TATUA DAIRY COMPANY

Waikato Times, Volume 94, Issue 14771, 10 October 1921, Page 7

TATUA DAIRY COMPANY

EXTRAORDINARY MEETING. An extraordinary general meeting of the Tatua Dairy Company, Ltd., was held in the T;:tnanui Hall, last Friday night. Mr W. P. Seifert having tendered his resignation, the chair was occupied by Mr W. Darrell (director). There was a large attendance. The chairman requested that discussion he strictly confined to the balance sheet, and to the year’s working, to which the balance sheet refers. Mr London wanted to make it known that, since the previous meeting, the directors had met him and dealt with him most fairly, and that the treatment accorded him was most satisfactory.

Mr London then read a press report of a court case, proving his remarks as to Ihc invalidity of some of the business transacted at the previous meetings, lie, to rectify same, strongly recommended the whole of the directorate to resign, and should they so desire to offer themselves for reelection. By so doing, Hie position would he before every shareholder, and this course he strongly commended to the directorate. Commenting on the balance sheet, Mr Lundon remarked that (to use his own words), “way back in almost the never days” £IOO appeared in one of llto balance sheets as “cow fund reserve.” The following year a profit of about £0 was accrued. He wished to know where tiie.se items had gone to: they did not appear in the balance sheet.

The chairman stated that the amounts had been transferred to the profit, and loss account.. Discussing the* directors’ proposal to deal with Ihc present surplus thus: “Id per lb payment on September 2o (last) and a further Id per lb on October 25, 1021,” the chairman mentioned that JAd was available at the present time. The sum of £3OOO (which includes advances bn choose manufactured this year) is available tor bonus purposes. The cheese unsold was estimated at 117 s. Realising Hie vital importance of receiving only the best supply of milk at the factory for cheese-making, Mr Lundon wished to know what steps were being taken in this matter. This was discussed in committee.

The date of payment of the Id per lb on September 25 being altered to October 10, it was moved that the report and balance sheet be adopted.— Carried unanimously. Mr Lowry remarked that the company was in a sound financial position, and objected to the press''reports stating that if the Id per lb bonus was paid, it, would place the company in an em b a eras in g position. Mr London upheld the press reports, remarking that the into chairman mentioned the words as published. Maybe he wished to convey that by paying out same before balance sheet was passed it would place the company in an awkward position. It shows how careful the chairman should be in the choice of his words. Mr Lundon moved as a recommendation to the directors that in the repurchase of shares from the shareholders by the company, the transac; lions be conducted whenever possible on a 75 per cent basis on paid-up capital. This was carried unanimously.

Mr Lowry (acting chairman) considered that the chairman's honorarium should be increased (this would have ho beneficial result to Mr Lowry). Mr Lundon moved that payment be the same as in previous years. Mr Crowe (director) moved an amendment that it lie not less than £l5O, and that directors’ fees be abolished. Mr London's motion was carried. Mr Lundon moved that it be a recommendation to the directors to reestablish the Vcow finance reserve fund” out of the general account. — Carried. Mr Lundon, in proposing a vote of thanks to Mr Darrell for taking (lie chair,, moved that the laic chairman (Mr Seifert) be written to, conveying, in the heartiest language, appreciation of his efforts, and regretting that Ids retirement as director is through a cause over which the suppliers have no control. (Loud applause;.