MASTERTON CO-OPERATIVE DAIRY COMPANY, LTD.

Wairarapa Age, Volume XXIX, Issue 8209, 13 August 1906, Page 5

MASTERTON CO-OPERATIVE DAIRY COMPANY, LTD.

ANNUAL MEETING OP SHAREHOLDERS.

The annual meeting of tiie shareholders of , the Masterton Co-oper-ative Dairy Co., Ltd., waa held in the Foresters' Hall, on Saturday. Mr J. A. Renall, Chairman of Directors, presided, and there were about twenty shareholders present. In moving the adoption of the ireport and balance-sheet, which have * already been published in the Age, the Chairman said"—-"i wish to take the opportunity of explaining the progress made during the year. The share capital subscribed has been increased; ; since last year by £328 14s 6d; the fully paid-up shares increased by £125,' and twenty-six new shares have been issued.; The overdraft has been increased by £203 lis sd, which is more than acqounted for by the erection of a manager's house, and new and improved plant procured. The value of freehold premises has been increased by £227 17s 9d, and the plant increased by £49 lis. 2d. The stock in hand has increased from £136 18a 10d in June, 1905, to £456 in June, 1906, an increase of 319 Is 2d. The advanoea for butter fat last year were £1,248 12k 3d more than for the previous year, a very satisfactory state of affairs to the shareholders and suppliers. During last year the purchase of butter to meet the Company's looal market demands amounted to £877 Is 3d, against . £47 5s the previous year, an increase of £829 16a 3d. On this increased sum a satisfactory profit has been secured by the Company. The working expenses were less than the previous year by £l6 19a 6d. The interest on tbe overdraft wa3 £ll 2s lid more that! the previous year. Bad debts written off during the year only amounted to £7 7s lOd, a de-' crease of more than £36. The sale 9 for the year totalled £10,71Q 6s 4d, as compared with £9,966 18s for the previous year, an increase of £743 8a 4d. Taking everything into consideration I must congratuiate you on the progress of your Company during the period under review. The< present good state of the trade in England is largely due to the locking up of Siberia, through the unsettled state of Russia. When that country is again in a settled condition and free to compete in the market, there need be little to fear, as the increase of population at Home is steadily going on. The: population of England .aqd Wales was at | last published census 32,678,442, Scotland 4,472,103, and , Ireland 4,458,775, a total of 41,603,320. To give you some idea of these figures, England alone I would be able to consume the whole ' of the dairy produce of New Zealand in nine days, and still be looking for more. This fact shows the ulter absurdity of the proposal to dstablish some person in the Old Country to, pool the New Zealand produce, and regulate the market. It is satisfactory to know that not only is the Home market favourable now, but there is also a demand through* i out owing to the shortage. 1 With respeot to tbe "faking" that has been going on,' I am informed that this praotioe will be stamped out during the year by the Houi9 Government, who are taking the necessary legislative powers for that purpose. The employment' of good qualified expert graders in New Zealand has ueen followed by good results, their certificates being accepted as,, satisfactory, by all buyers in England. Ttoe New Zealand batter is admittedly equal to Danish and the equalisation of prices is only a question of time, : Danish butter having been long enough on the market to establish a name. You will be pleased to know that the freight is now reduced to 2a 4d per box. The output of our'faotory last year was 134% tons, an increase of six tons ' Over the previous year. Serious consideration should be given to the question of establishing a Sinking Fund in connection with the Company. The Directors have sold the whole of next year s output at the satisfactory price of j Id. This, I believe, is one of the highest prices paid for-New Zealand butter, and it will &nable the Directors to |Jay out moi'9. than previously (applause). It is probable that two creameries will be established at Martinborougb, as the Government have recently cut up large estates in that looality." Mr H. O. Bertlesen seconded the ; motion, which was carried unanimously. ■ After a brief discussion, it;w.as decided, on the "motion of Mr J. Penfoid, seconded by Mr,J.- Pratt, to leave the matter of proouring a gas producer plant for the factory in the han'is of the Directors for consideration at the end of the coming season. . ■ ■ . .■■ ■*" _ ' A diseussion took plaoe on the ques ion ot the establishment of a Sinking Fund,|and finally the Directors were instructed to alter the articles of the Company so as to allow o£ the shares being 'allotted and computed on the butter fat system. On the motion of the Chairman, the retiring Directors, Messrs Ri Kibblewhite, T. Wyeth and R. Wilton; were re-elected. Mr E. Thompson was re elected to represent Nikau on the Directorate. Votes of thanks were accorded the managers and officers of the Company and the Chairman.

MEETING Ob 1 DIRECTORS. A meeting of the Directors was held subsequently, when Mr J. A." Keuall was re-eleated Chairman foi" the ensuing year. : 1 Mr H. E, Watts, of Mangamaire,. was appointed to the position of manager of the Niksu Creamery. The Secretary was instruuted to: oall for tenders for the supply of firewood and butter boxes and the oarting of oreapa from the various oreameri §.