KAIRANGA DAIRY COMPANY.

Manawatu Standard, Volume XLI, Issue 9896, 11 September 1914, Page 7

KAIRANGA DAIRY COMPANY.

ANNUAL MEETING

The annual meeting of members of the Kair&nga Dairy Company,. Ltd., was held yesterday. Mr A. Lancaster, chairman of the directorate, presided over a very good attendance. ANNUAL REPORT. The annual report presented to the meeting read: —The result of tht> company's business for thu past year is, we think, highly satisfactory, although the butter sold in the English markets did not realise the high prices that woro looked for at the commencement of the season owing to a large axtent to the strike which occurred in the colony in November last, which resulted in very large quantities of butter being unloaded on the market at one time, thus causing a slump in prices. "The quality of the butter manufactured by the company has reached a very high standard, this company having obtained che highest average grade at the Government Grading Stores, Wellington, for the whole season, besides being awarded the championship for export butter at the National Dairy Show in June last. "The profit and loss account shows a credit of £496 12s ,3d, which wo recommend be disposed of as follows:—In payment of a dividend of 5 per cent on the paid up capital; in providing £IOO for depreciation of plant and buildings; and in payment of a bonus of one-tenth of a penny per lb on butterfat supplied during the year by shareholders of the company, leaving a small balance to bo carried forward." The auditor's report, which was of a highly satisfactory nature, was read and adopted. A • SUCCESSFUL YEAR. la moving the adoption of the report and balance-sheet, the chairman congratulated the shareholders on another successful your, considering what had been faced during the present year. They had arranged Is per lb for butterfat. During the strike a good deal of butter had to be stored by the oompany and had realised good prices when sold. Their butter had reached a very high standard, and reports from their agents showed the butter could not bo very much better. The results obtained by their manager at the National Dairy Show put them in a proud position end it was an honour to belong to the Kairanga Dairy Company. Their turnover had been very much larger, showing- the headway they were making. There was every anticipation of doing more this year, and they were now making 60ven or eight boxes more per day than this time last year. "We are now faced with the war," wont on Mr Lancaster., "and I don't know how wo are going to get our produce away, or when. There may be some difficulty and it may be necessary to cut down advances to farmers, but you can leave it to your directors to do their utmost to meet demands as liberally as possible,"

The speaker went on to stato that they had had their average test worked out for tho past year, and it came out at a very high standard, much higher than many other factories doing the. same business as them. (Applause). Concluding, the chairman referred to the loss sustained to the company by the departure from the district of Mr Nixon, who had had sat on the board of directors and had been of great assistance to them. (Applause). Mr S. R. Lancaster, in seconding the motion, eairi that the company was in a very good position. There was no factory better equipped than they had. and the creameries were in perfect order. Further, they would not now have the expense they had had during trie past two yeans. LARGER DEPRECIATION URGED. Regarding the last section of the report, Mr Mildon advocated a lurger amount being written off for depreciation, and even waiving the bonus. Ho moved as an amendment, that instead of making a final payment to suppliers, after paying 5 per cent dividend on tho capital, the balance of the profit and loss account bo utilised to provide for depreciation on building* and machinery. Mr Kyle said they had to look at the matter in a light that if they waived the bonus they would drive supplier* away. After further discussion the report and balance-sheet were adopted, the amendment lapsing for want of a seconder. GENERA!.. Messrs 11. Tong, S. R. Lancaster and P. Mildon were elected to the directorate. Messrs Tong anu Lancaster were the retiring directors, tho other retiring director, Mr Nixon, not being eligible for re-election as ho was not now a supplier to tho factory, having sold his farm. Mr E. G. Sim was re-elected auditor. On the motion of Mr Fitzpatrick, the directors were granted tho usual honorarium. A hearty vote of thanks was accorded ihe Manawatu A. and P. Aseooiation for the use of the committee room for tho meeting. Complimentary references were made by members to the employees of the company, and a hearty vote of thanks was accorded tihein. Mr Kil patriek, on behalf of the employees of the company, who thanked the members for their kindly references, stated that now the company intended putting their butter on the local market it behoved members not to leavo cans in the sun, as sunburnt milk was valueless. Tho directors were also accorded tho usual veto of thanks, and tho meeting then oonoluded.