Cambridge Dairy Factory.

Waikato Argus, Volume XXV, Issue 3844, 27 July 1908, Page 2

Cambridge Dairy Factory.

ANNUAL MEETING. The annual meeting of shareholders in the above company was held in the Farmers' Club room at Cambridge the president Mr James Taylor occupying the chair. The whole of the directors were present and also about 100 of the shareholders. The annual report and balancesheet was read by the secretary, Mr M. Butler, as published in our Saturday's issue. The Chairman proposed the adoption of the report and balance-sheet. He stated that ever since the inception of the company it had been the custom to sell the output, and after careful consideration and persistent fighting they last year accepted IOJd for the past season's butter. As matters turned out they might have obtained a slightly increased price had they waited a little longer; but it should not be forgotten that the reverse happened the previous year, and the company was then very much better off by selling at the commencement of the season. The prices received for local sales had very materially assisted them, and enabled the company to pay out a price for butterfat for the season nearly equal to the previous year. The result of the drought experienced during the months of January, February, and March was responsible for a shrinkage in the output of butter to the extent of 41 tons; but given a favourable season during the coming year it was expected to exceed even the best previous output. The shareholders were aware a tender at £IB9O had been accepted for the erection of the new building.and the directors considered it would be best to finance the matter by way of overdraft from the bank. By this method the whole amount raised ought easily to be extinguished gradually and without anyone feeling the loss. It had been suggested that on the completion of the new building there should be an opening function, and it would be for them to decide what shape it should take.

Mr Robert Fisher seconded the motion, saying he considered the bal-ance-sheet was a most satisfactory

The motion was unanimously agreed to. On the motion of Mr E. Allen, seconded by Mr J. G. Ward, the motion passed on 21st March was rescinded. This motion was to the effect that the money for the erection of the new factory should be borrowed at 5 per cent, for a term of ten years, being gradually paid off during that term; whereas by the method proposed the debt would be liquidated in 20 years, it only costing Z\ per cent. It was explained that the company often had a considerable credit at the bank, and by keeping their building fund in the current account at the Dank they would frequently avoid having to pay interest thereon, and by writing off 5 per cent, for depreciation each year for a period of 20 years would extinguish the of the new building. The motion was carried.

The Chairman taid there were four vacancies on the directorate, caused by Messrs C. Lake, E. Allen, J. M. Hal!, and himself retiring, and the three last-mentioned were eligible for re-election. Eight gentlemen were then nominated for the positions, and the result of the voting was as follows: —James Taylor, 274; E. Allen, 271; J. M. Hall, 202; R. Swayne, 119; F. E. Ross, 108; E. Hardy, 89; A. McFarlane, 62; H. Ferguson, 48. Messrs Taylor, Allen, Hall, and Swayne were declared duly elected. Mr P. C. Forbes was re-elected to the position of auditor.

Mr J. McCann moved that the Government Auditor should do the work, but after being informed that his services could not be obtained, the motion was withdrawn.

A vote of thanks to the directors for their services during the past year was unanimously carried, special mention being made of Mr C. Lake, who retires and is leaving the district.

The question was asked when the creameries would commence operations, and the secretary stated that two of them had not stopped, and the others would start as soon as there was sufficient supply of milk available. It is expected the Hautapu Factory will be ready for work early in September, and it was decided to make the occasion a gala day amongst the farmers and their families, and a real good function will be arranged for that day.