N.Z. FARMERS’DAIRY UNION

Pahiatua Herald, Volume V, Issue 537, 30 August 1897, Page 2

N.Z. FARMERS’DAIRY UNION

Annual Meeting.

The fourth annual meeting of the above Union was held at Palmerston North on Thursday afternoon. There was a largo attendance, the chair being occupied by Mr F. B. Brown, chairman of directors.

The report sot out that the balance sheet showed a profit of £2661 12s 7d. Tlie actual profits had exceeded this amount, but tho directors had written off £7OO for depreciation and maintenance of plant and buildings. Tho directors recommended the surplus to be appropriated as follows : A further payment of 5 per cent to milk suppliers, which would absorb £1045, leaving a balance of £lOl6 12s 7d to be applied to tlie deficiency account.

Tho Chairman, in referring to tho balance-sheet, said that on the whole the shareholders and suppliers had reason to feel satisfied. In answer to a question ho assured tho meeting that tho directors’ fees were very small. He said that after the bal-ance-sheet was adopted ho would move that this meeting recommends that instead of a bonus a further payment of 5 per cent be made to those milk suppliers holding the regulation number of shares.

Considerable discussion followed, after which tho report and balancesheet were adopted. The proposal to make a further payment of 5 per cont was then discussed. Mr Sykes, of Masterton, thought a dividend should be paid on paid-up shares. Several amendments were proposed but eventually the original proposition was carried.

Mossrs Brown, Grove and l’arsons were re-elected Directors. Mr R. Wilbcrfoss was re-elected auditor at the existing remeneriuion.

The directors’ fees wore loft as at present.

Tho proposition lo reduco the number of Directors was negatived, as was also a proposal by Mr Sykes that Urn present manager should qualify liimsolf to act as managing (iirector.