CAMBRIDGE DAIRY PRODUCE AND BACON FACTORY COMPANY (LIMITED).

New Zealand Herald, Volume XXIII, Issue 7645, 24 May 1886, Page 5

CAMBRIDGE DAIRY PRODUCE AND BACON FACTORY COMPANY (LIMITED).

«. The annual meeting of the shareholders of the Cambridge Dairy Produce and Bacon Factory Company (Limited) was held at their offices on Friday afternoon at three o'clock, Mr. J. R. S. Richardson in the chair, There were about twenty shareholders present, The secretary read the minutes of the first general meeting, which were confirmed. The chairman then road the directors' report and balance-sheet. Tho directors regretted the loss on the operations of the company since its commencement of £187 19s 4d, which they attributed to the large amount which they were called upon to pay for interest on bank overdraft, the insufficiency of the milk supply, and the disinclination of shareholders to pay calls at more frequent intervals. The directors, however, were sanguine of being able to present a much more favourable report at their next annual meeting. Mr. Richardson proposed the adoption of the report and balance-sheet, seconded by Mr. J. S. Bond. Mr. Selby drew attention to an item in the balancesheet of £6S, two-thirds of incidental expenses, which it was proposed to carry forward, and thus spread tho payment of incidental expenses over three years. Mr. Selby, however, contended that the whole of the incidental expenses should be charged to the first year, and he moved, as an amendment, " That the item be struck out of the assets, and carried to the debit of profit and loss account." On being put to the meeting, the amendment was lost and the original motion was carried, with only two dissentients. Messrs. J. R. S. Richardson and A. G. Hughes were the retiring directors, but they did not offer themselves for re-election, the former gentleman on account of his early departure for England, and the latter owing to business engagements. The retiring auditors were accorded a vote of thanks for their services. To fill the vacancies on the directorate Messrs R. Douglas and James Taylor were proposed and duly elected. Mr. Macara, the auditor, certified to the excellent manner in which the books of tho company had been kept, and said that, in consequence, his task in auditing the same had been a very light one. Mr. J. R. 8. Richardson proposed a vote of thanks to the manager, Mr. Watt, and, in doing so, referred in eulogistic terms to the manner in which the business of the factory had beon conducted. Mr. J. Allwill seconded the proposition, and commented on the excellent state in which he found the factory on each occasion that he had visited it. The vote was carried by acclamation. Mr. Watt thanked the shareholders for the vote of thanks they had accorded to him. He did not claim any special merit for the good quality of the cheese turned out, but attributed it to the uniform good quality of the milk supplied. Mr. Watt then drew attention to the fact that some of the milk suppliers, whilst sending all the milk that they could during the hottest months, almost discontinued their supply when the cooler weather came round. Ho thought that the accounts of those who did not continue their supplies throughout the season should be subjected to a discount. It was decided to hold the next annual meeting on the third Thursday in June, 1837. The subject of a butter plaut was broached, but the feeling of the meeting was averse to its purchase for the present. Votes of thanks to the chairman and secretary concluded the meeting.—[Own Correspondent.]