DAIRY COMPANY MEETING.

Taranaki Daily News, 8 September 1915, Page 8

DAIRY COMPANY MEETING.

KAPONGA. The annual meeting of shareholders of the above company was held in • the Town Hall, Kaponga, on Monday, Mr. W. A. O'Neill, chairman of directors, presiding over a large attendance of shareholders. The balance-sheet showed liabilities under capital account £7837 2s 2d; bank account and accrued interest £8032 4s Td; accounts .payable £853 9s; mortgage on land £1532 15s; reserve fund account £4255 IBs sd. On the assets side land, buildings, and plant totalled £16,408 (including a farm valued at £2500) and depreciation amounting to £BSO 19s 2d had been written off buildings, plant, and machinery. Requisites in stock totalled £Ol9 15s Id, firewood! £602 18s, cheeße in stock £7459 5s Bd, accounts receivable £586; loans £2609, and estimated surpluses £4OOO. Shares in other companies totalled £2376. The amount received for cheese was £56,903; butter £3838, and- whey butter £1762. The cheese in stock was valued at £7459. Salaries and wages cost £2909; cartage £745; bank interest £481; railway and shipping £1042; requisites £1371. A credit balance of £16,578 9s lid was shown, which will be dealt with later. The statistics were as follows: Used for cheese making: Lbs milk 20,028,774; lbs butterfat 760,808.21; lbs: cheese 2,043,893; lbs milk to lib cheese (October to June) 9.79; average test (cheese) 3.79; cheese per lb fat 2.68; weight 912 tons. For butter making: Libs milk 2,557,234; lbs butter-fat 93,999.40; butter 109,495; lbs milk to lb butter (July, ■ August, September) 23.3; average test (butter) 3.67; over-run 16.4; weight 48 tons. Whey butter 37,2001b. Advances made: July to March Is; April to June Is 3d. • The chairman congratulated the shareholders on the results of the year's works. It would not be possible to arrive at an exact result of the year's prices until such time as the last shipments now on the water arrive Home.

The directors decided to erect curing rooms at Riverlea and Rowan. Their action is fully justified by the saving to be effected. The Carrying Company's contract ending on August 31 of this year made it imperative that a new contract be fixed. It was decided to accept the lowest tender for three years, this being much lower than formerly, and provided for the different brands being conveyed direct from their respective factories to Eltham railway station and back carting accordingly. This also meant a larger storing space at Kaponga factory for cheese, if required, which, in the present state of the shipping arrangements, seems more than likely to be wanted. Although the prospects for the future appeared to be good, as far as it is possible to gauge it, still the matter of shipping will be a great factor as governing, to a certain extent, the advances to be made from time to time. The thanks of the shareholders were due to the employees, who had worked well and loyally for the company.

QUESTIONS ON BALANCE SHEET. In the course of the discussion on the balance-sheet it was stated that cream was only sold to suppliers; that the farthing per lb butter-fat deduction intended to reduce the new capital of £IB,OOO had realised £4OO, which had been applied to reducing the overdraft at the rate of £SOO a year; that no man would pay a higher rent for the farm than the present occupier, and that if too much had been paid for its purchase the fault was that of the directors who acquired it; that, although five per cent, only appeared for depreciation, it would be found that the total allowance therefor equalled 10 per cent.; that it was part of the conditions of sale that the blacksmith's shop on the section purchased at Riverlea should be removed; that no interest was paid by the Taranaki Freezing Works, but £970 had been credited to the factory's share capital account; that tho shortage in the supply of milk was due to the dry season. An opinion was expressed by Mr. Gibson that the interest paid by the Box Company should be applied to the reduction of the shares in that concern. PROXIES. A motion by Mr. W. H. Robinson that proxies shall only be allowed when accompanied by a doctor's certificate, was lost on a show of hands. AGRICULTURAL CLASSES. A motion by Mr. Dagg "that the suppliers of the Kaponga Co-operative Dairy Co., Ltd., as a company, become a member of the South Taranaki Agricultural classes," was lost. SHARE ALLOTMENT. Mr. W. A. O'Neill moved: "That the basis of allotting shares be reduced from one share for each 1801b butter-fat to one share for each 1201b of butter-fat supplied during the year immediately preceding." The motion was carried unanimously. ELECTION OF DIRECTORS. The retiring directors, Messrs A. W. Mellow and R. Gibson, were nominated for re-election. Messrs G. Hill and A. V. Tait were also nominated. Before proceeding with the ballot Mr. Hill addressed shareholders, explaining that he resigned from the board.during the past vca"r as a protest against the action of the directors in not consulting the shareholders relative to the negotiations for electric current for the Kaponga Town Board. In reply to this, the chairman contended that tho project was not a practical one for a co-operative dairy concern to undertake. The election resulted as follows: A, V. Tait 280, G. Hill 24.4, A. W. Mellow 183, and R. Gibson 147. The first two were declared duly elected. A vote of thanks was accorded Mr. Gibson for his past services as director. GENERAL, Mr. W. J. Tristram was re-elected auditor. It was resolved to pay the usual honorarium to the directors, and to gr.wt the secretary a bonus, the amount of which was to be fixed by the directors.

A vote of sympathy with this relative* o£ Mr. Howie (a late employee, who had lost Ms life at the front) was passed. A motion by Mr. Dagg that on and after October 1 no milk should be received at any factory after 9.30 o'clock was carried. A vote of thanks to the chair terminated the meeting.