Makino Butter and Cheese Company, Limited

Feilding Star, Volume VI, Issue 97, 31 January 1885, Page 2

Makino Butter and Cheese Company, Limited

An extraordinary general meeting of the shareholders of the above company was held in the Makiuo schoolroom last evening for the purpose of considering the general position of the company, and to decide as to future procedings. About 24 shareholders were present. Mr J. H. Fry, chairman of the company presided, and read the notice calling the meeting by post card. He then explained the object of the meeting, and said that the company had found it necessary to obtain steam power instead of horse power, and also' a separator, .that would separate so gallons, instead of 20 as the one first tried by the company, as the. latter was found to be inefficient. One was ordered from an Auckland firm, but did not- come, nor were there any replies to letter* and telegrams" of enquiry sent. This had caused a consideratle loss of tine, and as the. company were net in a position to carry on operations, the directors thought they bad better call ijie shareholders ' together to consider- what had better be done. He then proceeded to state the financial position 'of the company which showed that at present the company was not In funds. The amount of calls now due. was £129, and the liabilities of the company; including the bank overdraft of £90 13s 8d were £220 Is 6d, Tearing a deficit of £41 4s, the assets being £178 17s 6d. ; Mr Roots asked what guarantee conl'd be given of the prosperity of the company if the funds were available. He thought the factory had not been properly manage 3, or it mi^ht have been a success. He was for borrowing on the security of the plant, and carrying on the factory if there was anything like a certainty of success!. * ' i; ' : - The chairman said the directors wero not prepared indiTidually to give' any guarantee. He could only instance the case of other companies, which he named, and which had proved 'successful. ■ Mr Saxon did not blame. the directors, as they had tried to work without means. He ' wa s averse ' to borrowing money 1 on the plant, without a good prospect of paying it back. again, and. .would rather^sell out and the company share the proceeds. .Mr Curreen moved, Th'at'the; factory and plant be let to some persoif -cagajble of carrying it on. Mr Humphrey seconded the motion. * < ; Both gen tlemen_were asked if they had paid their last calls, and each said there was one call due from them. ! They were reminded that they could not therefore rote on-'the motion, thougli the chairman had no objection to put it to the meeting, which he then did. ' Several shareholders then came 1 ■ for* ward and paid their calls.] ■;,.:.,.,..;■ Mr Saxon moved as an amendment. That the company do not start operations again this autumn, but sell the butter; machinery not required, &c, that the calls TxTgot in, and operations be re-oommenred next spring. Mr Pearson seconded the amendment. Mr J* C Thompson asked why the making of cheese should not be proceeded with at once, fto doubt many shareholders had, like himself, lost confidence in the concern regarding the past, but he suggested a hresh start altogether. He thought the company had not done well in starting the manufacture of butter, which when the factory started had not been tried in New Zealand. He suggested going on with the manufacture of cheese, which had proved so suoessful in other ] ■ Mr Baker isaid the shareholders seemed to have a notion that the directors wanted ,to mortgaije the factory, which he assured them' was was not the case, and they had no desire to take upon themselves any such responsibility. As to getting in the calls and leasing the'factory what were they to do with their liabilities, us if all the calls 'were in there would no) be sufficient to pay them 5 . He would like the opinion of some experienced person on the subject of cheeje-making. " Mr Cprpe gave the result of his experience and observation on the subject. He was very sanguine of success if the funds were available, and thought the company wouli bo committing a greit mistake in shutting up the factory. j The chairman said he would, like to get tome idea from those present how much milk could be obtained for the factory, and 130 gallons per day were at once guaranteed. ' ; ''"",' After, some further 'discussion the amendment was put to the meeting, when 3 hands were held up for, and" 8 against it. It was therefore declared lost. j Mr J. C. Thompson moved, as another amendment, that the directors be empow. e red to borrow a sum not exceeding £250 on the . security of the property, of the company, and commence the operation of cheese making, to continue to the end of this season. Air Bly seconded. ' j Mr P. Thomson asked if there was any probability of getting the mpney without going to the bank or mortgaging the property. He suggested the issuing of scrip,' anß. calling up skj l*.per]week trom each shareholder, instead of rushing into further debt by borrowing. J , ■ MrG. Wheeler pointed out the inipraoticability of. getting the money m in this woy, and asked who would collect |t. The second amendment was pti't^to the, meeting, when 15 hands were held up for, and 1 against it. ' { '" The amendment was then put as the original motion. •• ■ ; - ■' '■""■ ' • : ' I Mr Boots proposed and Mr P. Thomson seconded, aa an amendment, That the meeting adjourn till that day week in order to.get a: fuller. opinion of the share*' holders as to borrowing money. i Mr Bishop spoke in favor of the amendment. «:.:■-•■■:•■. -.ii!'> -.ilj C{ I After some disc.n»»ion the Amendment was 'put, when 7 nahds were held upjia its favor and 12 against. It was deolswd lb^t.' ■'. '"" ' "•■'•' '■■ '■ I ■ >ij :i J The motion for borrowing, &c, wjas then out to the meeting ana carried by fourteen votes to four. -The result w|as" receiredwith acclamation^ j Mr J. C. Iho.mp_»on moved and Mr Slrawbridge seconded a vote of thanks! to ,the ( ahairmany for his r j>a,st services and for presiding at 4 the meeting, whioh' ifeing carried the meeiing dispersed. ~ r i