The Opouriao Company

Bay of Plenty Beacon, Volume 3, Issue 204, 26 August 1940, Page 5

The Opouriao Company

• FORTIETH ANNUAL MEETING I NO DIVIDEND PAID The fortieth annual meeting of ths Opouriao Dairy Company's supplier: was held in.the Taneatua Hall oi Thursday, the chairman of directors Mr W. L. Richardson, presiding. In opening his remarks Mr Rich ardson said lie regretted there were not more suppliers present but per haps the small attendance could bi regarded as a good omen. If thcr( hadl been 'trouble' more, would doub 1 less have turned up. In respect of the year ended 30tl June, 1939, the estimated seasor average payout per pound of batter fat (all grades) which was quoted ir the Annual Report for that year was 17.94 pence per lb to suppliers ol milk and 1(5.18 pence per lb to sup pliers of cream. The actual season average payout which was tinallj made was 17.94 pence per lb ant 16.18 r>encc per 1 Is to suppliers oi milk and cream respectively, said Mr Richardson. In respect of the year just closed the stocks of dairy produce for export unsold at balance date, had keen valued at the pi-esent guaranteed price less estimated charges and the stocks lor local consumption have been valued at the - present wholesale market price less due allowance for charges. The amount available for distribution on this basis will provide for a further payment of 3.25 pence per lb over the whole season for suppliers of milk and 2.5 pence per lb for suppliers of cream, making the season average payout over all grades 18,22 pcncc per lb to suppliers, of mill: and 16.29 pence per lb to suppliers of cream. Mr Richardson added that the directors recommended that no dividend be paid on the share capital of the company. Changing Over. In discussing the increase in costs, the chairman said that cheese bandage hadl risen from 5d to 8d per yard; nails from £25 15s to £52 17s 6d per ton and staples from £28 15s to £57 per ton, with practically every other item showing a substantial increase. Mr R. Ruddick asked the chairman whether the Rangitaiki Company was still collecting cream from the district in view of the Government's request for increased cheese production . The position was rather involved, answered Mr Richardson, but a Government representative at present touring the North Island had the power to force a supply of milk instead of cream for butter, if necessary. There had been a lot of 'messups' and he did not think the Government had made a very good job at all. Everything in the garden was going to be lovely, continued the chairman, but it had so far turned lout otherwise. There were and would be, many drawbacks in regard to alteration of plant and cans, etc. Answering a further question asked by Mr Ruddick, Mr -Richardson said that three former cream suppliers had changed to a milk supply. Difference in, Methods. Mr Ruddick said, lie had it on reliable authority that the British Government had offered to purchase New Zealand primary produce at prices fixed as 107s per cwt for cheese and 120s for butter, the prices to be main tained at those levels for the duration of the war and twelve months thereafter. The ligm-es, said Mr Ruddick, showed that there was an advantage in changing over the supply At this stage a supplier asked why there should be a difference in the time and method of the bonus payout between the Opouriao and Rangitaiki Companies, and said that the difference would lie noted by suppliers who hadl to change from the Rangitaiki Company to Opouriao, Tlie chairman then dealt with a circular issued by the Rangitaiki Company and said that the directors had taken exception to two of tlie clauses. The whole thing, it was agreed, formed a 'proper damper' for those inclined to change their supply. Cost of Milk Cans. Mr J. S. Rae raised the question of the extra cost involved in the transfer Jrom cream to milk supply, and pointed out to those who had raised this objection that, as far as the milk cans were concerned the Government would take them back at valuation when circumstances no longer necessitated their use.. i hi.-, was supported! by the chairman, who said that two weeks ago f.

letter had been received from the Controller of the Dairy Division, in which that point was stressed. Directors Re-elected. Messrs W. L. Richardson and W. M. Reid, who retired by rotation, were the only nominees for the vacancies and were declared elected. Mr Richardson expressed his thanks to the suppliers for the confidence reposed in him as a director and similar sentiments were voiced by Mr Reid. When the appointment of auditor came up for consideration Mr Richardson referred to the fact that Major F. Prideaux, the company's auditor, was away 'fighting Britain's battles' but the firm was carrying on. Messrs Prideaux and Bridger were appointed. The Two, Factories. A supplier, Mr 1,. Richardson, introduced! a contentious subject when lie suggested that the Company's two factories (Opouriao and Ruatold) should be run as separate units. This company, he said, was the only one of which he had heard, to run two factories under the one heading. Surely it would be possible for them to stand on their own legs? Mr Ruddick said the proposition had been discussed before and it was obvious that the running of separate units would be too costly. Another member interrupted to observe that one big benefit would / be that of comparison between the two. Mr Richardson formally put his motion, Avhich was seconded. The chairman was of the opinion that the matter should be deferred for consideration by a fully representative meeting, and Mr Rae put a pertinent question to the. mover when he asked whether Mr Richardson had considered the probability of a difference in the pay-out of the two factories and a consequent shifting of suppliers to that which paid the higher figure. Mr Ruddick put an amendment to the effect that the matter should be left to the directors and this was carried on a show of hands. Stores for Natives. | After questions dealing with the l advisability of a second weighing machine at Ruatoki and the percentage of second grading at both factories, Mr Pokai, through Mr Tuiringa Tawhcra, who acted as interpreter, asked the chairman to consider the supply of stores and materials on credit to the Ruatoki Maoris through the factory. Sir W. L. Richardson said the directors would consider the matter. Though it might be possible to meet the Maoris a little way, it was not anticipated that the Company would go in for the store business proper. Honorariums Increased. Mr Jack Black, Ruatoki, suggested that the directors' fees should be increased and the meeting agreed to this, when put as a motion by Mr Ruddick, the new scale, £1 per ordinary monthly meeting, being at Die same rate as existed before the depression of 1930-33. Since then the directors had received JOs per ordinary monthly meeting. After the general business had been concluded Mr Ruddick expressed suppliers'" thanks to the directors for the services rendered during the past year. Mr Richardson replied for the directors and staff.