DRUMMOND DAIRY FACTORY CO. LTD.

Otautau Standard and Wallace County Chronicle, Volume XXVI, Issue 1283, 2 September 1930, Page 4

DRUMMOND DAIRY FACTORY CO. LTD.

ANNUAL MEETING. The Annua-l Meeting of this Company was held m the Drummond Put>licHall on Thursday evening:. Mr W. Young, Chairman of Directors, and there was a good representative gathering of shareholders.. The report, which has already been published, wao with the balance-sheet taken as read. ,The Chairman m moving the adoption of the report and balance-sheet, reviewed the position as existing at the time the disposal of the factory's ouiput was being considered at the beginning of the season. Offers received at any . time, haa always been subject to subsequent confirmation by buyers and had been .consistently undeir the prices prevailing during the previous year, and as the subsequent disastrous slump m values was not then apparent, the Directors hesitated about closing for offers below the previous year and m this way the chance of selling- was bad. They know now that a mistake was made, but there was nothing to indicate the market would take the course it has, at that time. The same difficulty will always face Directors- under present marketing methods and as a matter of fact exists at the present moment. Directors would hesitate before selling outputs at to-day's current prices. "With -procurable exchange ana saving m shrinkage, the result ootairied under the consignments through Amalgamated Dairies Ltd. had turned out better than the Directors nad anticipated with the falling market. With the bonus being, paid to-night and taking into account the .substantial repayment made to the bank off the factory Capital Cost, they were not very far behind some factories that had. sold Continuing the chairman said the principal topic exercising the minds ox all Directors now was the quality of N.Z. cheese. In face of active competition from other countries,, and the imposition of tariffs, it was more than ever necessary to keep Up the quality and the whole industry should concentrate on that. ; v Mr S. Stuart asked for some parties lars about pooling and the chairman replied giving particulars of the workins: of pools. .In reply. to an inquiry from Mr )'. Campbell the chairman intimated that a definite offer of B£d. f.o.b. had been received for the- season's output. On ithe motion of _the chairman X seconded by Mr J. Flynii : tfie report