TARANAKI PRODUCERS' FREEZING CO., LTD.

Taranaki Daily News, Volume LI, Issue 210, 26 August 1908, Page 3

TARANAKI PRODUCERS' FREEZING CO., LTD.

The following is the annual report of the Taranaki Producers' .treesaag Works Co., Ltd. (Moturoa): — Your directors in submitting this

yearjs balance-sheet regret that, owing to the severe drought experienced in the early part of last season, a wry considerable falling-on" in the receipts of butter into the works has resulted as compared with the previous year. We commenced the year with a balance of 10,310 boxes of butter in store, and- received during the season 104,053 boxes, a deficiency ol b0,633 boxes in quaatity as received the previous year; 3i,488 cases of cheese passed through, the works, being an increase of 14,715 cases on last season. 139,107 boxes of butter and 30,310 cases of 'cheese have been snipped to the Home market; 24,032 boxes\ wf butter and 010 cases of olieese to Bouth African, Australian, aad local markets, leaving 11,164 boxes of butter aad 202 cases of cheese in store, at. June 30Uh, 1908. In compliance with the resolution passed at the last annual meeting, the sum of £5882 12s Ou has bevm credited to shareholders' capital account

After writing off 2>/ 2 per cent, on buildings and 5 per cent, oil machinery and plant a balance is left of £2OBB- - 9d to the credit of profit and loss account, wfoich your directors suggest should be carried forward for the present. You will be uuled upon to appoint two directors in the place of Messrs. J. W. Foreman and T. 0. Hodgson, who retire, in accordance with rule 58, tot are eligible for reelection.

■Mr. Arthur Morton will move at the annual meeting of the company:— "That article No. 72 of table A of the Companies Act, 1903, be excluded, and he following article substituted:—Subject to such dividends (if any) as may be from time to time declared on the share capital of the company, and also to such amount (if any) as may from time to time be set aside lor a reserve fund, the whole of the net profits of the company shall be divided amongst and paid to the contributors of produce to the company (such contributors also being shareholders) in proportion to the quantity of produce actually contributed to or put through the company. Provided, however, that in the case of any shareholders whose share may not be fully paid up, the' amount of profits due to such shareholders on such division, together with the amount of dividend on share capital shall be credited to the share capital of such shareholders until the same is fully paid up."