EUREKA CO-OPERATIVE DAIRY COMPANY.

Waikato Argus, Volume XXI, Issue 3259, 17 August 1906, Page 2

EUREKA CO-OPERATIVE DAIRY COMPANY.

The annual general meeting of the shareholders of the above company was held at the Public Hall, Tauwhare, on Wednesday. There was a full attendance of shareholders, and Mr John Gordon (chairman) presided. The report and balance-sheet for the year ended 30kh June last was read as follows Your directors have much pleasure in submitting the second annual report of this company, and have no doubt but that the position and results as per balance-sheet and profit and loss statements furnished will be most satisfactory to the shareholders. The quantity of milk received for the 1 season was 5,229,8221b, and it took an average of 24’511b to make lib of butter. Advances were made on 194,0811b of butter-fat. Butter sold and in stock amounted to 213,3351b, and from each lib of butter-fat ITOlb of butter was made. Suppliers have already been paid for their butter-fat at the rate of 7jd per lb = £6,065 Is; and after providing interest to the shareholders on their paid-up capital at the rate of five per cent, there remains a surplus of .£1682 19s 9d, which your directors purpose to distribute as follows: (a) Payment of a bonus to suppliers of 2d per lb on butter-fat (£1,617 Gs lOd), making a total payment for the season of 9*d per lb ; (b) the balance we would recommend to be written off the plant account for depreciation.—Your directors have again secured the services of Mr Jackways (as manager) and his staff for the coming season; also Mr John Edgecumbe as secretary. —Mr Jno. Gordon and Mr James Shaw retire from the directorate by rotation, but are eligible for re-election. You will also require to elect a director in place of Mr Wm. McHardy, resigned. It will also be your duty to elect an auditor. Mr Panton’s services will again be at your disposal. Capital account—Debit: 5000 shares at £l, £SOOO. Credit: Shares issued (£1296, less balance due on same £ll7 7s 4d) £ll7B 12s 8d ; amount unpaid on shares issued. £ll7 7s 4d; shares allotted, £3704 ; total, £SOOO. Liabilities and Assets —Debit: Bank of New Zealand overdraft, Juno 30, 1906, £1240 12s ; unpresented cheques £165 8s lOd; interest accrued to June 30th, 1906, £l7 Is ; shareholders capital, 1905, £lOl4 7s Id ; do., 1906 £164 5s 7d; amount owing for milk June 30th, 1906, £72 16s sd; unclaimed dividends, XOs 6d ; balance to credit profit and loss account, £1733 14s Id total, £4408 15s 6d. Credit: Land £3ll 15s 9d; buildings, £1266 14s 6d plant and chattels, £2346 11s 2d stores, coal and boxes on hand, £B6 5s

butter in stock, 30th June, 1906, £264 15s; sundry accounts owing for butter, jEII2 4asd; amount due by Tauwhare suppliers for skim milk weigher, £2O 9s 8d ; total, £4408 15s 6d, Receipts and Expenditure—Expenditure : Milk account, paid to suppliers, .£6065 Is ; wages, .£463 17s 8d ; repairs and maintenance, -C22 12s 6d; stores, .£7O 9s 2d ; coal, £126 Is 4d; butter boxes, .£l9l 5s 3d; rates, .£6 12s Id; office expenses, £22 10s 4d ; sundry expenses, £l2O Is ; insurance, .£3B 15s Id; railage, ,£BO 4s Id ; freezing, £B7 Is ; cartage, £BB Is 4d; interest and exchange, £U3 10s 6d ; balance for distribution, £1733 14s Id , total, £9129 16s sd. Receipts: Butter account, £9lOl 16s sd; batter milk sold, £2B; total, £9129 16s sd. In moving the adoption of the report and balance sheet, the chairman said: In presenting to you our second annual report and balance sheet it is very gratifying to me to place such a prosperous report before you. Two years ago, when we launched out on our own none of us ever contemplated that we would be able to show the same returns as we have now before us. It is not necessary for me to go into every detail. From the returns you will see that we have had a considerable increase in our output, and I hope to see this continue. Prom our share list you will see that we have now 1296 shares taken up, and I hope to see many more taken up by new suppliers becoming shareholders. During the year we found it necessary to add to plant account the cost of sinking two wells and laying the same on to the factory. As far as my knowledge leads me I do not think anything will be required now for years, with Xhe exception of general repairs, a new cooling tank, and some alterations in the same connection, which are in hand. This being so. I will hope to see a much larger sum written off on buildings, plant, etc. The quality of our output in butter must be pleasing to every shareholder. Mr Thornton, the Government grader, told me that our output had been very uniform in quality. A sample box of our butter was shown at the last conference as a specimen sample of what butter ought to be. Mr Bevins gives a like report, which comes from the consumer at Home. These reports must be very gratifying to Mr Jackways (our manager) and his assistants, to know that their manufactures have come so well to the front, and now with the better supply of water we will hope to see still better results as, to my way of thinking, there is no such a thing as standing still. In conclusion, I may say that the prospects for the coming season are exceedingly bright, as your directors have already received offers for our output in advance of last year’s prices. The motion was seconded by Mr Jas. Shaw and carried unanimously. The following were elected directors : Messrs Jno. Gordon, Jas. Shaw, and J. R. Hetherington. Mr J. C. S. Panton was again appointed auditor. After taking a vote it was decided that 7jd per lb for butter-fat should be paid to suppliers during the season, which it was decided should commence early next week. A vote of thanks to the chairman and directors concluded the meeting.

At a meeting of directors held after the general meeting, Mr John Gordon was appointed Chairman of Directors.