HERETAUNGA DAIRY CO., LTD.

Hawke's Bay Tribune, Volume XII, Issue 241, 25 September 1922, Page 6

HERETAUNGA DAIRY CO., LTD.

=5 THIRTIETH ANNUAL MEETING. Mr F. W. Cook, chairman of direcs tors, presided over the annual meeting V of shareholders of the Heretaunga • Dairy Company, held in Hastings last Saturday afternoon, when there was a p large attendance. REPORT AND BALANCE-SHEET. In the course of the report, it was s stated that, considering the state of s the oversea market, being very satis- " factory, and our turnover in quantity ’ shows a large increase. At the factory 1,178,990 pounds of fat was re--1 ceived, from which 634 tons of butter i were made, this being an increase of 214 tons on the previous year, and the directors confidently anticipate a furp ther increase this season. Thcjr reeominend that, after providing for a seven s per cent dividend on paid-up capital, i a bonus be paid on butter-fat received - at the factory from Ist December, 1921, s to 31st July, 1922; that the bonus be • sid per lb to shareholders who supplied over 3001bs of fat, 4Jd per lb to nonshareholders who supplied over 3001bs e of fat, and 3d per lb to suppliers of 300 , lbs and under. From the bonus to ‘B’ shareholders deductions will bo made for shares over the season. They impressed on suppliers the necessity of . faying more attention to the care of , tin ir <»s ic is impossible to j nke • good butter from badly tainted cream. The directors, in conjunction with the manager, after careful consideration of B this question, propose to take steps to classify and grade the cream during I the coming season, and by doing so only penalise the supplier who is care r less. Appreciation of the way the a whole staff have worked during the f past season under the most trying con- - ditions, was expressed. The balance-sheet showed a net surplus for the year after paying out an average price of Is 4)d per lb for buts ter fat supplied, and allowing for dcj preciation of building and plant of 9 £17,668 J3s lid. p In moving the adoption of the report and balance-sheet the stated Vhat it had been decided to ship the i produce of the factory partly through i Manchester and partly through London. 3 The incoming directors would have to 1 be prepared to face a largely increased J output this year, reaching, possibly, to ’ 1000 tons. Speaking regarding the , criticism directed against the directors, . which was, he said ,to be heard in every r sale yard in this district, particularly > in reference to their appointment of ’ him as the managing director, and in-, ■ creasing his honorarium by £lOO a year, ’ he explained that the object of the directors, in doing that, was to secure to the company the whole of his services. In justification of the action of the directors, he pointed to several savings [ that had been made, as the result. i Air A. Masters pointed out that it was the shareholders, to whom • the matter had been referred, to whom the matter had been referred, who sanctioned the appointment and the increased honorarium. Nothing could have been done without the shareholders consent. Mr G. C. Lowe (on the directorate) explained that an honorarium of £l5O a year had been voted to the chairman by the shareholders. The directors had power to appoint a managing director, and in the interests of the company they had appointed the chairman as managing director, with an addition of £lOO a year to his honorarium. The speaker defended the action of the directors and asked the meeting to compare the present position of the company with the position a few years ago under different management. At that time everything was in $ muddle, which was not the case to-day. Air F. Pimley, as a farmer director, ' said that Air Lowe’s statement was a blur on the previous management, but he admitted that affairs were much bet- j ter now. j The chairman, in reply to a question on behalf of Waipawa and Waipukurau I shareholders, as to whether an earlier < date could be fixed for the holding of 1 the annual meeting, said that it could jonly be done by altering the articles of association, and it would be neces- ’ sury to end the financial year on June 30th instead of July 31st. It was decided to recommend the di- : rectors to take the necessary steps to ensure that the annual meeting will be ■ held a month earlier in the future. - The report and balance-sheet were adopted. In reply to a suggestion from the body of the Hall, the chairman said ho thought that the price paid for buttter > fat during the winter months would be increased in order to encourage winter } milking. j The four retiring directors who sought reappointment, Alessrs F. M- I Cook, L. T. Cooper, H. -Honeybun and W. R. Boyd, were all re-elected by considerable majorities. The meeting concluded with votes ot thanks to the directors, the factory manager and the secretary. | DAIRY PRODUCE POOL. , TARANAKITES URGE CAUTION. ] Stratford, Sept. 26. The important meeting of dairy fm torv directors held here to discuss the Dairy Produce Pool Bill, was atte sled by representatives of all factories ill the district. After discus- . sion favourable to the principle or control, it was resolved that whilst ' not opposed to control, the meeting urges the Government to have evidence taken by a parliamentary com- I niittee before proceeding with the bill