CHELTENHAM COMPANY.

Dominion, Volume 3, Issue 906, 27 August 1910, Page 8

CHELTENHAM COMPANY.

A DIVIDENU QUESTION. X-:,'. Mr.: J.< Bruce presided at the annual '-meeting :<'of the Cheltenham •'' Cc-opera- ..'. tive Dairy Company. l '■.-.-..;• In moving the adoption of'tho a»- ■ nualroport the chairman said that . the year's work had been fairly, satis'■.factory,'havingv commenced;. with a debit balance of £403, and ending with , a credit balance of' £249. The net ■'profit for the'year was"£B93, the difference (£181) being written off as depreciation .of plant. The directors \ had ; taken every step to secure the best •price, offering for. their' butter on the , -local;market.' Taking into considcra l ;;•'.-tion,--.-the previous, year's ' operations, '-'.',. when .the butter i\'as consigned it would seen that the directors' action this, ■.'V year 'was 'justified..' \ i.' Mr.' P. Tiidmso'n: What' was the over-. ■■ . run last season? _ ■ '; The, chairman replied that-it .was , '.2 per cent. less, than that of tho'.pre- .. yious year, and this was owing to an .'agitation regarding moisture in the ', butter. Had' the year started clear, :tkey would have ;dono much better for ''~ -the. suppliers;' because.. the previous ,;'■ year.,the company.paid out 9.98' d., and ■.';•-.''. this year lO.Ood. Messrs... Nathan and ...'■■'•-,,C0.-'-had agreed to cease charging l-Bd. i . per lb. for receiving and handling, the '■.-butter :in Wellington. The company's , bank had -also agreed to reduce, the ■'overdraft rate of. interest by i per cent. ■.- The directors .had, considered, the ques-. .:'■''; \tion of paying a 'dividend and bonus, ' -.but, owing to legal.costs of their recent '.■■'.,, case,, -they were'.'not in a position to •'"'■'do"Both,' and'the articles of association '''compelled them to. pay .a dividend be- ;. foro they cbuldgiyo a bonus. He'moved ...'-. the adoption of the'report- and balance-.'-.;sheet.' ■• • '•','.'■.' j. ■'.. '■•.-. '•.-' '.- ■,':■'■'■.■'';' Mr. Richardson. seconded. . Mr. ; T.' A. v; Bryoe-asked if" the item, v '"Bills ireccivable, : .£250," ~ represented ■ Banks' bill.'. " '/, . ' '■',- The chairman: Yes.- ' -.''■■•'

.','-'; ■Mγ. Bfyce: TEen we. are that much ; worse off! ' Continuing, Mr. Bryee said •the .shareholders had authorised the ...directors -to repay-the money,' to Mr. ■; Banks, and if that had been dono the i.company would have been saved eon- ,''. eiderable.legal expenses.- Hβ thought .'.they.should .retain 2£ per' cent, for ,the ..'money tb..be;paid.;to'.the suppliers for 'butter-fat antf pay with, it; a. dividend ' -to, the non-supplying shareholders, to j.' whom,they-should;be;just. ■ ; : r: Mr. R. Thomson said the -company .had made i profit of £713, and, accord- , ing'to the. articles ,of association,- they. ' '■■[. should. pay -6 per- cent: on : the: paid-up - capital.' '■ '■" '■'■ ■■'. ■'■'.■■■ ■-.' '/■■"■.'.",'•' .•'■' ■■ .;-..■ The chairman said they .. were.' very anxious, to pay a :dividendj but they 'Vhaid a v 'deficiencyon the'previous year's ■;■ .'.working, of £463 to,'meet, and, again, they .'had; to : pay : as much .aa possible \ for butter-fat. ~: .■.'-■.... '.-. • '■:.- ;' Mr. -Thomson', -said ..the : company 6 per cent, on the paid-up ..-.capital.before they. placed a credit in' •:'; the;balance-sheet.", ~-;.- )■ •■ ,■• ' '■ j.Mk'WvP. Jacob , said/that the non,'supplying ; shareholdersV. gave :. their; V jinoney on: the. distinct . understanding }'-, that .'.they :were ;tp. receive the. dividend. ;: -the trouble .had' y-becn:tp carry : ,'.it Tqnt; '",] '■'■'.':. .' : ' . ,-v,/ The .report was'.-adopted.- ; .. '< V .iMessrs. J. ; ;Bnipei and J. Michie,.'the' .ii.retiring. , directors, were re-elected; 1 ' ; '■> .r,v : ':The meeting;,spent; some .hours 'dis-: •jij.cussing alterations'' to- '; articles ;of ''association,' which had .«n, view .the : smoother 'working' of the ■:'. company. '■■■. Some, technical; alterations ;...were made as proposed by the dirtctbrs. The meeting, which commenced at noon, ■''.* tet till,after.6 o'clock.—Abridged , from ■;.;tlie;/^i]ding;Star."; ; ; ',','■..•;;.,.: ■■'■