GERALDINE DAIRY AND CACONCURING COMPANY, LIMITED.

Temuka Leader, Issue 1130, 4 August 1883, Page 3

GERALDINE DAIRY AND CACONCURING COMPANY, LIMITED.

A general meeting of the shareholders in the Company was held in the schoolroom, Geraldine, yesterday afternoon* There was a large attendance, and Mr W. U. Slack was voted to the chair. The Chairman opened the proceedings by reading t.h« advertisement in the Guardian convening the meeting. Dr Foster, solicitor to the Company, read the Memorandum of Association and the Articles of Association. He stated that the Certihcate of Incorporation had not come to hand, but he had received a telegram that afternoon, to the effect that it had been issued, and was on its way to him.

The report of the Provisonal Directors was then read. Owing to pressure on our space we are obliged to condense it as follows -.—After referring to steps taken since January last in the direction of establishing an industry in Geraldine, to the issue of a prospectus, the appointment of a broker, and the sending of a deputation to Ashbnrton, the report went on to say that more shares hid been taken up than in any of the other Dairy Factories in the neighborhood. Through the influence of Mr PostUthwiiite they had obtained the services of MrPjjwrorj, who lectured to them and gave them advice on all points connected with the industry. Mr Upton, of Temuka, had given them plans of a factory, and Mr Postlethwaite had promised to procure plans and speci-fication-for a suitable building from the Government architect together with a treatise ordered to ba wrtten on the subject. They had also selectfd a site and had done everything they could dc as Provisional Directors The report wound up with a hope that this would duly be the forerunner ot many other industries in the di-trict. and was signed t>y Mr W. IT, Slack. Chairman, and Mr J Y. Ward, Secretary. 1 On the motion of Mr Hammond, seconded by Mr Waite, the report as react was unan'inoiis'y ailopied, Prop-scdby Air Dunlop, seconded by Mr Taylor, and carried ' That the Directors be authorised to examine the

accounts of (lie Provisional Directors, and pay such sums as they deem reasonable.'

Kesolved— ( That this meeting be open for discussion during the election of Directors.'

Mr Flatman s:dd he would like to know a little regarding the profits. It had been said that tho milk would be said to the Company at 4d per gallon. It had also been said' that the Company would have a dividend of 20 per cent per annum He thought the shareholders sb/mld be content with 10 per cent, and tho remainder should go to the producer. Mr Coltman replied, showing that 4d per gallon was a very good price for the producer, Mr McShane said that if 4d per gallon only was given, after the keep of the cows, and wear and tear of horse and trap, not Id per gallon profit would go into the farmer's pocket. Mr Shiers considered it' altogether pcrmatnre to talk about profits at the present time.

The Chairman said the factory would be established for the benefit of the formers, and he believed in the producers of milk having a share of the profits, after a reasonable divided had been declared for the shareholders.

MrMundell paid he did not think there was one shareholder who wou'd not bo satisfied with 10 per cent on their money invested.

The subject then dropped. The election of a permanent directory was then proceeded with. There w.'ie 20 candidates, but the election had not taken place when our report loft.