TARARUA DAIRY COMPANY

Pahiatua Herald, Volume XXXVI, Issue 10921, 23 August 1928, Page 6

TARARUA DAIRY COMPANY

EXCELLENT RETURNS * GOOD ADVANCES. The thirteenth annual general meeting of the Tararua Co-operative Dairy Co., Ltd., was held in the Ballanee Public Hall on Wednesday afternoon, a representative attendance of shareholders being present. Mi- A. Hay presided and spoke appreciatively of the large attendance, at the same time welcoming some of the “old hands” and the company’s banker, Mr Howden, manager of the Bank of New Zealand, Pahiatua. In moving the adoption of the report and balance-sheet, Mr Hay referred to the excellent result of the year’s working, notwithstanding the fact that the first portion of the output had been sold forward by the last annual meeting at 8)d per lb f.o.b. Had they consigned tha't portion they would have made a little more money, but the fact was that no one could forsee what the result of the year would be. They always would have to take a certain amount of risk when selling but it- was perhaps not so great a risk as consigning straight out would be, he thought. Altogether, he could tell them that the balance-sheet was really good, and they would see that their most doubtful assets, viz., shares in other companies, had been written down by £2OO, which was very satisfactory. Mr Hay referred to the excellent work accomplished by the late Mr B. R. Croad, whose balance-sheet it really was that they were considering. Mr Croad had done good service for the suppliers; and the speaker stated that he hoped that if he were elected chairman this year he would lae able to show as good results. Mr Brotherston seconded the resolution.

Mr J. B. TaJc complimented the suppliers on the fact that although advances each month had been made at Is 6cl per lb of butter-fat their interest bill was only a little over £5 for the year. This indicated that the company was in a very sound position, and it was well to remember this, as many similar concerns had been under the necessity of leaning very heavily on the bank."

Mr Cooper expressed the opinion that the services of the farm dairy instructor had not been of much use to suppliers and he thought it a very good idea to “cut ift out” and save the expense. The chairman explained that the farm dairy instructor had been dispensed with not because he was not required but simply because other companies would not bear part of the costs incurred.

After a number of questions had been answered the adoption of the report and balance-sheet was carried. the chairman stating that the full bonus cheques would be available immediately. There was no election of directors, as Mr C. Meng had resolved to make room for the younger men in the company, and the chairman declared Messrs .J. A. Gibson, N. R. Parry, and R. H. Brotherston duly elected. These gentlemen returned thanks, the speech of the latter being possibly tile shortest On record, and much appreciated. A voce of thanks to the staff was carried, as was also one to the directors, Mr Parry speaking in appreciative terms of work accomplished. In the former instance, Mr J. G. Brechin returned thanks on behalf of the factory manager and himself, while Mr Hay acknowledged the vote 'co his board. “ONLY ONE THING WRONG.” At the invitation of the chairman of tlie Tararua Dairv Company, Mr I). O. 1,. H owden, manager of the Bank of New Zealand, Pahiatua, who was present by invitation at the annual meeting of 'the company, lightly reviewed the balance-sheet which, he stated, had really only one fault from his point of view, which was that they had not used the bank enough, the interest paid out being much too small an amount. Mr Howden stated that one noticeable feature m the accounts was that the company had really found 'the whole of its assets in share capital, a most unusual state of affairs in dairy companies, but a position to which all should aspire. In concluding a humorous speech, Mr Howden expressed the hope that “the 2s per lb for batterfat which nil dairy farmers seemed to be after” would eventuate during the coming season and that in any case the year would he one of great, prosperity.

In thanking Mr Howden for his visit and 1 1 is remarks, the chairman (Mr A. Hay) stated that never before in their history had they received a visit from their banker. They were very glad to have had the opportunity of hearing what Mr Howden had to say about their affairs and very glad indeed to know that his study of their accounts had proved the wisdom of the policy which had been followed since the inception of the company thirteen years ago.

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