TAIERI AND PENINSULA COMPANY
l iic StJlh annual meeting of the Taieri :wid Peninsula Milk -Supply Company was held yerk-rday, Mr John Maloney presid lug.
In moving the adoption of tho report and balance-sheet the Chairman said it was with much regret that ho had to announce a loss on the year. Tho causes contributing to this had lieen, in the first mi.‘lanor*, _ the waterside workers’ strike in tin? Dominion at the commencement of tho export .season. This strike had meant considerable delay in tho steamers leaving the Dominion with produce, and when the strike ended several vessels left for England together, arriving in London almost simultaneously, causing a glut in the market, and consequently a serious drop resulted in prices, which never recovered throughout the season. This, together with the, price paid by the company to suppliers, wnich was nob realised in the market, resulted in a serious loss on the company ,? exports. The company sold tlia early portion of their butter export at a good figure, but then, being unable to secure shipment, the contracts lapsed, ana I'.UKipeati countries secured the business which jhey had worked for. This butter had, of course, to be sent on consignment to realise ilt> ” face value,” with the result previously stated. The New Zealand markets did not ymid as much as was anticipated. More butter had. been held in New Zealand for winter use than in any previous season. The cost of holding this butter had not been remunerative, and tho advance in prices during the winter, being small, would barely cover cost. The directors regretted- very much that shareholders would therefore not receive anv dividend in consequence of the loss marie. Regarding outside markets, the speaker said that -South Africa, had not been by any means as good as in previous years, as that country was now adopting a dairying policy, and in the near future would grow enough pv<-ducc for her own requirement. Die company had been endeavoring to get their produce into the San Francisco and Vancouver markets:, and had met with a certain amount of success, but the action of the Government in penalising the South Island of the Dominion in the way of freights had given the management a ve: v big uphill fight. The management had been, lately endeavoring to get their pro duce introduced into Boston, Now York, and Chicago A small amount of micccw had been achieved, bur, the disastrous war had stopped all operations there in the vrwuuitimG. The work of tho Daft during the past season had been meat satisfactory! The fact of the company gaining the grading championship of New Zealand for both butter and cheese spoke for itself. Then, again, ih© company’s successes at the London and vtaiore shows testified to the keenness the employees took «i their duties. The prospects for (ha new reason were good.
The. motion having teen .seconded, a discussion ensued, ('pinions were freely expressed that- the usual dividend .should have been declared, and it was moved as aai amendment that a dividend of 6 per cent, bo paid> to shareholders, payable on and after February 1£». 1915. The amendment. on being put to the meeting, was declared carried, and with this amendment the report/ and balance-sheet were adopted
The result of the ballot, for the election of two directors was as follow s:—lames Fairbairn (IlichdifT) 4,799 vote*. William Nicolson (Hampden) 4,734 votes, Aloxamder Moynihan (Momona) 3,820 votes.
.Mr J. S. Hi si op was re-elected auditor, A hearty vote of thanks was accorded the directors and management for their attention to the business of the company.
At the conclusion of the meeting a meeting of directors was held, when Mr Andrew MTarlanc (Dunedin) was* deck'd chairman.
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TAIERI AND PENINSULA COMPANY, Evening Star, Issue 15638, 31 October 1914
TAIERI AND PENINSULA COMPANY Evening Star, Issue 15638, 31 October 1914
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