TEVIOT AND ALEXANDRA FRUITGROWERS' COMPANY (LIMITED).

Otago Witness, Issue 2211, 16 July 1896, Page 24

TEVIOT AND ALEXANDRA FRUITGROWERS' COMPANY (LIMITED).

The annual meeting of the above company was held in tho Athenasum, Roxburgh, on- Monday, • (sth mat., at 7 p.m. There were a large numbw of • shareholders present, and Mr Manuel, chairman of director.*, occupied the chair.

The Chairman Baid ho was very pleased to see present their general manager, Mr Lorif, notwithstanding the very short notice given him, which he might explain was owing to the absence of tha secretary. In future, however, he hoped Mr Lorie would not \v\ut for an invitation to their annual mtetings, but would alwajßmako it a point to attend. The minutes of the l*st annual meeting were then read and confitmei. Tho balance sheet for the past peason, copies of which had fnr some time pa^t been in the hands of aha.: dividers, was then read by the chairman, who said ho thought it would be latisfaclory to everybody. They had - got through the initial stages of their existence as a company, and everything was working smoothly. A g' oit profit hid been rnado, and grower*, now thoroughly united, were in a vory different position to what thry had befn a* individuals. Mr Campbell siid there were sf meitenw in tho balance sheet with which he was. n .t tatkfted— ktarionery aud priiitrng, for instance, were very much heavier thau they were 3aat yeav. Telegrams and postage also teem id excessive. Probably, however, Mr Lorie could explain these items ; also, how it was that tbe commission the company received from growers were so very • much lees than the amount which it paid to Mr . Loi ie. Mr Lome, explained that the expenditure for f.titi( ilory and . printing 1 , although »p}>*rently: • higher tli s year thaD I+tt, was but really so, nnce whilst they had last year tro'ted stationery on band as an asset, they had this year, in view of the successful season, wr.itfcen if; off altogether. . The item telegrams, &c, waa increased this year . owing to the lengthy communication* when the tariff wiu under consideration. He did not, however, think that, in view of the remits obtained, growers wouU regrit the expenditure. Thediffevence between the cummiEsion received by tho , company and paia to him was cwing to the difference given and renli°ed for thefiuit. Mr J J. Harms then moved the adoption of the ' bailee fcheefc, which he a4d showed them to b« ' in a thoroughly strong position. Mr S. Uren seconded the motion, which was carried unanimously amkl applause. Tha Chairman said that shareholder*' would nofce that notwtth9tandh g the Nkti-factory profit earned, no dividend had been recommended. Personally ho thought their main object was to build up a large reserve fund wtber than Bcek a return on their capiUl invested, but verhapß the shareholders might think differently. He would like an expression of opinion on the matter, although he would remind them that they were precluded by their articles of association from declaring a dividend of more than 10 par cent, per annum. Mr Lobib s*id that although this was correct they could if they wished declare a dividond of 20 per cent., be'iDg 10 per cent, for this and 10 per cei.t. for last year, when no dividend was declared. Mr Joseph Tamblyn said he thought that for the present they should carry »ll earniona to reserve, and thua place themselves in a thoroujhly strong positiou.and he moved a resolution to that Mr M. Campbell having brfefly seconded the motion, it was put to the meeting and carried unanimously. , The Chairman said that the. retiring direcfiore . were Messrs Campbell and Tome, who were, however, eligible for re-election. Mr John Bexnets said that it would not bo possible to find two better men than Mesjre . Campbell and Toms, and he moved that they bo re-elected. Mr J. J. Harris said he was sure share-holders - wished Messrs Campbell and Torn* to be reelected. He had very much pleasure in eeconding • the motion. The Cjuirman Raid that as there were uo other : nominations he bad much pleasure in declaring Messrs Campbell and Toms re-elected.— (Ap» plause ) The Chairman said that nil annml matter having now beon deposed of, they had better diecuss anangements for next season while Mr Lorie waß present. Mr Campbell said ho would like to see the articles of association amended co that no matter whether a shareholder sold his fruit to the company or sent it to Southland he would still con» tribute equally per share with those sharehcl'era who sold the whole of their fruit to the company. He had already discussed this question with Mr Lorie, who agreed with him that boinething should ba done iv this direction. Mr Lorie suggested that at ths end of every , year every shareholder shall be required to make the number of his shares equal to. one share for every ten pounds' worth of fruit grown by him. The amount realised for fruit sold to the company by every grower shall then be ascertained, also' the percentage of profit earned on such fruit. Every shareholder other .thau the largest contributor per share shall then be required to pay in cosh to the company an amount sufficient to bring , his contributions per share to the funds of tbe company up to the largest amount contributed by any one shareholder per share. Shaieboldera' unable to pay this call to at once give the company a promissory note for the amount owing by them, which shall carry interest at the rate of 10 per cent, per annum, such interest not to bt charged where, in the opinion of tht directors, there has been a failure of the crop. , Mr Joseph Tamblyn moved-" That tho opinioß of counsel be obtained on this suggestion. Mr S. UnEN seconded the motion. Mr John Bennets thought the number of. shares held -by growers should ba adjusted annually according to their crops,, whether thli meant increasing or decreasing their shares, but on Mr Lorie pointing out that this would involvdconsiderable difficulty with the accounts, he did., not push the suggestion. The motion was then put and carried. Mr Jo-fph Tamblyn then moved— That •' refund of 2d per case be made by the company' to all growere who purchased new casei fronv tn« company last season. Ht thought ana** holdora would see the fairness of thi*, c

