ASHBURTON CHEESE AND BUTTER FACTORY.

Ashburton Guardian, Volume V, Issue 1401, 10 December 1884, Page 2

ASHBURTON CHEESE AND BUTTER FACTORY.

The annual gene al meeting of the Ash* burton Cheese and Batter Factory Oo.> Limited, was held at the Arcade Chamber* at 3p. m to-day. There was a fair attendance, and Mr John Orr, the Chairman of the Board of Directors, presided.

DIRECTORS' REPORT. The minutes of the last general meeting having been read and confirmed, the Directors’ report was read as follows ; “ The statement of accounts made up ' to the 30th September, 1884, and duly audited, is presented herewith. The profit and loss account for the past season has been kept distinct from that of the - season 1882-3, and shows a small credit balance, whereas the account for 1882*3 shows a considerable debit. The difference in the accounts for the two years is owing to a higher price being paid for milk, the great loss sustained in oar earlier shipments to London and elsewhere, and also on account of holding for the Government bonus. After careful consideration of the accounts, the Diteo-

tors did not deem it advisable to giro more than 3d per gallon for milk foe tho coming season unless some redaction could be made in the shipping charges. Your Directors have much pleasure in stating that a reduction has now been effected by the Shipping Company io tho freight on cheese, and it is proposed to give the produsers the full benefit of this reduction. And if the farmers will endeavor to increase the supply of milk to the Factory, there is every prospect of a satisfactory result being obtained for tho ensuing season, as the cheese manufactured during last season has been spoken highly of wherever it has gone, and in> deed orders are now in hand for a regular supply to one of the principal towns of New Zealand.”

BALANCE-SHEET. The following statement of accounts having been audited and distributed to shareholders waß taken as read : Balance-sheet for the year ending 30th September, 1884.

The Chairman said that he regretted it waa not his pleasing duty to announce the distribution of a dividend to the share- . holders. It would, however, be observed from the Directors' report that a redaction in the rata of freight would probably be effected, which would enable the minagemaut to pay a higher price for the milk, and induce the farmers to give the under aking the support which would ensure its ultimate success. He moved the adoption of the report and balancesheet. Mr 0. T. Dudley seconded the resolution, which was carried. . Messrs Orr, Rev&ns, and Wheeler, the retiring Directors, were re-elected. In reply to Mr J* Brown, the Chairman said that all the Directors had taken up additional share 3 pro rata, in accord* anca with the resolution adopted at last general meeting. Mr Brown expressed surprise that an item for unallotted shares appeared in the balance-sheet, as it was understood at the last general meeting that none of the shares then unsubscribed would be allotted unless the whole were applied for.' Messrs Silcock, D. H. Brown and Houston endorsed the remarks made by Mr Brown. The Chairman regretted that the proposal should have been misunderstood. He recollected stating that if the whole of the unallotted shares were not taken up it would remain with the Directors to determine whether the operations of the Factory should be carried on- or not. Mr H. Friedlander suggested that one of the gentlemen who had expressed diesatisfaction in reference to this matter should move a resolution on the subject. To illustrate the spirit in which the Directors had dealt with it, he would bo glad if the Chairman would state what proportion of the new shares had been taken up by Directors.

The Cha rman replied that near|y one* half of the shares applied for in accordance with the resolution were sqbscflbed l*y Directors.

Mr Brown proposed, and Mr Frampton seconded—“ That as the unallotted shares were not subscribed for pro ratd by the shareholders, those who hare taken additional shares be relieved of liability In respect to them.” Mr Purnell said that he failed to see how the shareholders who had taken up® additional shares were prejudiced by others not doing so. It would not result in their having to pay any more, and he was sa isfied that the Directors had acted in good faith. He asked the meeting to carefully consider the probable effect of adopting the resolution. The resolution on’ being put to the meeting was lost by a large majority, ;

Mr George Jameson was re-elected auditor. ' ■ t

On the motion of Mr Tucker, seconded by Mr J. Brown, a rote of thanks was

accorded to the Directors.

The Chairman, in referring to the suggestion made by Mr Tucker that the Factory should be wound up, expressed an opinion taat it would be suicidal to close cue Factory at the present stage, bat suggested that the shareholders should meet at the conclusion of the present season and determine the matter.

The Chairman announced that daring the current season the Directors were

prepared to take milk not only from shareholders, but from any supplier. A vote of thanks to the chair concluded, the proceedings.

Dr. A s. C Capital paid up 3,211 14 I Debts due by the Company, including bills discounted by Bank 2,777- ° * Total Cr. Freehold property £5,988 14 a 2.516 3 3 Plant account 1,216 9 11 Preliminary expenses ... 220 3 3 Debts due to the Company ... 106 7 .2. Stock on lund ... 45 12 6 Balance in Bank 90 16 9 Cashin hand ... 12 10 0 Profit and loss for 1883 (less profit for 1884, £5 6s 3d) ... 1,780 11 4 Total ... £5,988 14 a Profit and loss account for 1882-3. Dr. £ .s. d. Balance as per statement 15th November, 1883 1,170 14 1 Lcsses on consignment shipped prior to last annual balance... 452 16 6 Interest on above 162 7 O Total £1,785 17 7 Cr. Balance to debit i,7*S 17 1 Total ... :'.. £1,785 17 7 Profit and loss account for 1883-84. Dr. £ s. d. Stationery 3 *9 Printing ... 1 5 0 Petty cash 901 Secretary's salary 37 10 0 Interest and discount 161 17 0 Charges, including Governaaent fees, postage, rates and taxes, audit fees, repairs, etc. 93 0 4 Balance to credit 5 6 3 TotaJ Cr. Profit on cheese account £3" 17 « 3" 17 »» Total * £3>i i? H Capital account. Dr. £ s. d. 1,000 shares at ,£5 each ... 5,000 0 0 Total Cr. £5,000 0 0 Unallotted shares—153 at £5 each ... ... ... 765 0 0 Arrears of calls 1.023 5 « Calls paid up ... ... 3,211 14 I Total £5,000 0 0