CENTRAL DAIRY COMPANY.

Star (Christchurch), Issue 5656, 29 August 1896, Page 5

CENTRAL DAIRY COMPANY.

ANNUAL MEETING. The fourth annual meeting of the shareholders of the Canterbury Central Cooperative Dairy Company was held at noon to-day, in the hall of the Chamber of Commerce. Mr John Henry, chairman of directors, presided, and there was a good attendance. directors' report. The report of the Directors stated that the year commenced with a debit balance of .£1378 2s lOd and closed with a credit balance of .£526 Is lOd, showing a profit on the year's transactions of .£1904 4s Bd, which mast be considered very satisfactory under the circumstances. The directors recommended that the credit balance of .£520 Is lOd be appropriated by writing off the total amount of unapportioned reclamations, viz., .£l5O 15s 3d, and by reducing the items preliminary expenses by .£lls 16s lOd, and machinery and plant account by .£IOO, leaving a balance of .£159 9s 9d profit to be carried forward to the new year. The total v. eight of milk supplied during the year was 13,175,9761 b, from which 512,3051 bof butter was manufactured, showing an average of 25721 bof milk to lib of butter. Butter sold locally amounted to 326,3791 b, and for' export 179,5921 b, the average price obtained being 9|d per lb. The directors urged the shareholders to keep up the supply of milk, and thereby reduce the cost of making the butter. They also urged the absolute necessity for careful aeration and cooling of milk. The Company's butter, it was stated, had held its place in the markets and had given entire satisfaction. The question of some remuneration of the directors was raised, and it was recommended that some provision should be made for the same. The profit and loss accoxxnt was as follows : — To loss 1894-5 £1378 2s lOd, error in share account 1894-5 10s, loss on stock of milk cans .£49 0s 6d. General expenses —Discount and interest .£3BB Os sd, interest National Bank of New Zealand ,£IOO 19s 6d, insurance .£36 10s, salaries .£384 9s 3d, storage £132 11s 6d, office rent .£52, rates •£6 9s Bd, auditor's fees (two years) .£42, samples £2 2s 3d, stationery and printing, &a, .£4O 13s 6d, working- expenses at creameries .£1787 17s Id, Addington .£1894 4s 3d, bad and doubtful debts .£23 5s lOd, profit .£526 Is lOd, total .£6844 18s sd. By gross profit on butter sold .£5297 2s 7d, buttermilk .£147 Is sd, aerators £1 6s 6d, transfer fees 10s, forfeited shares .£44 8s 9d, butter stock .£1354 9s 2d, total .£6844 18s sd. The Chairman congratulated the shareholders on the satisfactory balance-sheet and the success of the last year. It was, he said, a pity that some of the gentlemen who had spent so much time in initiating the company and bringing it through its early struggles had not had the pleasure of presenting- such a balance-sheet. The company had, however, reached the turning, and was slightly round the corner. There was still a good deal to do to make the company's operations a complete success, and he would mention one or two things which needed close attention, especially from the directors. They were troubled with a mortgage which bore a hip-h of interest. There should, he thought, fc«a recognised sum set aside to create a sinking fund and a dividend fund. They had about ,21600 of uncalled capital, and he thought they could reasonably ask the shareholders to fully pay up their shares with an understanding that they should receive a dividend, of say, 5 per cent. Ceuld they do this, they would be able to pay off part of their mortgage, Bay .£IOOO, and borrow money at 5 per cent. This would enable them to save £175 a year on the interest account. He thought they should establish an office and cool chamber at their factory, whereby they would save =6210 a year. The advantages of haviug sold their snrplus butter here instead of shipping it had been manifest. They had sold it to Messrs Steeds and Co., who had transferred the contract to Messrs Wood Bros, who had carried it out most satisfactorily. They had had about a hundred and thirty-two thousand pounds less butter to deal with thisyear than last. Had the supply kept up to what it had been last year, it would have made a difference to them of .£llOO. The savings on the working expenses fund had been .£640, a considerable sum, but not equal to the loss. If they would provide an interest and sinking fund, the shareholders would get a little more than they now did on their butter. If they were to get the full benefit from their machinery, and the shareholders could not supply sufficient milk, it would constitute a strong argument in favour of faking milk from outsiders, a question which had been raised previously. He would refer to the question of testing milk, and in this connection he might say that for the first six months of last year it took nearly 28ib of milk to make a pound of butter, and in the last six months it took just under 231 b. Some people seemed suspicous of the tests, but the low test of the first period was due to the poor quality of the milk, the result of the bad weather prevailing in tho winter. The quality of their butter was very satisfactory, and it was very popular, especially in the local market. The Directors were making some alterations in the factory, with the object of minimising the effects of hot weather. It was impossible to predict what the position of the market would be, especially in view of what had happened in the Home market last year ; but there was no reason why they should not anticipate ft fairly successful year's business. The Directors had much pleasure in testifying to the care, i:?al and ability shown by the employes during the patt year. He moved the adoption of the report and balance-sheet. Mr E. Hamilton seconded the motion. After a lengthy discussion, during which several questions were asked and answered, the motion was carried unanimously. Mr J. Eennie moved—" That this meeting empower the directors to provide a sufficient fund to pay tho executive officers." Mr M'Lean seconded the motion, which was carried, and it was agreed that the amount of remuneration should be fixed by the directors. Mr O'Neill moved— "That the directors be instructed to take steps to call up the uncalled capital." Mr Woodward seconded the motion. Mr Evans thought it would be better to issue fresh capital. It would be undesirable to call up the whole of their capital, as it should be left at security for purposes of financing. After some discussion, the Chairman said that he thought he could not, in accordance with the Articles of the-Asso-ciation, put the motion, but he was very glad it had been moved, as it had raised a useful discussion. It would be a better course to issue 500 new shares, and thus get an additional .£IOOO. (Hear, hear.) Some shareholders intimated their intention of taking up new shares. ELECTION OF OFFICERS. Messrs E. Evans, J. Miln and E. Withell, three of the retiring directors, being the only candidates nominated, were re-elected, and the Chairman stated that Mr F. Watson, the other retiring director, who had the option, under the rules, of serving another year, had decided to do so. Mr E. Hill - Fisher was re - elected auditor. Votes of thanks were passed to' tho employes, the Chairman and the directors,, and the meeting closed. Fifty-two islands have appeared (by aid! of volcanic action) during the present, century, and nineteen have disappeared — have been submerged. This makes a net. gain to the earth of thirty-three -, islands. ] Railway construction in Japan, which , was interrupted by the war in China, has been resumed with great activity. A sum of 25,000,000 yen has been voted for the construction of a double line from Tokio to I Kobe ; the line will be 376 miles long. Twenty-five years ago there was not a single line of railway in Japan. In March, 1895, there were in that country twentynine railway companies which haveobtained concessions, and 1549 miles -have been - jppenediar txafliG.