T. & P. MILK SUPPLY COMPANY

Otago Daily Times, Issue 14358, 30 October 1908, Page 2

T. & P. MILK SUPPLY COMPANY

■ .«~ ! ANNUAL MEETING. The twenty-fourth annual meeting of the ■shareholders of the Taieri and I'ouiiisula , Milk Supply Company (Limited) was held yesterday in the Hall, Stuart MWot, at 11 a.m. About 100 .-liarchiildws were present. Mr Alexander Moynihan wa.s chairman, 'the Chairman, in moving the adoption • of the report and balance lihcel, spoke as I follows:—! have great pleasure in moving I the adoption of the report and balance sheet for the year ending ol't August, and 1 in doing so must, congratulate fha'rcholders . of (his company on the results of the year's , work, which, notwithstanding the' dry season experienced, has been a. sticcssful 1 ono. The net prolit for the vear amounts 1 to £3405 10s 2d, which, after deducting 1 the. usual 6 per cent, dividend, will leave I a balance of £1576 10s 2d. 'This balance, . after discussion by your directors, was recommended to bo proportioned out to all ■ milk delivered to the company from the I suppliers during the months of' September, ■ 19U7. April, Mav, June, .July, and August, ! 1903, at the rate of 3» per iOOIb of butter- , fat. The total amount of butter-fat re- . ceived for the year was 3.096,3031b. 'the ! balance of the prolit on this total works out [ at id per 11). l'«n it work out any nearer? I But, ns it. is. this amount- is returned to I suppliers as a bonus of 3s per lOOib its . above staled. The months fixed upon for , the payment of the bonus are the lowest of [ the season, and entailed considerable ex- , pense to those suppliers who kept up supI plies for the winter trade. It was uiianimouslv agrped upon by your directors that ; what suriiliw tiiere 'was would be best ; allocated to suppliers at a. time when it I was most needed. Your directors have io _ face (he decreasing supplies of mill; which 3 are being delivered during tho wilder , months, and, to encourage (he winter grow- '[ ing, all surplus of prolits. after the usual . deductions, should bo paid back'to those , suppliers who have continued at groat I trouble and expense lo supply the milk s during that time. Your direeiors feel that l , this is the only way to recompense the. , suppliers after the profit hits ken earned ' and ascertained at the end of each financial. . year. The question of winter-growing in j the South Island is causing no little conj corn, and is steadily decreasing each year. 'This has a serious effect on our butter j trade, and your directors will have lo do 6omething to tide over the winter of each , year and to keep the trade'together. With j regard to the items of tho various expenses , contained in the balance sheet, they com- [ tare very favourably with the expenses of previous years, and nothing has ken oxpentled but what was' absolutely necessary for tho carrying on of the business. With ' regard io the depreciation, this amount . may seem very largo, but in a business like , your company, which contains a vast r amount of plant, and machinery, tho amount ' set aside must be sufficient to meet the cost ' of renewals. Take the boilers for instance: • tho life of a boiler is at tho outside 10 years, and as many of your creameries have ! been established 10 years and over, you will understand the necessity for considerj able writing off, Some of the.creameries ' have been found unsuitable and inconl venient; (hey have been rebuilt, and tho funds for the rebuilding have been sup- ' plied by the suppliers in tho several dfs- '' tricts taking up additional shares lo cover j the cost. During tho year the power for ' working the machinery at the Duncdin • factory has been altered from steam lo 1 electricity at a cost of shout £800. lam ' pleased to announce that tho alteration 3 has been a great success to the company, r and _ will amply v C pay the cost of conJ version. Although the refrigerating 1 machinery has still 'to be worked by steam, our saving in coal amounts to about £350 for the year. Your late secretary and business manager, Mr William J." Bolt, ! after a lengthened and valuable service to ' your company, decided to retire from his J position as from the 31st cf August last, 1 on the grounds of increasing years and the r wish for a, quieter life free from worries ; and troubles of a largo business. - It was ' with very sincere regret that your directors 1 decided to accept his resignation, and to J place 011 record the valuable work done by - Mr Bolt. Mr Gall had been appointed - to _ the position of secretary,, and Mr 1 Beissol to tho position o f business manager. s These two gentlemen are well known to the • shareholders, and your directors have every I confidence that the appointments made are . good ones and to the best interests of the 3 company. I have no doubt whatever that s they will carry on the work .so ably done - by Mr Bolt. Ido not think, gentlemen, r that I can add much more to my remarks. 1 The season now on promises to be a. very good one, and I trust wo shall have a. very 1 good and prosperous vcar. I have much ; pleasure in moving •the adoption of the e report and balance sheet. Mr Andrew Melville 6cconded tho motion, :- which, after dic-cussion by tho shareholders, . was put to the meeting, and the adoption r was unanimously carried. :l The Chairman having received from the 0 retiring officers the certificate announcing a tbe result of tlie voting for the election cf two directors in terms of the articles of D association, read out the results, as follows: i Alexander Moynihan, 7124 votes; William J .1 Bolt, 6233; Wiliim Geary, 4048; William a Thomson, 3529; Andrew Carmichnel, 2693; i f Alexander Stevenson 1915. Messrs Moyni,f ban and Bolt wore declared elected. t Messrs Moynihan and Bolt briefly ren turned thanks for the position in which tho t shareholders had placed them. ( j It was decided on the motion of Mr D. 3 M'Curdy, seconded by Mr A. Melville, that |. Mr Waller Hislop k appointed auditor for (I the ensuing year at the same rcmuncrae tion as paid to him last year, j The meeting concluded with a licarfy ,j vote of thanks to the directors and manage- .. incut for their past services. e At tho ecr.oltt.sion of the annual mecling ._ an extraordinary general meeting of the j sharoboldoic was hold for the purpose of .. bringing the company under " The Co-cpcra-r tivo Dairy Companies Act, 1907." I, Tho Chairman, in moving that this company make application for registration as a j. co-operadivo dairy company under this act spoke of tho advantages to be gained and a the removal of the inability of the company to buy back its own shares ami to keep a the company purely a co-operative and ° milk-prcducing one. On the resolution being seconded by Mr . Arkle, it was put to the meeting and carried ~ unanimously, , Another meeting will be convened to eon- ; firm tho above resolution.