N.Z. CO-OP. DAIRY CO., LTD.

Franklin Times, Volume 9, Issue 630, 6 May 1921, Page 6

N.Z. CO-OP. DAIRY CO., LTD.

SUPPLIERS’ MEETING. IN ODDFELLOWS’ HALL. HOW THE DAIRY INDUSTRY IS PROGRESSING. (Continued) To further cope with the future expansion of the business, the directors had decided to secure a site at Mount Eden railway station. This factory would ultimately supply the requirements of Auckland City and charges. Dealing with the company's coalfields, Mr Goodfellow stated that considerable development work had been done during the past year, but that coal would not be available in quantities until the railway from . Pukemil o had been completed. Thanks to Mr Massey, this work was now being pushed on and would be completed in abut 18 months’ time. The speaker stated he had nothing to detract from his previous remarks regarding the quantity and the qualiof the coal available. The field was a large one and would keep the dairy industry of the South Auckland province fully supplied for the next 70 to 100 years. An unlimited supply 0 f coal was essential to the future successful development of the dairy industry. An alteration in the shareholding basis was contemplated. This . was advisable in view of the high replacement cost of machinery and plant. The existing share basis was formulated 20 years ago and was today inadequate to provide the capital cover the capital cost of building and plant in each department of the buisness. The directors- considered it necessary that each section of the business should carry its own finance. The taxation on dairy companies also necessitated adjustments to the articles of association. And an extraordinary meeting of shareholders would be held at an early date to deal with these matters. There was no occasion for a co-operative company to pay income tax provided the required adjustments were made.

During the year a building department had been added and the company was now doing most of its own building and repair work and effecting a considerable saving thereby. The box problem had also to be faced and the directors had recently decided to erect and equip a modern box factory at Frankton Junction. In concluding Mr Goodfellow, referring to the future prospects of the industry, said the future was very uncertain and no one associated with with the produce business would care to forecast prices. He advised them to consolidate their position and act on a conservative basis. There was no cause for undue pessimism, but there was equally no reason to be optimistic. Suppliers could rest assured that the management and directors would one and all do their utmost to obtain satisfactory prices. Mr Fulton referred to the’ goodfellowship which existed between suppliers, directors and employees. A superannuation scheme had been set up. This had been greatly appreciated by the employees. The feeling was also very good between the suppliers and the company. This was the suppliers’ chance to ask any questions and go away thoroughly satisfied.

Mr Pollock asked for information re the manure question. Re had received a circular from the company. Mr Goodfellow replied that the circ.idar in question should not have been sent out. It was a mistake.

Mr Kieth asked if the company was doing anything regarding the bacon business. Mr Motion replied that the company was not doing anything, but individuals were taking shares in the Bacon Company. This was sound business and it was a good thing to do as it would save the business. Mr Russell asked was this a recommendation from the directors.

Mr Motion said that it was good ro keep the competition going. As an investment he was not prepared to recommend it. Mr Russell said that the farmer was the last to get the benefit of a rising market and the first to get a taste of a decline. He wondered if it were not possible for the co-oper-ative societies to institute a banking institution of their own. Mr Goodfellovv said the idea was very good, but he did not think under existing conditions it was possible. For the next two or three years monv was going to be tight. But when the time was right a bank catering for the farmers was no doubt possible. Committee. The meeting appointed Messrs Jas. Pollock. T. Brownlee and Keith to act as a. committee for Pukekohe Central for the coming season. Mr pollock w:;s re-appointed chairman.* '['he meeting then closed with :1 hearty vote <>f thanks to the sneakers.

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