ANNUAL MEETING

Waikato Independent, Volume XXII, Issue 2581, 5 August 1922, Page 5

ANNUAL MEETING

BRUNTWOOD CO-OP. DAIRY COMPANY, LTD.

The eighth annual general meeting of the Brnntvvood Co-operative Dairy Company, Ltd., was held in the Oddfellows' Hall, Cambridge ,on Friday afternoon, commencing at .1 o'clock, when there were present all the directors and about 30 suppliers. Mr H. J. Ambury, chairman of directors, presided over the meeting. ♦ After the minutes of the last annual meeting had been read and confirmed, the annual report and balance sheet, as circulated was brought before the meeting for discussion and adoption. The report was as follows: Report and Balance Sheet

The balance sheet was presented, together with the annual report, which read as under: —

Your directors have pleasure in submitting their report for the year's work.

During the year advances have been made on account of butterfat at the average rate of 1/Vj per lb butterfat. The quantity of milk received at the factory,for the season 1921-1922 was 9,284,2151b5, yielding 364,299.411bs butterfat. This made 9<33,2521bs cheese, or 430 tons S2lbs. It took 9.6381bs milk to make lib cheese, and lib butterfat produced 2.G441bs cheese. The average test for the season was 3.924. The average grading for the season was 01,25. Cost of manufacture was I.7Sd per lb cheese'. , Profit and Loss Appropriation Account shows a balance of £1503 17/3. Of this amount your directors recommend that a 5 per cent dividend be paid on the 1920-1921 paid up capital. This will absorb £173 15/2, leaving a balance of £1330 2/1. This will allow of a bonus of 0.87 per lb. butterfat being paid. Your directors were able, in June, to dispose of the unsold portion of cheese made, with the exception of the shipment of 120 crates by the s.a. "Durham," which was despatched to the west coast ports of England. It is very gratifying to be able to report that during the past season this Company has secured the third place in the Average Competition for the Port of Auckland, and still more so to be able to. say that this Company secured the leading position in the Grading Competition at the Auckland Winter Show, which carries with it the Scott Memorial Shield. The credit for this achievement lies largely with the Supplier for having delivered milk of first grade quality, together with our capable Manager, Mr L. Marceau, and his staft. It is trusted that all will excercise the greatest care in handling their milk this next season, so as to enable our Manager to again secure the same honours.

It has been necessary to install a now boiler of 30 h.p., and your Directors anticipate that they will be able to make a considerable reduction in the cost of fuel this coming season.

In anticipation of an increased milk supply and with the desire to improve the condition of our Cheese, alterations are being made to the Factory which it is hoped will achieve the results anticipated.. To cover the loss of these alterations and to spread the same over a number of years, a levy of 1-Sd per lb. Butt erf at has been made. —H. J. Ambury, Chairman. Auditors' Ecport On the request of Mr W. K. Watson, the auditors' (Messrs Sanson and O'Meara) report was read, which was as follows: — It will be noted that the stocks on hand at. the close of' the last financial year did riot realise up to the estimated amount by £094 5/7. This was due to the fact that your shipping agents last year had sent through a pro forma invoice showing that the "Maimoa" shipments had realised 105/ at Home, the total net amount of the shipment being shown at £3850. When the final account sales came through some months later, it was found that the shipment had actually realised £3865.; Obviously the shipment was taken in at the figure previously advised and this accounts for £485 of the deficiency. Several of the. other shipments realised little more than, the estimate. The "Wkakatanc" brought £205 less than the estimate. Your directors will no doubt have explained that this boat arrived on a particularly bad market, and the prices realised were disastrous. We have made this explanation in detail as we want it to be clearly understood that the directors and ourselves were iu no way to blame for the overestimate on the stock values. The position really is that the suppliers for the 1920-21 season have been over-paid and even after taking into account the small surplus which had accumulated from previous years, there is still an amount of £527 4/5 to be recovered. We understand that the directors are making Home proposition in. regard to this amount. We want to express our appreciation of the .manner \n which Mr Bellamy has kept the accounts for the past year, Those have been quite

