RAETIHI DAIRY CO

Wanganui Chronicle, Volume 74, Issue 188, 11 August 1931, Page 9

RAETIHI DAIRY CO

ANNUAL MEETING ADJOURNED. Extra seating accommodation had to be provided at Ashwell’s Hall on Saturday afternoon, when several hundred shareholders and suppliers of the Raetihi Co-operative Dairy Company, Ltd., attended tho twenty-eighth annual meeting of the company. Mr A. B. Harris, chairman of directors, presided, supported by the other directors, Messrs E. A. Voel’icrling, E. L. Sommervilie, D. F. Whale, C. D. Scarrow, L. E. Fetzer and M. Geraghty. Mr C. Masters acted as secretary and explained that tho secretary was unwell. He hud received a telegram from the secretary and it was hoped hp would be back in a few days. On the motion of Mr Voelkerling, the report and balance-sheet were taken as read. The report stated the season had been extremely bad for everyone and the prices received for their produce were tho lowest for many years. The output did not come up to the previous year but the prospects were very bright for the coming season. The monthly advance to suppliers had averaged about lOd per lb. and a bonus of 4d per lb was recommended by the directors. The usual 5 per cent, dividend will be paid. The directors very much regretted having to report a very severe loss in the trading of tho retail * store. This was being thoroughly investigated and the results of those investigations will be reported later. The directors held 13 meetings and tho attendance was as follows: A. B. Harris, E. L. Sommervilie, C. D. Scar-

row, L. E. Fetzer, 13 each; bl. Geraghty and D. F. Whale, 12 each, and E. A Voelkcrling, 10. Messrs D. F. Whale and E. A. Voelkcrling were the retiring directors. The statement of accounts and bal-ance-sheet showed in tho retail store account, the gross profit in the trading account of £287 and the purchases were £8938. The sales wore £lO.lll 0s 3d. The wages were £378. general expenses £263, bad debts £179, the loss being £775 Os sd. The chairman moved the adoption of the report and balance-sheet. Mr G. H. Price started the discussion on the financial position. lie compared this year’s balance-sheet with last year’s. He declared it was very disappointing, especially the store account. The balance-sheet showed a regrettable state of affairs. Mr Price resumed his scat amidst applause. Mr 11. W. Littlewood also criticised the store account. He had made several inquiries about the investigation referred to in the report, but had been unable to get anything very definite. He asked who was making the investigation and when would the report be ready. He stressed the importance of the factory to the district and the necessity of retaining the confidence of suppliers. It was agreed that the discussion on the position of the store account should bo made first. The chairman stated that when the balance-sheet was received, .showing such a loss on the store, it came as a thunder clap to the directors. The storeman was unable to explain it. The directors decided that an investigation into the cause should be made at once. Mr Young, of Taihape, in Mr Master’s office had been instructed to make the investigation and the books had been sent to him. It was a big job and “it would not be done for about three weeks or a month yet. Mr Littlewood said it could be done locally in a fortnight.. The chairman asked Mr Young to explain what was being done. Mr Young said there were 130 docket books 100 dockets in a book, and from 15 to 20 items on a docket. There were 54 different headings and t'vnrv it.Pm ivns nlnr'pd iindni’ oik* nf

; every item was placed under one of | these headings. It was a very big job. Mr T. Ward interjected that it ' would bo a very big bill. The cnairman pointed out that it . must be done thoroughly or not al all. • l'lio bill would, no uoubt, be big, but ■ the work must be done. : Some discussion. ensued, Messrs I Little wood, Price, Bell, Hansen, Gardner, Owen, Robertson and others taking part. 1L was finally decided that the whom of the- store trading accounts and books be handed to Mr It. Sigley, ui Kaetihi, to be investigated as to the cause of IUo loss and to report to the shareholders in a fortnight, tue annual meeting being adjourned for that time. Air Sigwy was authorised to engage the assistance required. ±’or the two vacancies on the directorate there were live nominations. Messrs H. W. Littlewood, A. 11. Read, E. Todd, E. A, Voelkcrling, and D. F. j Whale. , Messrs J. Jones (Oliakune) and Young (Tailiape) were appointed scrui tincers and tnc two first-named weac | elected. ; Mr G. Price asked if the directors j had had. a trial balance. It seemed to 1 him that tue directors had not kept ;a, close watch on the finances. ; The chairman said the position nf i ihe factory, the output, quantity ot : butter on hand and finance, was pmced before them every mouth. The directors could not ask lor a stock-taking of the store every month. Mr Price wanted, to know' why the 10 per cent, was not made sooner. He quoted the saving made by some other lactorics in this respect. The chairman explained that the manager worked under the agreement with the Managers' Association and the other men, except the secretary, worked under an award. Tho directors decided that it would be best to make the cut on all at the one time. Mr Price asked if the cost of collection of cream could not be reduced, i In one Waikato company it was id a lb. The •chairman replied that the cost was about Id. He thought it must be considered very satisfactory that it was possible to do tho collection in the Waimarino at id less than in the Waikato. Mr Littlewood asked why there was not a manager’s report given to the meeting. He moved that in future this report be given and that the manager be asked to give a detailed re port on the work of the factory to the adjourned meeting. This was duly carried. The acting-secretary read out the statistics for tho factory. Messrs Littlewood and Read returned thanks for their election as directors. Messrs Jones and Masters were reappointed auditors. Afternoon tea was supplied by the members of the W.D.F.U. and on the motion of Mr Littlewood a hearty vote of thanks was accorded them by acclamation. Mrs Sommervilie suitably replied ou behalf of the ladies.