NELSON CO-OPERATIVE DAIRY ASSOCIATION.

Colonist, Volume XLIX, Issue 12017, 19 August 1907, Page 2

NELSON CO-OPERATIVE DAIRY ASSOCIATION.

The fifth annual iineeting of the above named Company was held at Brightwater on Saturday afternoon, when there was a large attendance of shareholdeas. Mr William Coleman presided. The minutes were confirmed.

The Chairman stated the meeting had been called in compliance with their rules. Owing to the shortness* of the last season, the increased prices for wool, sheep, and cereals, they had not a successful year. There was shown a loss of £111 odd, but in that was included £87 odd which had been written off for depreciation of buildings and machinery, tho latter being deducted made the year's actual losa only £24 odd. The milk supply was also one third less than the previous year, arising, doubtless, through suppliers going in more for sheep, owing to better prices for wool and sheep. He did not think it was wise for the settlers to place all their eggs in one basket. If the price of wool and sheep came down they would be glad of the existence of the dairy factory. Those who had supplied milk had received good prices, and they had found their monthly cheques a great assistance. In reply to Mr Morrison, the Secretary explained the delay in issuing the report and balance-sheet. The Chairman invited questions, and a considerable number were asked. The Directors and Secretary giving the necessary replies. - Mr Morrison moved, and Mr -Cole seconded the adoption of the report and balance-sheet, which was carried.

Several of those present wanted to know when the factory was going to start, and what had been done about the bank overdraft?

The Chairman said the Directors had hoped to have some information to place before that meeting, but they had not received same. The Directors could not say more at present.

Mr Max suggested they should summons those who had not paid their guarantees clear off the over draft, and" go to worK afresh. Mr Silcock suggested the meeting ought to be adjourned until the Directors knew what was going to be done. They should get the matter of the overdraft settled up at once.

ThelChairinan said three Directors had to be elected.

Mr Morrison said when he removed to Wakapuaka, and ceased to be a milk supplier he resigned as a Director. In anything he had said he had no desire whatever to throw any blame on the Directors, who he believed had done everything they could.

Mr W. L. Palmer said he had resigned from being a Director because be was not a milk supplier. He could not speak too highly of the attention .the Directors paid to the business "of the factory. He considered the business was in capable bands.

Mr Dron said he had attended over ope hundred meetings in connection with the factory, fie was quite willing to retire. He thought if others shared the responsibilities it \tyould stop their tongues. Messrs W. Dron, James Morrison, and F. Hooper were elected as Directors and Mr F. A. Bamford was re-elected as Auditor.

Some further discussion ensued as to future operations and prospects of the factory. The Chairman said the last month the factory was working it was paying. If it was closed down, and the company wound up, as some recommended, a lot of people would feal it. As soon as the Directors obtained the information they expected they would let the shareholders know as to future operations. Their interests would be watched, and carefully guarded by the Directors. A vote of thanks to the chair closed the meeting.