SHAREHOLDERS MEET

Bay of Plenty Beacon, Volume 5, Issue 3, 11 September 1942, Page 5

SHAREHOLDERS MEET

RANGITAIKI COMPANY SUPPLIERS

ANNUAL GATHERING

DIVIDEND OF 4 PER CENT

Seventy shareholders of the Rangitaiki Plains Dairy Company Ltd., gathered in Bellas Hall on Wednesday for the annual meeting when the Chairman of Directors, Mr W. A. McCracken, who presided presented the balance sheet and his report, covering a year of difficulties owing, to the 'cheese dteparture' -and labour shortage, but nevertheless a> year of continued 1 progress when 3689 tons of butter were manufactured and 1060 tons of cheese. The directors re- ■ commendation for a 4, per cent payout was adopted. (Details of the report appear elsewhere). Referring to the recommendatio: "from last year's annual meetin; that the directorate should invests gate the 'carrying' position, with ; view to initiating a company ser vice, the chairman said that this hai ■l>een done but in view of Japan's on try into the war and the genera situation and uncertainty of out look it was not considered advisable : to extend the company's business. The position had therefore remaine< - unaltered. Mr Withy speaking on the subjee said he considered that the director; had acted in the best interests ol the company. Question of Taxation The contention that the company should not be called upon to pay taxation amounting to approximately £1000, was voiced by Mr C. R. .Wilson who thereupon moved that ■the company should avoid su-h payment by not declaring a dividend hut merely paying out a shareholders bonus. This basis he declared would worjk out approximately tinsame to each individual and would also enable the fullest application to be made of the -o-operative Scheme upon which the company tvvas run—allowing equal distribution ♦of all the profits to shareholders and mot merely the balance after taxation had been deducted. Mr F. B. Maunder seconded. Mr Stewart Spence Avas firmly opposed to the. resolution, contending that it was not merely against, principle but a retrograde step which -would put the company in the light -of. seeking to avoid paying interest on its capital as compared with other companies. Taxation, he pointed out had to be met and he was definitely -opposed to the suggestion. Messrs Withy, Mullins, Howat, Dunning and Radford all spoke to 'the motion. Replying Mr • Wilson pointed out that the scheme had already been by certain companies in the Waikato and that it was never in-i tended that full payment should, not be made to all persons who had invested money, should they ever be compelled to withdraw their interest On being put to the meeting the resolution on the voices was declared by the chairman to be carried, but a demand for a show of hands saw the position reversed by 26 votes to 18. P.M.A. Trading The chairman announced that during the year "Messrs W. A. Phillips and' C. R. Wilson representing the Co-operative Pig Marketing; Association, had waited on the directorate and had outlined the company's operations in this diisitrict. With a desire to encourage the co-opera-tive scheme it hadl been decided to set an example to suppliers by marketing 25 per cent of the company's pigs through the P.M.A. and to take siteps to circularise suppliers to thiat effect. Mr Wilson who was present expressed his appreciation. Thanks Moving a vote of thanks to the Secretary-Manager and his staff, the chairman said that they had worked in the interests of the company unselfishly. Mr Blair had had a most difficult year hut had produced the goods once again. Mr Rutherford, the factory manager who had nowbeen with the company for many years Avas also to be complimented on his untiring efforts in the company's interests. He expressed his thanks to the staff generally mentioning Mr Connery in particular. Responding Mr Blair said he had

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still a good, staff in spite of the fact that so many were away at the war. He appreciated the chairman's remarks and in return would like to express his appreciation of the cor-

dial relations whuMi had always existed between the directors and himself and; staff.

Mr Miles Hamill was re-elected auditor at the standing fee and the chairman's remuneration was fixed as in the past.