GERALDINE DAIRY COMPANY

Timaru Herald, Volume CXLV, Issue 21154, 29 September 1938, Page 13

GERALDINE DAIRY COMPANY

DIVIDEND TO BE PAID RECORD OUTPUT “We are on the brink of a very serious crisis,” said Mr B. Lafrentz, chairman of directors, when speaking to shareholders at the annual meeting of the Geraldine Co-operative Dairy Company, Ltd., at the factory, Pleasant Valley, on Tuesday evening. “I think as Britishers, we can put our confidence in the old British Navy to get our goods through,” continued Mr Lafrentz, who said that often they all had grumbled about rearmament but it was that fact that kept their waterways open to the Old Country. In discussing the report and balancesheet, which was adopted on the motion of the Messrs C. Wilks and H. Rowe, the chairman said all would agree that the season had been a good one. There had been an output of 74 tons which was a record for many years. In the 1936-37 season, the first under the guaranteed price, the payment amounted to 1/1 per lb, and they had been able to pay a IJd bonus, making a total payment of 1/24 for the season. With a 2d bonus this season the payout amounted to 1/44 which was very satisfactory and compared very favourably with the payout of neighbouring dairy companies. Mr Lafrentz said that credit was due to the manager, Mr A. A. Coleman, who had kept the overhead expenses down. The quality of the output was very good, and the grading to the competition m Timaru was only separated by fractions. The 'actory had done very well seeing that it was the only non-pasteurised factory to the district. Dividend to Shareholders It was decided to pay a dividend of 5 per cent, on paid up capital. Mr Lafrentz said they were wiping off the old loan of £7O on the original loan of £lBOO when the factory had first come into being. The chairman paid a warm tribute to the factory manager, and the secretary (Mr W. McClure' who had done their utmost efficiently to conduct the company’s affairs. The directors appreciated the co-operation of the shareholders and suppliers; such cooperation made all the difference to the work of the directors. In sending the motion Mr C. Wilks cordially endorsed the chairman’s remarks, and said the season had been a very good one which was due to the officers, manager, and the secretary. On the motion of Messrs C. Wilks and A. J. Easterbrook it was unanimously agreed that a bonus of £5 be given to the manager and the secretary. Three directors, Messrs A. J. Easterbrook, H. B. Rowe, and W. T. Turner, who retired by rotation, offered their services for a further term and were e-elected, Messrs G. Bailey and G. E. Mattinson were elected to fill two vacancies. Mr B. Lafrentz was elected chairman of directors, and Mr A. J. Easterbrook deputy chairman. Mr C. S. Fraser was re-elected auditor. A vote of thanks was passed to the chairman of directors for his services as chairman during th e last seven years.