Tairei and Peninsula Milk Supply Company.

Otago Witness, Issue 2736, 22 August 1906, Page 9

Tairei and Peninsula Milk Supply Company.

TO TH* *DITO*. Sir. — I wonder if the Milk Suppliers* Committee, which is responsible for the "amendments and additions to the articles of association" submitted to shareholders for confirmation at the meeting on August 28, is aware of the benefits to accrue to ite friends the milk suppliers by the change. Shortly put, the proposals are as under: — 1. Dividend on shares to be limited to 6 per cent, instead of 8 per cent., as arranged with non-suppliers three or four years ago. (2) Free transfer of all shares to be abolished. I have taken the trouble to ascertain, and am informed by the secretary, that four-fifths of the shares are held by milk suppliers and one-fifth by non-milk suppliers. The paid-up .capital is £25,550, and the reduction from 8 to 6 per cent, per annum wwild mean a saving of £511 in dividend. We have, however, to deal only with fourfifths of this sum, as milk suppliers would receive it in dividend if not in an increase in the price of milk. We are therefore narrowed down to the fifth part of £511, or £102. which is to be taken from non-suppliCrs under the ."amended articles of association." and if this sum is divided equally amongst the 2050 milk suppliers, it would amount to the munificent sum of one shilling each per annum. This precious committee must have

already spent between lawyers and printorQ far more than we suppliers will gain in years to come by its new-fangled ideas. The second proposal to abolish the free sale of shares is intended to depreciate the value of them. No sane shareholder is likely to rote for this. People are not in the habit of depreciating their own pro perfcy knowingly. Moreover, milk-supplying shareholders are becoming older, and in time may be the non-suppliers of the future. I have said nothing of the injustice of the proposals of this committee, but in my humble opinion no honest shareholder would care to finger such ill-gotten gains. I hope that the shareholders who do not intend to be present at the meeting will send their proxies to the secretary — as 1 have done, — with instructions to vote against all its amendments. I feel grateful to the pioneers of this company, and so should every New Shareholder axd Milk Supplier.

I The members of the Loyal Valley Lodge, ! M.U.1.0.0.F., attended church parade at j the North-East Valley Presbyterian Church. I The Rev. H. B. Gray took hie text from James iv, 14, and preached a,n eloquent ' and impressive sermon. There waa * large ' muster of brethren, and the parade was strengthened by the presence of repreoentaj tives from t-he Loyal Hand and Heart. Caversham, Dunedin, and Albion Lodges, ' including P.P.G.M. Bro. A. SHgo. N.G. j Bro. J. G. Stevens and P.G. Bro. F. Millier acted as marshals.