Greytown Butter and Cheese Factory Co.

Wairarapa Standard, Volume XIX, Issue 1857, 14 July 1886, Page 3

Greytown Butter and Cheese Factory Co.

The annual meeting of tbe shareholders of the Greytown Batter ani cheese Factory Company (Limited) was held at the office of the Company on Monday afternoon. It was after some beating about that Mr F. H. Wood managed to get a quorum, and even then a number ,of dairy farmers were conspicuous by their absence. Mr W. C. Cuff was called to the chair, and read the advertisement calliug tbe meeting. The minutes of last general meeting were read and confirmed. The Chairman read the following report Annual report of the directors of the GBEYTOWN BUTTER AND CHEESE FACTORY COMPANY. LIMITED, FOR YEAR ENDING 30lH jcne, 1886. Yonr directors, in making tbeir annual report for the past season, have pleasure in being able to state that the operations of the Company have been more successful than (or the previeus season, but have not been so good as they would faave wished, owing principally to the short supply of milk, the unusually dry summer having interfered very materially with tbe supply, the daily average for the season being only 330 gallons ; (be profit made on tbe season’s work is £B6. Sixty pounds of which has been absorbed by tbe loss on [a shipment of one ton of 1884-85 cheese sent to London, which was expected to realise about £66, and was estimated at that as an asset in last balance sheet, but it only realised £ls stg. There was also a loss on other cheese that was estimated at its full value, bat had to be sold at a low price; the actual nett profit after providing lor these legacies of the previous season is £26 15s 7d, as shown by the balance sheet. The present stock is estimated at a price that can be obtained at once for it, but your directors hope to realise rather more. The factory during the season has been under tbe management ef Mr George Bhaw, who was appointed at tbe commencement of the season, and has carefully attended to bis duties ss evinced by tbe very superior qnafity of tbe .cheese manufactured, yonr directors being assured by all who faave dealt in it that it is tbe best in the market, and commands the highest price. There has been 51,081 gallons of milk received, which made 56,7891bs of cheese, tbe actual working account of which shows a profit of £146 including whey sold as against a loss of £73 last year, which may be con aidered very satisfactory, considering tbe verj small quantity of milk operated upon. This shows (bat if tbe debt to the Bank was capitalised making with what is actually paid up £I2OO, the Company conld have paid a seven per cent dividend, and given a half, penny extra (or milk. Yonr directors arc more than ever convinced that if sufficient capital to work tbe Company free of debt was subscribed by milk suppliers, and the concern worked as a co-operative Co., it could be made to give a very handsome return. What is required i« that tbe capital should be increased to £I6OO, which would clear ufl tbe present floating debt, and pey for putting in labor-saving machinery. If the compact were pat on this footing, and tbe supply ot milk increased to seven or eight hundred gallons per day your directors believe that milk supplies conld realise from 4J to 5d pet gallon for their milk besides getting a fai dividend on the capital invested. • It is necessary that more satisfactory arrangements are made with farmers for the supply of milk, and that proper agreement? are signed by those supplying the factory that they will keep up the supply promised, am l not send milk one week and keep it back tin next. Yonr directors have every reason to believe that the supply of milk will be largei next season than for the past, and if step? conld be taken before tbe season commenced to place the company on tbe fooling above indicated they think that each inducement? would be offered for farmers to send their milk that tbe supply would be ample. It is hardly necessary to say that tbe larger tbe supply tbe less per lb is the cost of mannfao true.

From inquiries made the directors see no reason to doubt that the price of cheese next year will be equal to what it has been this, and should such prove to be the caee, it is not at all improbable that farmers’ milk might realise 5d per gallon, but that could only be done if the shares were held by suppliers only, as outside shareholders must look for a share of the protit. Farmers should be shareholders in proportion to milk supplied. Messrs W. Udy and L. 8t George retire from the Directory by rotation, and areeligible for re-election.

