CENTRAL DAIRY COMPANY.

Lyttelton Times, Volume CXIV, Issue 13887, 23 October 1905, Page 4

CENTRAL DAIRY COMPANY.

ANNUAL MEETING. The annual meeting of the Canterbury Central Co-operative Dairy Company, Limited, was held on Saturday, Mr J. Barnett, chairman of directors, presiding. There were about sixty shareholders present. The directors presented the annual report, stating that the year’s working showed a profit of £4453 15s 3d. The directors proposed to pay a dividend of 6 per cent on paid-up capital, absorbing £773, to pay to suppliers a bonus of 3-16 d per lb on butter-fat, absorbing £I4OO, and to pay a bonus of 6 per cent on wages and salaries. A sum of £SOO should be written off buildings, machinery and plant, and a sum of £SOO paid in reduction of the existing mortgage. Contrary to the usual practice, the surplus butter was sent on consignment to London, and a very much better price was obtained than if the butter had been sold direct. The amount of milk received for the year was 46,433,3491 b, and the average quantity of milk taken to make a pound of butter was 23.551 b. The average price , paid to suppliers was 9 5-16 d per lb, and the addition of the proposed bonus would make the price 9sd. The amount of butter manufactured was 1,870,9671 b, or 875$ tons. Of that quantity 842$ tons were exported, and 532 tons sold locally. The directors asked the shareholders to sanction the establishment of an insurance fund, as an excessive rate was charged for insurance on the company’s property. The directors retiring by rotation were ■ Messrs A. M’Gregor, It. Withell, A. Jensen, A. E. Harris, G. Stoddart, J. Spence-and C. Craighead. » In moving the adoption of the report the chairman said that prices for the company’s produce had been satisfactory for some years, and the directors felt that the time was opportune for reducing the existing mortgage. The experiment of consigning butter... to London had been good, and he thought that the same practice should be followed every year. He thought that the producers should bo given the best possible price. The directors thought it desirable to discontinue insurance through the usual channels and set up a fund for insurance. They were charged as much as 24s 6d premium on £IOO, but creameries were well supplied with water and were not bad risks. One matter that needed attention was that the price paid during the winter was not large enough to induce suppliers to keep their supplies up to a fair average. If the suppliers and shareholders would take an interest in the matter by giving employment to the company’s employees while some of the creameries were closed down in the winter } there would be little trouble in the winter months. He hoped that suppliers would always remember the need for sending their milk to the creameries in the best possible condition. The ■ company’s butter hod bean very successful at agricultural shows, and “he desired to congratulate the staff on the results of their work. The motion was seconded by. Sir T. Tollerton. A shareholder said that it would seem fair to take something off the summer butter and give it to the winter supply in order to secure farmers against mak- j ing a loss on their dairy farms. The price paid in winter was so small that there would soon be no winter butter, Without a winter supply the local trade would very soon bo lost. The chairman said that the company had had to buy butter to maintain its trade and meet the demand. This sea-r son the directors had sold the supply only up to the end of February, and would, therefore, be better able to meet tho winter. The report and balance-sheet were adopted. v The directors were authorised to establish an insurance fund for the company. Mr J. TV. Inch moved that the number of directors should bo reduced from twenty to nine. He said that the Board was too unwieldy, and the smaller number could quite easily manage the business. " ' - . ■ Mr M’Leod seconded the motion. Mr J. Osborne said that there would lie a good deal of jealousy if the email Board was elected. Each district which had a creamery expected to have a representative on the Board. The motion was declared carried on a ehow of hands, by thirty-six votes to eighteen. A poll was demanded, and it was decided" that the poll should be taken next Saturday, at 1 p.m., to be fallowed by the election of directors. Mr R. Hill Fisher was re-elected auditor. . • On the chairman’s motion, a vote of thanks was passed to the staff for its work.