DAIRYING YEAR

Manawatu Standard, Volume LX, Issue 229, 26 August 1940, Page 3

DAIRYING YEAR

SHANNON COMPANY. MEETING- OF SHAREHOLDERS. The 39th annual meeting of shareholders of the Shannon Co-operative Dairy Coy., Ltd., was held at Shannon on Saturday, when the chairman (Mr W. E. Barber) presided over a large attendance. The chairman said it was one of tho best attendances at an annual meeting that had yet been seen. In moving the adoption of tho report and balance-sheet, as previously published, Mr Barber said that the increase in output of' 104 tons was a good one, especially when it was considered that there was a flood on the Moutoa, side of. the Manawatu River early in the ser'jn. The splendid autumn grdwth was the only factor which | enabled the company to get a balance [of production in its favour. Tho staff | had eo-operated in every respect and worked very well. The report and balance-sheet was I adopted. ' Mr C. H. Spiers, a director, speaking of the report and balance-sheet, said it was one of the best ever issued by the company and the payout was one of the best in the district, being third highest among 15 companies. He expressed appreciation at the appointment during the year of Mr J. Alexander as factory manager, saying that ho had already made substantial progress in' the reduction of costs. Taking the average figure of costs for 10 companies, Mr Spiers compared them with those qf the Shannon Company to show the favourable position of the latter. The total charges per pound of butterfat to f.o.b. for the 10 companies averaged 2.0294 d, and for Shannon they were 1.7699 d. This was a very creditable performance. Thero had been several innovations at the factory during the year, including tho installation of a grinder. With the demand for more production it was necessary to use more barley and pig foods, and the grinder had been installed to meet the demand for tho factory to bo able to do its own grinding on its premises. He expressed appreciation of the work of the chairman, the manager and the secretary (Mr 0. M. Cronquest).

Mr J. Chrystall, another director, congratulated the chairman on his record of 32 years of association with the company. As the chairman had said, tho year had started badly, but there had been a good finish to tile season. To compete successfully with the payouts of surrounding companies there was only one tiling to do—to keep tile costs of production down to the lowest level, and this the directors had endeavoured to carry out. The figures spoke very well for the work of tho new manager. In ti c company’s store shareholders received a service which was unsurpassed in the whole district. Since petrol restrictions had been enforced it was increasingly valuable lor each shareholder to get free delivery of his stores.

Messrs Chrystall (retiring director) and L. H. Best were elected to the hoard of directors. Mr Best replaces Mr G. 11. Stiles, who did not seek reelection. Five nominations were received for the two vacancies. Messrs Henry Ivember and Son were reappointed auditors. Mr It. E. Downes presented a petition from 2(3 sliaremilkers supplying the factory asking that they receive a rebate on all goods, obtained by them from the company’s store. lie moved that sharemilkers receive the same rebate as shareholders on the store account in the future. After considerable discussion the motion was lost. ... The recommendation of the directors to pay a 5 per cent, dividend on the paid up share capital was carried. On the motion of Mr W. Moynihan a resolution was carried in support of the action pf the Manawatu and ’West Coast Dairy Companies’ Federation in deciding to ask the Minister of Finance for an increase in the guaranteed price in view of the increase in wages and the cost of living. The chairman expressed thanks to the directors, executive officeis and staff of the company for their work and assistance during the year. Messrs Cronquest and Alexander replied.