Company Director Refuses Honorarium Rise

Chronicle (Levin), 23 July 1949, Page 4

Company Director Refuses Honorarium Rise

- A sqggestion that the directorate of the Levin Dairy Company reueive an increase in its honorarium. was made at the annual meeting' of the company on Thursday, but was hrmly opposed by the cbairman, Mr, T. G. Vincent, The directors themselves had 'decided that • the. most substkntial part of the increase, if not all of it should be pgid to Mr. Vincent. It was moyed by Mr. R. R. D. Rolston that £300 be voted the directorate to mak.e up for. the deqreased spendihg power of the pound stening. He mentioned tpat no increase in the honorarium had-, been made since . the days of the slump. The ^ompany was fortunate ih its; directors, said .Mr. Roistpn, 4nd the shareholders' were proud and appreeiatiye of their serviees over the years, in building up the company to its present high standard.

Mr. D. K. Guy, one of the directors, said he thought that the greater part of any increase should go to the chairman. Replying", Mr. Vincent said he % hoped the motion would not be passed, "I am doing my work to the best of my ability and am more interested in what I put into the company than what I get'out of it. The only way to get more money back to the man who is milking the cow is to keep' down the eosts. The directors' expenses amounted to only £14 last year, which shows that some of the others feel like I do and are not always putting in for their expenses." As far as directorate fees and expenses were concerned the Shannon factory was the lowest with a charge of only 2s per ton of butterfat, said Mr. Vincent. Levin was second with 2s 2d per ton. He had, however, seen some companies with the directorate charge as high as 22s per ton. That was far too high, he thought,. and was not warranted. Mr. H. J. Lancaster said that Mr. Vincent was a great asset to the company and if the shareholders Knew the brains, cost and time Mr. Vincent put into the company's business they would vote for the increase without hesitation. He felt that the whole of he increases should go to the chairman. Mr. Vincent had been 30 years on the directorate, almost ^a life-time's work. Mr. A. J. Gimblett also spoke on. the subject, qaying that in his opinion Mr. Vincent would have taken it as sufficient r.ewa-rd if the hall had been paeked to the doors with shareholders. Mr. Vincent was "right on' top" in the dairy world and was regarded as an authority everywhere lie went. Despjte further protests from the chairman, the motion was passed.