Mr Bloxham seconded the motion, ■ which was carried unanimously. Mr Joseph Tamblyn said it would be well for them to make arrangements for next year's cases. Laßt year tin-y had accepted Mr Bloy's tender for cartage at Lnwrence. He understood Mr Lorie had a suggestion to make, and as the case iv question was an important one he hoped it would be thoroughly discussed. i Mr Moodib moved— "That all cases for shareholders should be consigned to one person in Lawrencj on the condition that such person accepts entire responsibility and accounts to the compauy for them at the end of the season ; and that if such an arrangement bo entered into the manager be instructed to purchase up to 5000 new CRS63 at once at a price to be approved by the directors."

Mr Campbell seconded the motion, which was carried. Mr John Bbnnets moved— "That from thiß date ca*eß be charged 3d without being returnable." Tins was ab olutely necessary if they wanted to keep their orchards cl-ar from insect pests, since if only their own cases were returned to them they might still have been infected through beiDg used for other fruit when in town. Mr I'bnnel sccondtd the motion, which was Carried. Mr Harris moved— "That all caies be made of tmifrrm weieht, say 121b." , Mr Moodie seconded. the motion, which was Carried.

Ml'M 1 ' Campbell moved— "That the average •"weight of caset for the coming season be rtruck from the weight of t&3 whole supplied ■to the compimy. Mr. Harris seconded the mo'iou, which was •Carried. ' Mr Campbeel moved— "That Mr Lorie be 'fcmpowered to ent' r into a contract with Mr Bloy "for him to receive from the Lawrence railway station, cart, store, and accept responsibility for the company's cases, which will be insured by the company." The Chairman then said that as tbere were no more resolutions, the only business on hand was for shareholders to decide who were to be their bankers permanently, and how their account was to be operated on. Hitherto this had only been a tinad* matter, but as their funds had now reached a considerable amount, he would like an expression of opinion on the point. - ■ < Mr Campbell moved— "That the company's banking account be kept at the Bank of New Zealand. Hoxburgb, and that it be operated on by the signatures of two directors and the general manager under the seal of the company." Mr Moodie seconded the resolution, which was carried.

The Chairman said that as there was no more business he hid only to propose a vote of thanks to Mr Lorfe, who, it was evident, hai still their entire confidence. He had certainly realised for them all he had led them to expect.— (Loud applause.) Mr lORIE1 ORIE said he was grateful to them for their continued confidence. So long aB he represented them he would leave no stone unturned to further their interests. He could not, however, too strongly imprtsi on them the necessity of maintaining- the high'quelity of their fruit. Any tut the best trees they ghoul l at once root out, as nothing but high-quality fruit could be grown with profit while the cojt of transit remained bo great. On this que.sti;n he would have something to say to them later on. He was very pleased to ccc that ill of tbem were co imp.re3tei with the 'necessity of keeping their orchards clean and marketing their fruit in a first-class manner. They could rely he would get them top values for •it.— (Applause.) I A vote of thanks was then passed to the chairman, and the meeting broke up!