W. C Buchanan, Chairman. The balance sheet was also read, from which we gather the following figures : Liabilities.— To Shareholders’ Capital, LIOOO, of which is paid -up L 705 10s ; to Bank overdraft, L 764 17s 6d ; total, L 1470 7s fid. Assets.—By buildings, L 287 3s fid ; pig. geries, L 94 18s fid ; plant and machinery, L 416 6s 2d ; stock and material on hand, L 278 11s 8d ; accounts outstanding, L 5 8g 8d ; Bills receivable to collect, L 56 ; preliminary expenses, L 52 9s 7d ; to balance, L 279 9a 5d ; total, LU7O 7sfid. Profit and loss account.—To balance from last year, L 306 5s ; to working expenses—salary and wages, LlB2 14s ; interest on overdraft B.NZ. L 63 Is 2d ; repairs, L 9 17s 6d; firewood, LlB 18s ; printing and advertising, L 7 2s fid; insurance and rent, L3O 15s ; miscellaneous expenses, L 25 15s 7d ; total working expenses, L 333 3s 9d ; cost of milk, L 757 10s 7d ; rennet and other materials, L 96 0s 8i; refund pigs account, 8s ; total, L 1493 8s ; by oaah received from sale of cheese, LB4l 13a 3d ; by do do whey, L2olos 3d ; do do rennet, 9a 3d ; do hire milk cans, L 6 3s 3d ; refund railway freight on milk, LS 2s 3d ; accounts outstanding, L 5 8s 8d ; bills receivable and to collect, L 56 ; stock and materials on hand, L 278 lls 8d ; balance, L 279 9s 5d ; total, L 1493 Bs. Capital account.—To amount of nominal capital, 1000 shares at H, LIOOO. By amount allotted, 713 shares at Ll—calls paid, L7o,i 10s ; calls unpaid, L 7 10s ; amount unallotted, 287 shares at LI, L 287 ; total, LIOOO.

The Chairman moved tbe adoption of tbe report and balance sheet, remarking that considering the small supply ol milk received it wai satisfactory. He felt sure there was a good future before tbe company if it was worked as a co-operative concern by the farmers themselves. It was really their company ; tbeir interests were bound up with it, and it was a pity they did not support it more than they did. Mr Wm, Udy seconded the adoption of the report, which was carried without dis-eut. Messrs 8t George and W. Udy were reelected to the directorate. Messrs Wyett and Skeet were re elected auditors, It was proposed to alter Clause 6 in the Articles of Association, which called the annual meeting of shareholders on Ist March, to the third Monday in July in each yea:-. The Chairman remarked that the accounts could not be made when the Factory was in full work, and therefore it was ptoposed to make them up to the end ol June. Dr Taylor seconded tbe suggestion, and a general meeting was arranged for that day fortnight to confirm the resolution. Some conversation took place over the prospects of the Company, and regret was expressed that the farmers showed suob apathy in ita success Many of those who supported the Factory were not farmers, and it was thought by Mr Cameron that if the tanner* would not noma forward and take up •baree, they should shut the Factory up. TbU did not, however, appear to be the general feeling of tbe meeting, though it was unanimously felt that the farmers hindered the success of the Factory by tbeir neglect to take ap shares, and to send in their milk, Mr St George thought it it should be made a co-operative affair, and that the capital should be increased. More machinery was also wanted which would in one year, pay itself la tha saving ol labor. The Moroa farmers, Mr St Georgs said, did qo( contribute Mall.

Mr Wyett thought that milk suppliers who were shareholders should receive a farthing a gallon more than new shareholders for their milk. Mr W. C. Nation, in proposing a vote of thanks to tbe directors fur their services during the past year, said the thanks of the shareholders were due for the attention they had given to the affairs of the Company during the past year. They were passing through hard times, and farmers, as a rule, were struggling against them. Perhaps the year upon which they bad entered would be a more prosperous one. Wool and grain and frozen meat had advanced in price, and may be thejprod action of batter and cheese would pay better before long. He hoped they would stick to what they were doing, and befote long a change would come, farmers would take heart, and tbe Factory yet be a successful institution. Mr W. C. Caff returned thanks for the vote, and said it bad always been the aim of the directors to carry out operations in an economic way, and be [could say for himself and lellow directors that they would continue to do so. A vote of thanks to the chair closed the proceedings.