SOUTH TARANAKI DAIRYING.

Hawera Star, Volume XLVI, 7 August 1926, Page 4

SOUTH TARANAKI DAIRYING.

ALTON CO-OP. COMPANY

SEVENTEENTH ANNUAL AIEETING

Twenty-seven .shareholders of tlie Alton Co-op. Dairy Co., Ltd., were im attendance at the .seventeenth annual meeting held at Alton yesterday. Air A. B. Aluggeridge, chairman of directors, presided. “The -season just closed has been such that we may congratulate ourselves on the success attained, and thank all who leave given assistance,” said the chairman, in moving the adoptioxi of the report (published on August 3) And balance-sheet. “The balance-sheet,” he continued, “shows; that- -shareholders need have no anxiety concerning the financial stability of the company in future. Our reserves are gradually mounting in the right direction -and assisting ns to attain- oux: ultimate goal -—the relegation of the joint and several guarantees to the waste-paper basket.

. ‘ ‘At the commencement of the -season the outlook for mai’keting dairy produce appeared reasonably good, but climatic conditions have been bad, the real spring weather being very late. Consequently pastures were late in growth, and the milk supply was correspondingly affected. Early in the .season . various offers were- received' for the purchase o-f our cheese up to and including the Decembei'_ make, a -sale eventuating when tlie directors, considered it- unsafe to longer defer acceptance. Although the delay of a week ox- so would possibly have- effected further gain on the first half of the output, I am sure you will judge our stewardship not on the slight error of judgment covering the- first sale, but- on tlie final return covering the twelve months. PAY-OT OF 1/9-J. ‘‘The- prices .received were an offset against the bad weather. To the end or December our pi-oduce was sold at 9|d f.0.b., and the second half of the season's output realised tlie- same figure. The latter in particular was decidedly to the advantage of the company.”

As explained in the repoi-t, it was anticipated that when all -stocks were shipped there would be .sufficient at credit of the -appropriation account to bring the final payment for the .season to 1/9J per pound butter-fat. Referring to the problems with which farmers in common were confronted, the speaker expressed pleasure that the newly-appointed Alinister of Agriculture. was A practical farmer, conversant with the. difficulties dairymen had to face. “Under the guidance of Air Haw ken,” continued the chairman, “agricultural interests should be well served, and we may look forward to the time when practical i-esults as the outcome of experiments to be conducted at the Agricultural College will be available to farmers. In the meantime it behoves ns to follow two established facts —liei'd-testing and top-dressing. I feel confident that the district could _-do more in the direction of increasing top-dressing, and consider that_ the costs of fertilisers should be subjected to very close scrutiny in an endeavour to Inake the high gi-ade article available on the most economical terms.

Continuing, lie recalled that the cooperation of the company had been given in establishing the dairy laboratory at Hawera. “The work of the scientist (Air P. O. Yeale), ’ ’ he .said, “has been a boon to factory, managers in helping them over difficulties which in the past have appeared insurmountable,., and he is deserving of our verybest- thanks.”

Dealing with the method of election to the Control Board, he .-stated that the total voting strength in Tespect of the tonnage output "dr a; -district was credited to a, -successful candidate, even though h? received only" 51 per cent, of votes of the respective suppliers.. Renlving to Mr A. J. Gibbs, who took exception to methods of securing finance which entailed what he considered were unnecessary interest charges, the chairman explained that the system adopted by the company was followed by one of the -strongest dairy .factory companies in the district. In making a le-vy on biitter-fat for -reserve purposes, -shareholders were credited with the respective amounts, and were piloted a paid-up share for each -pound sterling so subscribed. In comparison with the levy- of £I3OO formerly made to provide -a whey plant in respect of which interest wa-s not paid to -shareholders, the present -system meant that those who contributed to a levy received the ordinary business return on an investment in accordance with a recognised principle of finance. The motion for the adoption of the report and balance-sheet was carried. ELECTION OF OFFICERS,

Messrs J. T>. Piecey, H. Hodge, and H. Palmer were nominated to fill the two vacancies caused on the board of directors through the retirement by effluxion of time -of the first two named. Messrs Palmer and Piercy were elected. ; The chairman’s honorarium and directors’ fees were fixed- at the same scale as- previously. At a subsequent meeting -o-f the directorate. Mr A. B. Muggeridge was re-elected as chairman. Mr J. D. G. Thomson was re-ap-pointed as auditor. Speaking to- the motion for tlie ree’ection of the auditor, Mr J. Gibbs commended the staff and the auditor on the explicit manner in which the -statement of accounts .gave the company’s position. He also- congratulated the auditor on' the report dealing with the financial position, and suggested that in f-utjire his annual report be printed and circulated witb tbe directors’ report and ba'ance-sheet among shareholders. —The suggestion was accepted by the- chairman as a. recommendation to the directors.

On the motion of Mr A. J. Gibbs, -a motion placing on record the company’s appreciation of the services rendered by Mr. H. Hodge during his period of office on the- directorate was carried by T acclamation. Votes of thanks were accorded the chairman, the directors, the secretary (Mr J. D. Proffitt), the factory manager (Mr A. Illingworth), the store manager (Mr L_ R. Davies), and the general staff in appreciation of their work during tile year. .