NGAERE DAIRY COMPANY

Hawera & Normanby Star, Volume XLI, Issue XLI, 13 September 1921, Page 4

NGAERE DAIRY COMPANY

— % — ANNUAL MEETING. The twenty-eighth annual general meeting of shareholders of the Ngaere Co-operative Dairy Factory Company, Ltd., was held in the Public Hall at Ngaere yesterday. Mr Wm. Morisoa (chairman of directors) presided over an attendance of about 55 shareholders. DIRECTORS' REPORT. The directors' report read as follows: In submitting the balance-sheet tor the past year your directors have to state that owing to the large quantity of cheese unsold at date of balancing the sum set down as available for further payments for milk.is merely an estimate based on the anticipated state of the market, and must not be deemed a guarantee. Whilst believing the estimate a safe one, directors realise that the price of cheese is subject to sudden and violent fluctuations. Suppliers have received Is 9d per lb for butter-fat,, and the estimate is -for payment of approximately another 6d. The following statistics were attached to the report: Lbs mUk 10,908,242, average test 3.96, lbs fat 432,513, lbs cheese (factory weight) 1,166,203, lbs whey butter 37,458, milk to cheese 9.35, cheese to butter^fat 2.69.. The chairman, in moving the adoption of the annual report and balancesheet, said that shareholders all knew the position of their' company and the uncertainty of the position in regard to their unsold produce. After being seconded the report and balance-sheet were adopted. Mr, Joseph Thomas questioned the payment of £10 to the Hydro-Electric Committee. The chairman explained that the money was only a Joan to help the committee pay preliminary expenses. He would personally be responsible for the money. , Mr Hedgeman drew attention to the fact that the cost of manufacturing was £600 greater in proportion to the output this last season than for the

previous season. The chairman explained that rent for cottages amounting to £200 should have been charged to the previous year s working. Then they all knew that the smaller the output the greater the expense of manufacture per ton. Miv Joseph Thomas said that the shareholders wanted to know why the wages bill was so heavy. He said that this was a serious question, and they [ had to look into it carefully with a > view to more economical working. This year they had about 2,000,0001b • Jess milk, and their wages were £233 more. 'He also mentioned another item of .office expenses. ' The factory manager (Mr A. Bower) 1 explained that they had had a diffi- ; culty.m getting men. Some of their ' suppliers went to the Lowgarth fac- ' tory, and thinking fEat these suppliers w°nWlbe coming back they kept men °"- This year, however, they were in , the fortunate position % of being able to ; get men as they wanted them, and . they were only working with one man ito a vat. 'Mr J. Thomas thanked the manager 1 for his explanation. > Mr Fryday hoped that they would ibe a little more cautious in the future. [. EGMONT BOX COMPANY. Mr Thomas drew attention to the ' ™2L> ap PearinS "* the balance-sheet of I £2369, unpaid shares held by them in L the Egmont Box Company. This com- . pany had not paid any interest for . two years, and had shown a loss this I last year of over £5000..He would j Ilk© to know how much the Box Co. i mi* 15^ f™m ***> factww* to work on, ' The chairman replied tha£ 4he com- [ pany had had £77,000. r Mr Thomas asked if the chairman t considered the Box Co. an asset. f The chairman replied in the affirma--1 tive, and said that fEe Box Co. had ..been able to supply them with cheap material. ~ .'■...... .. _ I Mr Harrison said that the chairman t of the Box Co. had advised all dairy . companies to put themselves in a posij tion to pay their liabilities. If their I • company had to be in a position to pay . | the £2369 which was owing they would not be getting their boxes any cheaper. The chairman said that their com- , pany was paying 2s 3d to the Box Company for their butter boxes. Mr Harrison said that he had it On good authority only last week that a certain proprietary concern in Wang«nui, which was not a shareholder in the Box Company, was getting boxes at 2s 2d. Mr T. Colem*n, who was the company's delegate to the annual meeting of the Egmont-. Box-Co., set out the reasons given by iSie chairman of that company for the deficit and for the failure to pay interest on paid-up capital. The Box Company, he said, Wild be in a position to d» better this year. Mr Harrison said that he thought the Box Company was drifting into a general timber business. It was raot right that they should stand at the back of the Bos Company and help them carry oa such a business. The chairman denied that the Box Company had bought hardwood timber, from other merchants. J Mr Harrison said he also understood j that the Box Company -were going in I for a scheme of building bouses. He would move thai? the directors be instructed to enquire into the matter, and if it was found that t&is was so to enter a strong protest against the Box Company going into any business of this kind. Mr J. H. Thomas, in seconding the motion, said he thought the Box Company should be watched very caretully. Mr J. Thomas moved as an amendment that a committee consisting of j tiro shareholders and the chairman be appointed to enqurcer into- ihe Bo? Company's alleged proposalMr N. B. Fryday seconded*. The- amendment was put and lost, atid the motion was carried" fir the follofwag amended form: "That tfie directors be recommended^ to enqpdxe into the report that the Box Company intends going into the business of building- houses, and that if necessary a strong: protest be entered'.f Tn reply to Mr Fryday, tRa secretary stated that last year the- company held 3612 shares in the Egmoot. Box Company, and this year they held 3978 shares. After considerable discussion, Mr J. Thomas moved, and? Mr Harrison seconded, that the articles of association be altered so that directors could not commit the shareholders to join any other new company without the consent of the general' meeting. Mr Fryday said that he had come to the conclusion that they had to be verycareful. The time had come when theymust economise. The motion iras carried. GENERAL. Mr Harrison asked for an explanation of the item repairs of bui!o3rigs £125 4s 3d; this, was a big ics¥ease on last year. The chairman explained t&at' onethird ol the cost of the ©on.&'ete chimney came into this item. Mr Harrison also ast;ed the reason *vhy the company had, paid out dEI^S 18& §0. agajtaat £48 Is 6d last year for,

veils,—The fihairman replied t&t ihit. , was because jjfaareholqdrs had instruct- / ed them to pay the price they aid tor" *- veils. >

borne of the shareholder* objected t» the company having bought 100 veil* Horn non-shareholders.

'l'he lactory manager said th*t this year the iS'ew Zealand rennet was the best tney had had .»or years.. In fact. tuey were getting better from it man trom the imported articl». In. reply to Mr .Harrison, the chairman said that Is &i per Ik, buttor-iat was the explanation ox the larce bank interest. • **

,Mr Hedgeman moved that this year the chairman s honorarium be £50 »nd the directors' fees U Ws a meeting. Mr Frydayi seconded. T .Mr K. Tarrant thought that th* directors would not be getting value tor their work.—The motion w*.s «arriedV Mr Harrison asked if it was proposed that the company should go on witii their building scheme for the employee* at the factory. " The chairman replie<J that it was not thought advisable white prices were so high.

In reply to Mr Harrison., the chairman said that the company proposed paying out Is 3d for the commeseason > with Id bonus from last season ' Mr Fryday moved that,, if possible, the company should in future receive nonunatioßsforthe election of directors at the annual meeting.—Carried unanimously. The chairman moved that the resoluw tl las. t *nn¥ai meeting-recommend-ing the alteration of the date of the annual meeting be rescinded.-Carried. ELECTION OF OFFICERS.

. The.retiring directors, Messrs J M. Gatenby and H. E. Nowell, were nelected Unopposed.

Mr J. H. Thomas was re-elected »«* ditor at the same remuneration.