TE AWAMUTU CHEESE AND BACON FACTORY COMPANY (LIMITED).

Waikato Times, Volume XXX, Issue 2487, 19 June 1888, Page 2

TE AWAMUTU CHEESE AND BACON FACTORY COMPANY (LIMITED).

Annual Meeting. The annual meeting was held in the hall on Saturday afternoon, Mr J. W. Bridgman in the chair. The notice in The Waikato Times conveniug the meeting was read. The Secretary read the following report and balance sheet which was adopted : - DiKEcraits' Retort. "To tho shareholders: Gentlemen,--This is the sixth annual report, and like most of its predecessors is of an unfavourable nature. On account of the large quantity of cheese made in the colony it has been unsaleable at a remunerative price, consequently tho large stock on hand at tho last balance had to be held over, and was eventually sent to the London market where it realised a fair price although over twelvemonths old, thus showing the company made a good article. The costs, however, of transit and other inevitable charges reduced the nett leturn below cost price of milk. The returns from some consigned to Queensland and from some to Auckland were "till less favourable. When to these are added loss in weight, and cost of keeping the cheese on hand so long, and interest on borrowed capital, the unfavourable result is easily accounted for. Considering it injudicious to close the factory, and being unwilling to carry it on during the past season at the sola risk of the shareholders, tho directors made an arrangement by which tho principal part of tho cost and the risk have been borne by the suppliers. Seeing the impossibility of repaying the overdraft from the stock the directors reluctantly called for tho balance of the capital, and would urge upon tho shareholders tho necessity of at once paying up, as, although the overdraft has been reduced since 21st May when the account wag made up, it still stands at a considerable figure on which interest has to be paid." !

Statement or Accounts fou Ykak Ending 31st May, 1888.

Receipts.—Received on account of calls, £242 ; cheese and etc. sold, £09114s (id ; pigs sold, £11 8s 2d ; renewed bills, £5" (is lid ; balance bank overdraft, £1310 lis 9d, Total : £2322 0s lid. i'AVMEXTrt.—Bank overdraft, 21st May, 1887, £10S4 2s 9d ; fencing, £7 2s; milk, £551 3s ; pigs, £5 13s ; renewed bills and dishonoured cheque, £10l lis 3d ; wagos, £74 4s 9d; fre:«htv carting, commission, duty, etc., £20115s fd; insurance, £14 15s; coal and firewood, £20 18s 9tl; salt-,_ cheese, cloth, timber, etc., £38 lis Id ; pig feed, £3010s; property and other taxos, £7 Is 7d ; postage, P.N. stamps, telegrams, and sundries, £14 Is 9d ; interest, £114 10s f>d. Total: £23220s lid. BALANCE SHEET. Liamlities.—To 3717 shares allotted at £1, £3717 less calls due Ist June, at Is, £175 17s, £3531 3s ; calls paid in advance, £14 15s ; amount due on mortgage, £800 ; debts and wages owing, £100; interest on mortgage and overdiaft, £1310 lis 9d. Total, £5858 13s 7d. Assets. —By calls unpaid, £530 13s ; land and buildings, £1710 15s lid ; plant, £GBi> (is lid ; less 5 per cent, depreciation, £051 7s lid ; cheese in stock and consigned for sale and accounts receivable, £088 9s Id; wheat, £2 10s; stores and office furniture, £5. Balance: Profit and loss account, £2200 17s Bd. Total, £0858 13s 7d. Profit and loss account, to balance brought down, £2200 17s 8d ; by balance carried forward, £2200 17s Bd. The next business was to elect their directors, in place of Messrs Walton, Storey and Burke, who were to retire. Mr Andrew proposed, and Mr Churches seconded, that the retiring directors be reelected. Carried.

Auditors: Messrs J. L. Mandono and Andrew were re-appointed. In reply to a question, the secretary said the overdraft at the present was tIiSOO. Proposed by Mr J. L. Mandeno, and seconded by Mr Roffey, that a copy of Thk Waikato Timks containing the report of this annual meeiing bo sent to each shareholder outside of Waikato. Carried.

The date of next annual meeting was fixed for the Saturday immediately preceding the L'lst June, ISS'J, and the place the Public Hall, Te Awamutu. Votes of thanks to the directors and auditors concluded the business.

In compliance with a request of the shareholders present the directors decided to call a meeting of shareholders for Saturday (23rd inst) to consider the advisability of winding up or continuing the Company. That the Company will be wound up there is too much reason to fear. Tt lias been the means of circulating large sums of money in the district, and it is a matter for sincere regret that it lias uot proved _ the success that was anticipated. The directors have done their bust to make it sueeossful. They havo taken infinite pains and trouble, and though they had to face the meeting with an unfavourable report, they have the reflection, at any rate, that it was through 110 fault of theirs, but rather from the fact that in common with almost all other industries the universal depression has brought them to this unfortunate position. There can be no doubt whatever that a large portion of the " inevitable expenses " alluded to in the report, like the expenses in connection with the frozen meat, consists of commissions to the middlemen in London and elsewhere, who seems to be the incubus which sits upon all our exports, and which is so hard to shake off. As the directors are personally responsible for any deficiency, it would be a graceful act on the part of thoso who have drawn considerable sums of money from the company for milk to inako some contribution towards making it up.