RENNET COMPANY.

Hawera Star, Volume XLVII, 23 June 1928, Page 11

RENNET COMPANY.

ANNUAL MEETING. A GOOD YEAR. The annual meeting of shareholders of the New Zealand Co-qperative Rennet Company was held on Thursday evening at Palmerston North. Mr J. if. Murdoch presiding. The following report was submitted by the directors:—The -sues for the past year have again shown an increase and orders- in- hand for next season indicate that this progress will be continued. The selling price for next season has been reduced in anticipation of reduced manufacturing costs, and directors are. confident, of increasing prosperity for the company. eShare-holdei-s are again reminded that empty kegs are a valuable asset, and many companies do not return to us tlie fut! number they receive. It is not considered necessary that the caipital of the company should continually increase with the increase in the manufacture of cheese by shareholders to the extent provided for in the articles of association, namely, one share to two tons of cheese. It is, . therefore, .proposed that all shareholders,.take up the necessary share, s to comply with the articles, that is. one share to every two tons of cheese, manufactured for the year 192627, and after such adjustment has been made, placing a'l shareholders on an equal’ and equitable basis, tlie articles..of, association be so- altered that thereafter the basis of shareholding be one share to three tons. Shareholders would thereby be freed from

liability- to take further additional shaireis until their output had! increased by 50 ner cent. Inmwiris' the adoption, the chairman remarked on the increased pales, (stating that no less than 130 cheese factories had used the rennet, -and that about 80 per cent, of the prizes at all the winter shows bad been won by cheese manufactured front rennet manufactured by. the company. He pointed out that the boned veal industry was now supplied with neatly the whole of the necessary raw product, and th< refore about 50 per. cent, of the money paid lor rennet went back to the daily farmer in payment for the raw product.

Mr Taylor (Ngaere), in seconding, said that his company was thoroughly satisfied with the position of the liennet Company, and the quality of ifs manufactured article and had voluntarily increased their (shareholding. Various other shareholders also spoke in congratulatory, tprins. Mr T. C. Brash, the first, secretary of the Rennet Company, congratulated the company on the wonderful strides that it had 1 made of late, and also gave some interesting reminiscences. The report was then adopted.

The retiring directors, Messrs J. R. Corrigan (Hawera), J. S. McKay (Riverdale) and G. H. White (Elthain) weer re-eleeted unopposed. • .. Mr J .Tristram was re-elected as auditor.

The i'ollowng resolutions yverie discussed and carried: —Cl) “That the Capital of the company be increased to the amount of £30,000 by the creation of additional capital of the amount of £IO,OOO divided into , 10,000 shares of £1 each, such shares to .be .issued as ordinary .shares ranking as to dividend and as to distribution of capital in the event of the winding-up of the company, pari passu with tire ordinary shares in the existing capital .of the company.” (2) “That the articles of association of the company be and are herebv amended by adding conformity with, a. previous notice on that behalf having been given to such member in accordance with the terms of article 16 hereof.” (3) “That the articles of association of the company be amended as from the Ist* day of January. 1929. by substituting the words ‘three tons of cheese’ for the words “two tons of cheese’ wherever the .same occur in article 12 thereof.” It wa,s decided to hold the next annua' meeting at Whanga.rei during the period of the National Daily Association Conference.