TEMUKA BUTTER, CHEESE, AND BACON – CURING FACTORY {LIMITED).

Timaru Herald, Volume XLIII, Issue 3719, 2 September 1886, Page 3

TEMUKA BUTTER, CHEESE, AND BACON - CURING FACTORY {LIMITED) .

9 The general annual meeting of shareholders m, the above compauy was held at the Wailingford Hotel on Tuesday evening, some twenty-five shareholders being present. Mr James Guild occupied the chair. TnE BEEOET AND BALANCE-SHEET For tho past year were presented. Tho former called attention to a reduction of £11 18s 3d on last year's balance, this being the total % actual profit on the year's working. Tho rause of the smalluess of tho amount was the united action of the milksnppliers forcing a rise m the price of milk from 3£d to over 3^d by lowering tho weight of the gallon from 111 bto 101 b. This left a very narrow margin j had any ono shipment turned out badly the balance would, have been

on the other side, and unless suppliers arc prepared to consider the welfare of the company, they might- easily cause a collapse of the undertaking. The report congratulated the shareholders on the fact that the factory had shown itself self-supporting m a bad season for milk, and had been tho means of distributing over £2000 of Australian money m the district. During the past year 100,082 gallons of milk had been received, at a cost of £1553 Is Bd. From this 98,6161 bof cheese had been made, and sold to nn Australian firm at a fair price. Soveral enquiries had been made for next season's make. The financial position of the company was, briefly, as follows ; — Due to tho bank, £7^9 16a lOd ; duo on calls, £331 8a lOd, good money; due for cheese, £92 6s 9d ; cheese m stock, £228 5s sd ; total, £652 Is lOd, loss £20, outstanding accounts. The sum totnlof the company's indebtedness, therefore, is £1-17 15s 10d, and tho land and buildings are ontirely unencumbered. While admitting that there was no dividend, the report reminded shareholders that this wbb only the third season of tho company's opoi'ations, and pointed out that it was instrumental m distributing large amounts of Australian money m the place. It further stated that MrSamuol Bowman had been appointed manager for next season, and that certain elections would have to he made at the present meeting. THE BALAKCE SHEET Showed total receipts of tho year to bo £3610 18s 3d, of which £2410 19s 7d was for cheese The expenditure was £2300 15s Id, tho chief items being salaries, £275 7s 4d ; law charges, £to 9s fid; interest aud discount, £72 11s 10d; milk, £1553 Is 8d ; cheese boxes, £111 143 6d. Mr Guild moved tho adoption of the report, tho motion being seconded by Dr Hayes. Somo discussion ensued, the general opinion being that 3Jd wns quite enough to give for milk. Tho report and balance sheet were finally unanimously adopted. THE DIRECTORATE. On tho motion of Dr Hayes, seconded by "Sic George Mason, a vole of thanks was passed to the retiring directors, Messrs Guild and Postlethwaite, who have resigned their position, and Messrs Austin and Barker, who retire m due rotation. On the motion of Mr Twomey, seconded by Mr .Scott, Messrs Austin and Barker wero reelected. On the motion of Mr E. Brown, seconded by Mr Frew, Mr George Meson was elected a director. On tho motion of Mr Mason, seconded by Mr K. Brown, Dr Hayes was elected a director. Mr Bout was re-elected auditor, and the meeting closed with tho accustomed compliment to the chairman.