HURLEYVILLE DAIRY FACTORY.

Patea Mail, Volume VIII, Issue 89, 26 July 1895, Page 2

HURLEYVILLE DAIRY FACTORY.

——#— ANNUAL GENERAL MEETING OF SHARE' HOLDERS. The above meeting was held at Hurley' ville yesterday, when twenty-two share* holders were present. ® Owing to the Chairman of Directors* being unwell and, consequently, unable to .preside, Mr J. A. McKenna, acting* chairman of Directors, was voted to the chair. Minutes of last general meeting read and contiimed. The Directors’ report and balance* sheet was read, as follows : REPORT. Your Directors have much pleasure in submitting to you the (second) annual report and balance*shfiet for the year ending June 30tb, 1895. During the past season 89,279 gallons of milk were supplied at the factory, and produced 93,23‘i1bs of cheese. This is about double the quantity put through last season; and the present building and plant are sufficient to deal with a much larger quantity. For the first five months of the season 3Jd per gallon was paid to sup* pliers, but the directors regretted having to ask suppliers for a farthing per gallon refund; so that the actual price paid for the season’s milk was 3d per gallon. During the year several improvements to the buildings and plant have been effected, and everything is now in the best working order. For the whole season’s output of cheese an advance of 4d per lb was received; hut owing to the low prices ruling in British markets no supple* rnentary drafts have been received. The balance-sheet now before you shews the financial position of the company and the result of the seasons worlsing, which, taking into consideration the low prices, must be considered very satisfactory, being a deficit of only £2 13s 6d, The services of Mr James Heenan, dairy manager, have been secured for the ensuring season. You will be asked to elect two directors in the place of Messrs Brown and McKenna, who voluntarily retire, but who are eligible, and offer themselves, for re electior; and you will also be asked to appoiut two auditors. J. A. McKenna, Acting chairman. P. Hurley, Secretary. BALANCE-SHEET.

A. H. Williamson, Chairman. P. Hurley, Secretary. Examined and found correct— P. Mahony. E. C. Horner, Auditors. [We will ask shareholders, who we know have stated that our remarks as to the position shewn by the balance-sheet were not supported by fact, to take the following figures and see how far wrong we were. The cheese brought £1,558 19s Id, and sundries £7 3s 4d, total, £1,506 2s sd; and for this the milk cost £1,115 19s 3d, and the cost of converting it was £441 10s Cd, a total of £1,557 9s 9d, leaving just £vS 12s 8d to pay £-16 3s Od interest for the year on borrowed capital, without a farthing interest on share capital, or a farthing depreciation ; and this the directers call “very satisfactory,’ and the shareholders endorse the* 1 satisfaction.”— Ed.P.C.P,] On the motion of Mr H. Gibbons the report and balance-sheet were received. A short discussion ensued during which Mr Gibbons asked the secretary to give them some particulars cf the £238 7s Od working charges. On these being gone into, it was found some totals would not agree, and all the books not having been returned from the auditors, the correct amounts could not be ascertained; nor the item “ stock on baud ” be verified. It was then moved by Mr Morrison, seconded Mr O’Neil, “ That the balance-sheet hj& referred back to the auditors for correction and explanation.” Some discussion then ensued, when Mr T. Hurley moved as an amendment, and Mr W. James seconded, “That the balance-sheet aa read be adopted,” and this, on being put, was carried ; and an admittedly unexplained balance-sheet was coolly and quietly adopted by the shareholders. The election of directors was then takeq

seconded, Messrs Brown and McKenna. Mr Powdrell proposed, and Mr Hartwell seconded, Mr Cunnabell; and Mr D. Hurley proposed, and Mr A. Cornwall seconded, Mr Bretherton. Mr Bretherton, however, subsequently withdrew, and a ballot was taken for the others, Messrs Gibbons and Hamerton being asked to act as scrutineers. The result of the ballot was—W. Brown, sixteen shareholders, recording 36 votes; J. A. McKenna, fourteen shareholders, recording 33 votes, and Cunnabell, six shareholders, recording 7 votes. Messrs Brown and McKenna were declared duly elected. The election of auditors followed, when Mr Powdrell proposed, and Mr Morrison seconded, Mr T. E. Hamerton. Mr Hamerton thanked them for their kind intention, but considered his position as journalist was a bar to bis accepting the office, as he had to criticise the work; and a man could scarcely he expected to ■ ‘ flog ” himself. Messrs Horner and Mahony were then proposed, as also Messrs Harris and W. S. Harper. A ballot was taken, and resulted as follows~Mr Horner, 27; Mr‘Harris, 24; Mr Harper, 15; Mr Mahony, 4. Messrs Horner and Harris were declared duly elected. Votes of thanks were then passed to the directors for their efficient management, and to the secretary and officers of the company for the faithful performance of their various duties, and a vote of thanks to the chair closed the proceedings,

RECEIPTS. £ s d Calls : •“* 132 5 0 Cheese sales— This year £1558 19 1 Last year 63 10 6 1622 9 7 Sundries 7 3 4 Balance—overdraft 12 2 £1762 10 1 EXPENDITURE, £ s d Overdraft, 1st July, 1894 102 1 7 Working expenses (including outstanding last year) 463 14 5 Milk account—89,279 gals 1130 17 2 Property and plant 18 13 5 Interest on loan 40 0 0 Interest on overdiaft 6 3 6 Cash in hand 1 0 0 £1762 10 1 LIABILITIES. £ s d • Capital—2000 shares ® £1 2000 0 0 Mortgage and accrued interest 516 13 4 Overdraft 12 2 £2517 5 6 ASSETS i £ s d Shares unallotted 972 0 0 Calls unlevied 488 6 0 Calls unpaid 114 2 0 Prtperty and plant (original cost) 876 1 1 Stock on hanl 48 5 0 Cash in hand 1 0 0 Milk refund 14 17 11 Balance 2 13 6 £2517 5 6 PROFIT & LOSS. Dr. £ s d Working expenses 441 10 6 Interest on loan 40 0 0 Interest on overdraft 6 3 6 Milk supplied (less.refunds) 1115 19 3 £1603 13 3 Cr. £ s d Balance from last year 12 11 10 Cheese sales this year 1558 19 1 ,, last year 2 2 6 Sundries 7 3 4 Stock 20 3 0 Balance 2 13 6 1603 13 3