Prevent an Action. The'item of £359 appearing in the balancesheet was for butter purchased owing to tho drought to fill a contract, otherwise an action might have been brought against the company. Mr. Mitchell criticised the setting out. of tho balance-slieqt, and recommended having a trading account apart from the profit and loss account. - Tho Chairman said the auditors' certificate was sufficient. Mr. Mitchell said the system was not in accordance with company law, and no auditors had a right to pass a system.; The Chairman said Mr. Mitchell li.id raised technical points that had never* before been raised in tho history of tho company. If there was an irregularity he was surprised at the auditors. If there was a mistalco it was very good of .Mr. Mitcholl to come from Falmerston to point it out, and his efforts would no doubt benefit the company. A shareholder questioned tho commission item, £757. Tho Chairman replied it was the ordinary commission paid to Messrs. Nathan and Co., and was no moro'thah any other firm would charge. They also got one-sixteenth of "a penny more than they expected. Tho report' and balance-sheet wore then adopted. Can a Secretary be a Director? During the election, of directors tho retiring secretary, Mr. Ross, allowed himself to bo nominated for tho directorate. A good deal of discussion ensued as to tho legal position, as Mr. Ross was still a servant of the company. Several conflicting legal; letters wore jwL. causiw; considerable amusement.

Mr. Mills said the directors wore splitting straws over. such a' fine- technical point. Eventually, after moro than an hour's argument, it was left to the-chairman to decide whether Mr. Ross could contest the election, and ho ruled that Mr. Ross was not eligible. Mr. Ross held a largo number of proxy votes. Tho Chairman said it a painful position to bo in, and ho gave his .-decision guided by tho majority of the directors. Mr. W. Mitchell said he should be guided by the foeling of the meeting, which was in favour of Mr. Ross, and not by a few directors; and ho for one would ;do his utmost to . upsot the election. Mr.- Ross thanked tho meeting, and hoped to have their support again on some future occasion. Messrs. Myers, Usmar, and Jensen were elected directors, and- Messrs. Goodbehere and Haybittle were elected auditors. Mr. Cunningham gave notice of motion t-o restrain the directors from selling the company's property without the consent of tho, shareholders.

A Friendly Finish. Replying to a vote of thanks to tho directors, the Chairman said ho looked forward to a good season. They had not come out so badly during the past year, considering that they had paid out Jd- P er lb. more than in 1907, and Id. per lb. more than in 1906. He then moved a vote of -thanks to tho pianager Mr. Murray, and to the retiring secretary Mr. Ross. Mr.. Murray, replying, made, special reference to the assistance afforded niin by tho •directors, and particularly by the staff. He believed in treating his men well, and employing good men, as a bad creamery manager could lose more in a day than a good butter, worker could make up in two weeks. Mr. R. Burn, a director, who is, leaving tho district, was presented with' a handsome bos of.fruit knives as a_ mark of esteem, ho having! been a. director since-the inception of the company. 5 Mr.' Ross was presented with a valuable silver entree dish. The meeting then terminated, and those present -were invited by the ladies 1-to enjoy a convivial, cup of tea and further dwell upon legal points...