HOKIANGA DAIRY COMPANY

Northern Advocate, 12 August 1935, Page 2

HOKIANGA DAIRY COMPANY

ANNUAL MEETING. | A GRATIFYING YEAR. ! — i i At the annual general meeting of | shareholders of the Hokianga Co-op. j Dairy Company, Ltd., on Tuesday. Mr j S. King, of Waima, said that there was | a weak link in the chain regarding the | collection of cream by launches, in that \ there was no protection for the cream 1 other than by a tarpaulin. He thougnt j that the directors should look into the matter. At certain stages cf the tide, Mr King said that his cream was collected and taken to Waima. and then back to the factory. At other times his cream went to the factory direct. On the direct days he got superfine grade. | Mr W. Grounds, the chairman, said that whereas the lorries had proper raised awnings, practical experience had shewn how hard it was to cover Ihe cream on the pontoon with anything but a tarpaulin. The wind resistance of a pontoon awning had to be considered. He added that the board, would be pleased to have an expres- j sicn of any carting trouble at any time., Crippled Children’s Fund. j There was a feeling of complete una- j nimity pervading the shareholders i when it was proposed that one shilling | per shareholder be contributed to the j fund for Crippled Children. There are j 849 suppliers to the factory, so that the fund will benefit considerably by i this generous gesture made by the] shareholders. j INCREASED CAPITAL. | As a result of the passing of a motion j of which notice had been given by the ! chairman, Mr W. Grounds, for the creation of additional capital of £ 10,000, | the capital of the company has been increased to £40,000. ■ This new amount will be divided into 4000 shares of £2 10/ each, and) these shares will be issued as ordinary shares ranking as to dividend and as to distribution capital on a winding-up “pari passu” with the ordinary shares in the existing capital of the company. The new capital was approved of with very little discussion at the meeting. The chairman said that the increased capital was necessary for new suppliers who had come in recently, and who came in from time to time. HARBOUR IMPROVEMENT RATE. Mr W. Ground's drew attention to the harbour improvement rate, which was a new item the company had to meet. This was paid on butter exported. There was a small amount in last year’s balance sheet, as the rate had commenced towards the end of the year. This year’s rate is shown on the balance sheet as £lls 15/-. INCREASED LEVIES. These items were slightly in excess of those of the previous year, the chairman said. The reason for this was the increased output. Mr Grounds remarked that the Dairy Board levy was imposed on output. FACTORY ACCOUNT. This account was increased by the extra staff necessary to cater for the larger number of suppliers. The increase was also due to the daily collection.