DAIRY FACTORIES.

Star (Christchurch), Issue 17346, 29 September 1924, Page 3

DAIRY FACTORIES.

CAM DAIRY PRODUCE COMPANY. ANNUAL MEETING. The eighth annual meeting of the * Cam Dairy Produce Company Ltd. was held at. the factory, Rangiora. on Sati urday afternoon, and the gathering 1 was, as usual, of both a business and * social character. There was a large attendance of suppliers and their l wives. Air W. Stalker, chairman of 1 directors, presided, and he was supJ ported by a full representation of the directorate The directors, in their report, conL gratulated the shareholders on the i very satisfactory financial position of ' the company The profit and less account showed a net surplus of £27-12 19s Id on butter and £1047 3s lOd l on cheese on the year’s operations. i r I hey proposed to pay a bonus of a halfpenny per lb. on butter and three \ farthings per lb. on cheese, and 8 per [ cent dividend on paid-up capital shares, also to make the March payi ment for butter fat up to Is od per ! lb., and to place £3OO to the reservefund account. The payments per lb. . for butter fat for each month of this- - year were August, September and Oc- . tober Is 4d, November and December Is sd, January and February Is , Gd, March Is sd, April Is 3d, and Tune and July Is od. The total amount of cheese manufactured was 409.9201b5., and butter 574,3111b5. The balance-sheet, presented showed a satisfactory profit on the year’s working. In moving the adoption of the re- . port and balance-sheet the chairman 1 said the past season had been unsatisfactory mainly owing to adverse. 5 weather conditions. The record flood in May followed by a dry spring causI ed the soil to cake hard, and in con- > sequence the growth of the grass was l adversely affected to a- serious extent. During the year the output of cheese had been 183 tons, as compared with 256 tons made the previous year. All the cheese had been consigned to the London market. Prices had fluctuated a good deal, but were steadier than in the previous year. The butter prices had beaten the cheese, but they ’ believed that in the present season the reverse would be. the case. . During the past three years a whey i butter plant had been run in connection with the cheese mak- ’ mg, and had proved very successful. The output of butter for the season was 256 tons. This was a considerable > drop compared with that of the previous season. The adverse weather „ conditions largely accounted for this. Competition in the London mar- - y et was . becoming yearly more keen, with Russia. Canada. the Argentine and other countries , in the field. The Governmelll had risen the first grade butter from 8b points to 90, and it had now been agreed that the butter-fat. should ‘ be paid for according to grade which he considered was a most just arrangement. A basic price would l>e fixed for first grade, and payment would , be made at the rate of Id per lb for butter fat above the first grade test, and Id per lb below first grade. He did not anticipate trouble over this arrangement as there was verv little second grade cream sent in to the factory. Mr Stalker then referred to the importance of herd testing, illustrating the benefits from his own experience. I he chairman’s motion was seconded hv j\lr P. Maddisori without comment. Messrs A. Pickering and T. Cutler asked for more detailed information regarding some of the items in the balance-sheet, and their queries having been replied to by the chairman and Mr D. \V. L. Mehrtens, the motion was carried. The secretary announced the result of the ballot, for the election of directors as follow s : William Forrest 145 votes, Duncan Pittig 149 and James C. Mitchell 40. The first tw r o named, who were the retiring directors, were declared elected. Messrs J. Marshall and O. J. Jennings were re-elected auditors. With reference to a proposal to amalgamate the three co-operative dairy companies—Central. Tai Tapu and Cam the chairman informed the meeting that a preliminary discussion concerning it had taken place at a meeting held in Christchurch last week, and further consideration was deferred to another meeting to he held at the latter end of November. On the motion of the chairman, a hearty vote of thanks was accorded to the manager (Air S. G. Jones) and his staff, and to the secretary, Air W. R. Pike. The motion w as acknowledged by the manager and secretary, and this concluded the business. Afternoon tea was then served.

