GERALDINE DAIRY COMPANY.

Timaru Herald, Volume XXXIX, Issue 2767, 6 August 1883, Page 3

GERALDINE DAIRY COMPANY.

A meeting of shareholders in tho Geraldine Dairy and Bacon Factory Company (Limited) waa held on Friday id the publio school, Geraldine, at 3 p m. There was a good attendance. Mr W. V. Slack presided, and stated the objects of the meoting, which were to receive the report of the Provisional Directors and e'ect Permanent Directors. As the busineis of the meeting would probablj take earns time, he would not detain them by making any remarks, but would ask Dr Foster to read the Memorandum of Association, and hand in the Certificate of Incorporation. After reading the Memorandum of Association, I'r Foster explained that the Certificate of Incorporation was not to hand ; but he held in bi» hand a telegram informing him that the certificate had been issued, and was on its way. The Secretary, Mr J. Y. Ward, then read the report of the Provisional Directors, at follows : — "Geraldine Dairy and Bacon Curing Company (Limited). Report of the Provisional Directors to the first genoral ordinary meeting of shareholders, held at the Publio School, Geraldine, on 3rd August, 1883. " Gentlbmbn, — The important trust committed to us at tho public meeting of those interested in the welfare of this district, •specially in the farming operations so extensively oarried on among us, we are about to hand over to you. Before doing so, however, it will be necessary that we give a resume of the instructions given to us at the meeting before referred to, whioh was held in the Oddfellows' Hall on the 12th of Juno last, Mr W. U. Black, presiding. " This meeting was the result of tho labors of the Industrial Committee appointed in January last to enquire as to what local industries could be established in our midst likely to benefit all olasses of the community, whether as producers, einployeos or investors. Among the various industries investigated by the Committee, the establishment of a dairy factory was the one they determined to advise the district to adopt, and, acting on the wellmatured judgment of the Committee, the above public meeting resolved to rely on, and therefore appointed ui to ascertain if the object could, be carried oat on the principlei laid down by the meeting, viz., to float a Company for the manufacture of. dairj

produce and other bunineßs incidental thereto, with a capital of £5000, in 1000 shares of £5 ca«h, and if eo to carry this object into effect nnd incorporate the Company unler tlio Joint Stock Companies Act 1882. This »« are, pleated to eay ia so far an accomplished fact that we have felt onrselve« justified in incorporating the Company and taking suoh other steps as, in our deliberations, were deemed essentially necessary. " A» you aro aware, one of our first aots was to issua a prospectus, setting forth the advantages of the dairy factory sjstem. We then appointed a broker for the ante of shares! and through the exertions of that officer, coupled with the warm sympathy our appeal has received throughout the whole of the district, we are now able to report to you that our share list has at the prestnt time 104 shareholders enrolled thereon, representing 509 shares taken up, on which taid number of shares the application fee of five shillings per share has been received and deposited to an account opened in tho Bank of New South Wales here, in conformity with an unanimous resolution passed that this shall be the Company's Bank. We now wish to direct your especial attention to this fact that more shares have boen applied for in this Company before commencing operations than in any other kindred institution around us. During the whole of tho time of Belling these shares our best nltention lisa been dnvoted to working out bucli (In ti» as was noeoseary to aicertain if wo were on tho right track. To enable us to do this two of our number were deputed to visit tho Ashburton and Temuka factories, and wo further worked out the cost of the wholo concern to the tiras whon the products ehhlt bo in marketable condition. We have »l«o obtained from tho Government, through tho he,l p of our esteemed member and coadjutor, Mr W. Poatlethwaite, tho services of Mr BowTon, who has notonly lectured to us but visited tho dairy portion of tbo district, and aided us by his counsel on tho mutter of costs, character of buildings, plant, and the probable profits obtainable from the milk of say 250 cows. Wo hive also received from Mr Uptin, architect, Timaru, an eatimnto on the same mailer, and Mr Postlethwaito has promised to procure for us from the Government, the copy of plans and specifications of buildings, &c, so soon as they are available, together with the treatise ordored to bo written on the whole nubje.-t. Wo have further advertitcd for tenders for sites of land, adaptrd to tho requirements of a factory, and deputed four of our mcaibera to visit, the four Biles offered to ui, and wo have unanimously accepted the offer of the fito which appeared to us to be the mo*t advantageous for our purpose. We have, continued our work as fur as wo possibly could without being a corporate company, and now that our certificate of incorporation ia to hand our duties as provisional directors cease. "It only remains for you to confirm our proceedings and e'ect tho permanent Board of Directors. Wo havo given you a liviDg corporate existence, with a perpetual succession, feeling /ully assured that with care and buii ness aptitude this first important venture in our midst i< but the beginning of a vast improvement in the resources and condition of our highly-fftvortd district. Thanking you for the confidence you reposed in us, by electing ut to the onerous duties of floating this Company, and wishing it every success, we resign our charge into your bands. " (Signed for tho Provisional Directors), "Wsi UrroN Slack, " Chairman. " J. Y. Wabd, "Secretary." The report was received with loud applause. M> R. Hammond proposed and Mr J. S. Waito eeconded and it was carried — "That the report as read ba approved and adopted." Mr Slnek then a iked the meeting to pass a resolution re payment of preliminary expenses incurred by Provisional Directors. This gave rite to a short discusaion. Ultimately Mr Dunlop proposed and Mr R. Taylor seconded, and it was carried — " Th«t tho Direr-tars bo empowered to examine the accounts of preliminary expenses incurred by tlm Provisional Director/", and to pay all rens >nablt> costs " The meeting then proceeded to the election of permanent directors. Previous to the • hareholdors recording their rotas, tho Chairman stated that the election of permanent Directors would take place by open voting, and that nine Directors were required. Dr Foster, then briefly explained the method of recording votei. A lengt hy discussion took place on the allocation of profits of the Coinpany while the last-named business was bring carried on, and a general opinion wai eipressed that it would be only fair, after paying a certain percentage to non-suppliers of milk, to divide tho balance, if aay remained, among suppliers of milk to the factory. Several speakers concurred in this idea, nnd expregfeil tbcalsolves ready to fall in with an arrangement by which all shareholders should receive, eay, 10 por cent on their capital, and that any balance of profits should bo divided amODg tbe suppliers of milk. Seventeen shareholders were nominated for election as permanent Directors, and the result of the voting was as follows : — R. Fish 371, W. Postlethwaite 290, R. H. Poitlxthwaite 878, W. Coltinan 255, J. Mundell 242, L. Grant 213, R. Skinner 211, N. Dmilop 203, W. Moore 200, R. H. Pearpoint 197, K. Bropliy 176, J. Cunningham 141, R. Taylor 130, A. Sherratt 130, A. Kelinan 127, K. H. Templer 109, J. Greg? 109. Mr Slack declared the first nine gentlemen on the list duly elected as permanent Directors of the Company. Totes of thanks to the provisional Directors and the Chairman were carried unanimously, after which the meeting terminated.