WAIKOUAITI DAIRY FACTORY COMPANY.

Otago Daily Times, Issue 8395, 19 January 1889, Page 4

WAIKOUAITI DAIRY FACTORY COMPANY.

A general meeting of shareholders of hhe ■\Yaikouaiti Dairy Factory Company was held at the registered office of the company at Waikouaiti on Tuesday afternoon at 3 o'clock. The chairman of directors, Mr D. Grant, occupied the chair.

The Secretary read reports showing the ;ransactions of the company up to date. The directors reported:—

The number of shares applied for and allotted up to the present is 1077, divided between So chareholders, and two calls, exclusive of application and allotment, have been made up to the end of December last. Immediately after their appointment your directors took the requisite steps to have the memorandum and articles of association drawn up, and the company registered as required by the act. At the earliett possible date step 3 were also taken to secuiea suitable site for the factory buildings,and after giving tha matter the fulltst consideration, the one offered by Mr Grant for the sum of £10 was considered the most suitable and accepted, Mr Grant agreeing to take 20 paid-uy shares as part of the purchase money.

Plans and specifications for the buildings were prepared by Mr Valentine avid tenders called, when the one from Mr Kobert Mill for £298 was accepted. The necessary steps were also taken by vourdirectors to procure the boiler, engine, and requisite plant for working the factory. Considerable expense was also incurred in building concretetanlts, laying pipes, and procuring a good supply of water from a suction in theborough belonging to Mr Dunbar, which had to be conveyed a considerable distance ; but this could not be obviated, as a proper supply of good water is indispensable to the satisfactory working cf an establishment of this sort. Your direotoi'3 have further to report that after some negotiation they secured the services of Mr James liawson as manager, a gentleman who has had considerable experience in the manufacture of cheese, and a3 far as they are able to judge, the appointment is likely to prove satisfactory to the company, and the goods manufactured will no | doubt prove to be of the very best quality and command a satisfactory price in'the market.

As the season was a little advanced your directors decided to commerce operations with only one vat in the factory capable of containing GOO gallons, but within a very short time it was soon apparent that it would be insufficient to meet the requirements of the milk supplies, and regret that the milk of some

non-shareholders had to be returned; but this rmtter will very soon be rectified, as orders havo been given for the construction of another vat of equal capacity to the one already in the factory, and which your directors trust, will meet the requirements of suppliers for the present senson at all events. Your directors further hope that as the factory is now an established industry in the district, all those specially interested will come forward and take

up shares, and that those already having shares will increase their number, so that the liabilities on the buildings and plant may be reduced as much as possible, and so save interest on ths company's overdraft. Your directors feel that 500 more shares at the least should be subscribed, so as to place the company in an independent and satisfactory position.

Although n balance ehoet of tho oompaiiy's transactions does not require to be laid before the share-

holders until the annual meeting to ba held in September next, your directors enbmit the following statement showing the expenditure on factory buildings, engine, boiler, plant, waterworks, tanks, &c, up to date : — Factory building and cottage... ... £35G 6 0 Engine and boiler ... ... ... 202 10 0 Factory plant ... ... ... ifi9 8 S I Waterworks, pipes, tanks, &c. ... 115 15 1 Total... ... ... ... £Sl3 19 9 Your directors may state that they have been in communication with several firms in Dunedin in regard to the sale of the season's cheese, which will probably reach from 40 to 50 tons, but no offer liaa yet been closed with, the prices submitted not being up to the board's expectations. The report of Mr Dawsou, manager, was as follows :— Regarding the working of your factory for the period from the 6th to 31st December ISBS, I have the honour to report as follows:—The milk supply has averaged daily 48911b. The total quantity of milk received was 11,561ga1. Number of cheese manufactured: 128 large, averaging 701b, equal to SSliOlb; 173 small, averaging 171b, equal to 29Ulb ;— total,ll,9ollb.

Blr Cowan moved, and Mr Steven seconded— " That the reports as read be received and adopted."

A discussion then took place in reference to the price of milk supplied to the factory, and a suggestion made that the directors should consider the matter with the view to reducing the price at the end of the month to 3d per gallon. The question of a vacancy on the directorate haviDg been considered, an expression of opiuion was given that the directors should appoint Mr James Steven to the vacant seat on the board. The meeting terminated with a vote of thanks to the chairman.