TAI TAPU COMPANY

The thirty-sixth annual general meeting of the Tai Tanu Co-operative Dairy Company, Limited, was held in the Town Hall, Tai Tapu. on Friday. Mr H. E. Peryman presided over a good attendance of members. The chairman said they were all very pleased to see Air C. P. Agar, the general manager, back, and to report that his health was greatly benefited by his 1 trip to the Old Country. The chairman, in his address, said that again he had the pleasure and privilege of submitting a balance-sheet 1

showing another successful year in the history of the company. Owing to the dry soason, the output of the company showed a decline, but it was pleasing to record that the percentage of decrease in the case of Tai Tapu was the lowest in the province. The directors I had continued the policy of writing substantial depreciation, and thus improving the company’s financial status. The past season had been noted for marked fluctuations in prices, and the directors, believing that the market could only take a downward course, sold from time to time last season’s exportable output. This course proved correct spread over the whole season, though the earlier sales did not compare favourably with consignments. It was pleasiug to record interest account to credit £291, which, in view of the heavy financing necessary owing to the reorganisation of the business from Tai Tapu to Christchurch, reflected credit on the management of the business. Again it was his privilege for, he believed, the sixth year in succession, to report that the company’s business for the year had not required the writing off of one penny piece as bad debt. This season it was proposed to collect cream in Wainui, Ohorlton and other districts, and so that suppliers woul ; understand that this cream (which undoubtedly would cost more to collect than the average) was causing them no loss, he would like to explain that suppliers from Ohorlton and these districts were paying a substantial grant towards the cost of this cartage. Grading of cream had been in operation in the North Island for some time, and the directors decided to join in with the other companies in giving this scheme a trial in the South Island. The motion for the adoption of the report and balance-sheet was moved by the chairman, seconded by Air H. J. AJacartney and carried. In discussing amalgamation of cooperative. companies, Mr C. P. Agar said that what his board of directors had to decide was whether it was their duty to consider the dairy industr generally or in particular the interests of suppliers to the Tai Tapu Co-opera-tive Dairy Company, Ltd. He explained the practical working of the cartage routes and costs, and said that no great saving would be effected by amalgamation, rather would the sharing of routes w ith those of other companies increase the average cost of the transport charges. Air F. Miller said he came to the meeting in favour of amalgamation and urged the directors to give it their most careful consideration. Air R. Alacartney said the directors were not in favour of trusting the management of the Tai Tapu Company to the direction of management of any other concern. Everybody knew of experiences where large financial interests had amalgamated which had net always increased their efficiency or earning powers. Suppliers had received best service and results. T hey were quite prepared to consider absorption or to take over other companies on terms mutually agreed. Air T. Quayle, one of the earliest shareholders of the company, said that the directors were all practical dairy farmers, and they had told the meeting that they had given the matter due consideration. He felt the meeting should support them, and would move;—“That this company is not prepared to consider amalgamation of the respective co-operative companies, but is prepared to discuss absorption and proper representation with any company desiring same.” Mr T. O. Alorgan seconded the motion, and said he was not in favour of the Tai Tapu Company losing its identity. Tai Tapu had always returned highest prices for fat to its suppliers and he did not see why it shorn amalgamate. The motion on being put was carried unanimously. All* F. Hubbard stated that this was the chairman’s twenty-first annual meeting as chairman of directors, and that as Air Peryman had served the company as a director for thirty-six years, and was also reaching that day his three score years and ten. he, would move-—“ That the shareholders and suppliers of this company in annual general meeting assembled, congratulate Mr H. E. Peryman, chairman of directors, on reaching his majority as chairman, and hope that ho will be spared many years to serve this company, and thank him for past services.” The motion was seconded by Air R. Alacartney and carried by acclamation. Air T. O. Morgan brought up the question of electrical charges, and the chairman promised this matter would receive attention. The chairman moved a hearty vote of thanks to the manager and staff for their services, particularly for their loyalty during Air Agar’s absence. The motion was carried. Air T. O. Morgan moved a hearty vote of thanks to the directors. The motion was seconded by Air F. Aliller. and carried by acclamation.