TE KUITI DAIRY COMPANY.

King Country Chronicle, Volume VII, Issue 592, 9 August 1913, Page 5

TE KUITI DAIRY COMPANY.

ANNUAL MEETING

The annual meeting of the Te Kuiti District Co-operative Dairy Company, Limited, was held on Thursday afternoon in the Municipal Hail Chambers. In consequence of this being the first annual meeting of the company and in view of the extremely large increase in business of the company during the past season, keen interest was manifested in the proceedings throughout. Settlers [[attended from all parts of the district, the representation from Arapae, Hsiigatiki, Wai tomo, Otorohanga, and Mangaoronga being exceptionally good. Mr J. Bodc/ie, chairman of directors, presided, and the old directors were also present.

In opening the proceedings the chairman congratulated the shareholders upon the marked increase in the company's business, the supply having increased from about 300 cows in the previous season to between 2000 and 3000 for the season just ended. Dealing with the balance-sheet the chairman said it would benoticed that a small profit had been made. This was in consequence of the policy pursued by the directorate in paying out to suppliers as much as possible in order to push the business of the company. The policy was inspired to a certain degree by the hope that the previous season's prices for butter on the London market would be maintained. At the beginning of the season ail the experts in the Dominion were confident that the previous year's prices would be reached, but experience had shown to the contrary. The company had paid to suppliers at the rate of lUd per lb and this was he thought a record for a company in what was practically its first season. Considering that the price on the London market was about 5d per lb less than in the previous season the record was all the'more remarkable. The local trade had been developed extremely well and it was in consequence of this to a large extent that the company had been able to adopt such a liberal policy to suplier?. With reference to the factory, the speaker* pointed out that considerable additions to the plant had been found necessary and the factory was now j equipped for dealing with the supply j from about »iOOO cows. Continuing, ! Mr Boddie said the develompant of i the home-separation system of dairy- | ing, which was the only system pos- j sible in this district had led to the establishing of the company. This, together with the fact that the company was on purely co-operative lines, meant a tremendous lot to the district, and the thanks of the farming community were due to those who had assisted in promoting a concern which was entirely the business of the suppliers and shareholders. It was the history of the country that wherever dairying was successfully established an immediate and permanent rise in land values occurred. _lt was gratifying to know that the increase was justified and the whole district would benefit accordingly. He had much pleasure in moving the adoption of the report and balancesheet.

The motion was seconded by Major Lusk.

Mr J. N. Boddie asked whether suppliers to the factory were not compelled to take shares in the company. The chairman in explanation said that though the course was general in co-opsrative concerns it had not been adopted by the Te Kuiti company.. When the cuinpany was started it was recognised that the business would be drawn from a wide area and the delay necessary to working the district in order to get suppliers to guarantee would have meant missing a season. The promoters decided to give their personal guarantee and reiy upon the iupniiers to recognise that their int9reats lay in making the business their own. That this was being done was indicated by the fact that in place of the original eight shareholders there were now eighty share- | holders, representing some fifteen hundred shares. Moreover, shares were being taken up very freely. Only shareholders had a voicein the management of the company, and the share capital carried interest at the rate of 6 per cent. The chairman then referred to the work of the directorate. Hitherto the members of the directorate had been almost wholly town residents, but the time had arrived when it was desirable that the shareholders in the different districts should have representation. The company was indebted to the directors for the work c'one 'ince the start of the company. areat amount of work had been dene in the scattered districts throughout which the company operated, and the whole of the work of the directors had been done without remuneration. Mr R. M. Somervilie said hs agreed with all the chairman had said, but before considering the payment of directors he had an important motion to propose. The success of the comnanv from its inception was due aTmost whollv to the efforts of the St, His knowledge of the in,..t n „-; t-ris business ability had kHHH<erteci to the utmost in the inof the company, and as a small apppreciation for his work on of the company, he proposed WRaX a bonus of £SO be allotted to Mr Boddie, and that an annual payment of £SO be made to the chairman of directors. jjir J. Staei seconded the motion, whiofc was carried unanimously. Mr F. B Corboy moved that for the past year the directors be paid at the rate of -5s for each meeting attended, and that in future the directors be paid at the rate of 10s each meeting together with travelling expenses for country members. The motion was carried, an amendment to the effect that the payment to country members be 15s failing to find a seconder. The chairman referred to the good work done by the manager, Mr Bos caweii, and a vote of appreciation for his services was carried by acclamation.

Mention was also made by the chairman of the assistance given to the company fay settlers in various localities. Messrs Rountree, Corboy, Reynolds, Davis Bros., and others had all assisted greatly and as the influence of company spread thes, efforts would continue to bear fruit. Before proceeding with the election of directors for the ensuing term the chairman said the matter was entirely in the hands of the shareholders, but he would like to mention the assistance the company had received from Messrs Green and Colebrook, whose guarantee had materially assisted the financial operations and &lso the other directors who had similarly guaranteed. Twelve nominations were received for the directorate and the following Were elected:—Messrs Boddie, Somerville, Corboy, Steel, Rountree, Hardy, and Marx. Messrs Scholes and Wolff acted as scrutineers.

Thn chairman announced that they were ready to start operations -:.t any time, and it was decided on the motion of Messrs Somerville and Bailey to open the factory on Thursday next, August 14th. At a subsequent meeting of directors, Mr Boddie was ayain elected chairman. It was decided to advertise for a permanent secretary.