GERALDINE DAIRY FACTORY.

Temuka Leader, Issue 1539, 31 July 1886, Page 3

GERALDINE DAIRY FACTORY.

'lhi* -ni.ual general meeting of the share* holders of this Company •'held in the Road Hoard Office, Geraldine, yesterday, at 2 p.m. Mr R. H. Posllethwaite, Chairman of Dm do.-f>, occupied the chair, and there w*s a fair attendance of shareholders, about 30 being preseio. The Chairman read the no* ice which had been served calling the meeting.

The minutes of the last annual meeting were read and confirmed.

The Chairman read the Directors’ report for the year as follows “ Gentlemen, —Tour ‘Directors have much pleasure in laying before you their annual report and balance-sheet. Although on the face of it it does not look very promising, still you will be glad to hear that it •hows the very darkest side of the picture, and we confidently hops that, with a little explanal ion, wo can prove satisfactorily to you that the Geraldine Cheese Factory has every chance of a good future before it. You will see on looking at the profit and loss aoccunt that it is debited with stock on hand last year, £1698 Is 7d. This ws were obliged to do, as it was estimated to yield this smount in last year’s balance-sheet, but unfortunately when this stock was sold it only realised £1134 6s 2d, leaving a deficit of £565 15s ss. To this sum may be added the £20117s 7d refunded to Messrs Bowron Bros., less the £9O paid as damages by the Shipping Company. There items make > total of £676 13s deficit on last year’s estimate, This amount taken off the debit balance in the profit and loss account of this year leaves a debit balance, we are sorry to say, of £234 4s Id, but as a set-off against this, you must bear in mind that we had to pay to the Bank as interest on overdraft a sum sufficient to pay rather more than 8 per cent, dividend on all the called-up capital. You will also remember that about five months ago we had to part with our cheesemaker. We do not wish to drag this matter up again , . . , You will probably ask why we did not dismiss him sooner, but we feel sure that you will all recognise how much more difficult it is for a Company to arrange a matter of this sort than for a private individual to do so. In our ow business wo often find it difficult to meet a difficulty of this kind. However, your Directors are glad to be able to state that they are very well satisfied with the way the cheese-making has been carried on lately, and have every hope that the next balance-sheet which they have the pleasure of presenting to you will be in every way more satisfactory. Pigs we hoped this year would hsye shown a substantial profit, but, as you all know, and many we fear to their cost, the disastrous turn the pig market took just at the time we bad to sell, consequently we had to suffer with the rest. Your Directors hope to take steps next year to make a certain, although not very large, profit by the whey. Ths following Directors, according to the Act, retire, bub a-» eligible for re-election, vis.: Messrs Moore, Dunlop, and Grant. The Directors wish to express their satisfaction with the manner in which the Secretary has performed his duties.”

The Auditor’* report wa* read, stating that he had audited the books and found them correct. The Chairman also made a long explanation with regard to the balancesheet, and drew the attention of the shareholders to the fact that several amounts had been put into the incidental account which were items that would not occur annually such as for new books, etc. The Chairman moved the adoption of the report and balance-sheet, and Mr Cunningham seconded it. A desultory conversation followed, after which the report and balance-sheet were adopted. On the motion of Mr Pearpoint, seconded by Mr Postlethwaite, Mr E. H. Templer was re-appointed auditor at the same remuneration as last year, A poll was then taken for the election of three Directors to fill the place of those retiring by rotation and resulted as follows W. Postlethwaite, 173; L. Grant, 145 ; W. Moore, 132 ; B. H. Pearpoint, 63 ; J. Allen, 37. Mr Dunlop declined to stand again on account of want of time. The Chairman declared the three first duly elected. Mr H. IN'. Hiekens acted as scrutineer.

A hearty vote of thanks was passed to the Directors of last year for the way they had conducted the business of the Company. • Mr Dunlop replied on behalf of the old Directors. A vote of thanks to the Chairman terminated the meeting.