| well presented and the vouchers have been in order. 1 Balance Sheet A discussion took place concerning several items in the balance sheet. Mr Kelly drew attention to the £4OO 2/10 which had been expended on additions to the factory, and wished to know whether the increase in wages that the extra work entailed was justified by the increase in output. The secretary stated that tho increase in wages was 16 per cent, while the increase in output was 47 per cent. Under the conditions the money had been well spent. Mr W. K. Watson said he would like further explanation concerning the £694 5/7 over-estimate on cheese, as shown in the Profit and Loss. Appropriation Account. According to the balance sheet, the money to make up this over-estimate had been taken from the profit aud loss account. This meant that now suppliers' money was being used to pay of!.' over-payments to last year's suppliers. The secretary assured Mr Watson that tho directors had no intention of making new suppliers liable for last year's over-payments. The chairman pointed out that tho over-estimate in the cheese price had been no fault of the directors, as would be seen from the auditors' report. They had paid out according to the pro forma account supplied by Messrs Wright, Stevenson and Co. To re-col-lect the amount overpaid, the directors suggested deducting it from the old suppliers' cheques in the flush months of the coming season, instead of taking it off the .S7d bonus now due. They had considered this method would bo more favourable to the suppliers as they would be in a better position to stand the deduction later on than they were now. However, in the case of suppliers who would be leaving the Company before that time, the deduction would be madr from their .bonus. Tho adoption of "tho balance sheet was then moved by Mr D. Davis, seconded by Mr A. E. Callaway, and carried.

Election of Directors Messrs Campbell and Watson were appointed scrutineers for the ballot for directors/ The nominations for vacancies as printed on the report were: A. E. Callaway, F. Discombe, J. E. Duncan, C. H. Hargreaves, W. Miller, J. Steenson and J. Watt. Messrs J. E. Duncan and C. H. Hargreaves withdrew before the ballot. /* The result of the votings/was:—F. Discombe, 73; W. Millciytf7; J- Steenson, 01; J. Watt, BIjJL E. Callaway, 24. Messrs and Steenson were declared elected. Notice of Motion. Mr F. Discombe's notice of motion was discussed and was as follows: — "That the resolution standing in the name of Mr J. C. Potts in the minutes of the annual meeting held 29th July, 191(5, that the words one year be substituted for the words three years in the two clauses of No. 20 of the Articles of Association, be rescinded, and that the words three years be reinstated in both clauses." ' Mr Discombe said his reasou for bringing this matter up was that he thought new suppliers should assist in the payment for the improvements to the factory. If these suppliers signed up for three years they would thus be assisting the Company. The motion was seconded by Mr Potts.

The chairman considered that now the Company was in a better position it was not necessary to ask suppliers to sign up for three years. An amendment that the matter be deferred for twelve months, proposed by Mr J. W. Bartlott and seconded by Mr J. Vincent, was carried. Auditors Messrs Sanson and O'Mcara were reelected auditors to the Cmopatiy. Directors' Remuneration Mr Thompson moved that the directors be paid a remuneration of 10/ per day for their services. Several suppliers thought this was not sufficient, and Mr Davis moved, as an amendment, that the chairman be paid £SO per annum and the directors £.lO per anmvm each. —Carried. Votes of Thanks. Mr Davis moved a vote of thanks to the chairman, directors, manager of the factory, and staff. This was seconded by Mr Watson, who mentioned especially the services of the manager, Mr L'. Marccau. The motion was carried by acclamation. Future Prospects Mr Uobertson, the representative of Andrew Clements, the Company's eon-: signing agents, addressed the meeting on the coming Reason's prospects. In his remarks he congratulated the Company on the high quality of its cheese. He said a low market was always a good test of the quality, because the buyer picked out the best product. The Bruntwood cheese had stood the test during the last season. At present, he said, the prospects for the coming season were vague, especially in choose. Butter had an elastic market, as it could take the place of margarine when the market was low. The only way in which cheese production could bo increased was bv competing with fish.

frozen meat, etc. Almost everything depended on the climate during the season —that is, whether the season were a late or early one. From general reports from Home, the prospects pointed to this season being much brighter than the last, provided the climate-was good. Mr Uoborison was thanked by the chairman for his remarks.