Makino Butter and Cheese Company

Feilding Star, Volume VII, Issue 6, 25 June 1885, Page 2

Makino Butter and Cheese Company

The, first; annual general meeting jof I tlie company 1 ' was held iri 'thti'Makino road-school room last B-e.£ug, for the purpose of receiving the Dirootors' ; Report and Bulanct^h,eet, tha election' ofthree directors and an auditor,' |irid . for general business. : y „.-..,,• „ ,<j '■:[ jC|iere yvftis \ a r goc^ptod^uce, of Kliareholders. Mi). J. H-'Fry, chairman of directory, jiwsidetl,'. a^^^r^^-jthe report and baluiVe sheet; made > tap to JJOth May last,^^ wKi«di.wore w fqjjiows^ ■'„ ,,,".' .' .■; !.'''. '.sbport;-' -,;„■'." ■ ; ( " The dfi^tora i^t tlu*t the $rat

balance sheet is such an unsatisfactory one. Buttor making was a failure, owing to tho machinery not beiug equal to do the work your directors were led to suppose it would. Cheese making wa* also a failure, owing very much to the bad state of the milk supplied. Your directors have had great difficulty in getting the calls paid. A considerable sum is now owing to the company. The directors have arranged with W. Baker, and made the land a freehold. A loau of £250 was procured from, the E. & G. Aid Corporation, Limited, at the moderate rate of £6 per centum per annum. The vacancy in the directorate caused by the resignation of Mr Wheeler was filled by the directors, who elected Mr J. C. Thompson. The three retiring directors are Messrs W. Baker, James H. Fry, and J. C. Thompson, all of whom, being eligible, offer themselves for re-election. The auditor, Mr James Beattie, also retires from office, but offers himself for re-election. James H. Fry, Chairman. BALANCE SHEET. and Liabilities.

The chairman moved the adoption of the report, and remarked that although the results were not altogether satisfactory, they must not be disheartened. They were all new in the experience of such factories, and could hardly expect otherwise than to meet with some difficulties and disappointment at first. One reuson for the comparative non-success was the inferior quality of some of the milk. SoUie had come to the factory quite sour, and the quantity of cream in the milk had varied from 5 to 18 per cent., is shown by the manager's register. Mr Saxon said the manager ought to have returned milk unfit for the purposes of the factory. Mr J. C. Thompson seconded the adoption of the report. In. reply to a question from Mr Thompson, the manager, Mr Butcher, iiade an explanation of his reasons for not returning the milk that was not up to the mark, and said it took at least 12 hours to fully test its quality. He had reported the quality of the milk in each case. j Mr Saxon asked for the names of the persons sending irilk, which was then read. „ In answer to Mr Humphrey, the chairman stated that the manager had discretionary power as to receiving or returning milk, and had not been instructed np£ to return any. ; After further discussion, tho motion for the adoption of the report and balance sheet was put to the meeting and carried. \ The election to fill th« vacancies in the directorate cauHod by the retirement of Mossrs Fry, Bakor, and Thompson then took place with the result that these throe gentlemen wore re-elected, Mr Beattie was re-elected auditor to the company, and the auditor's fee was fixed at two guineas; .■. : Mr Boots said tho next important business to consider was how they were to make tho factory pay in future. He thought it a serious matter that though they had only just started they had a deficiency of upwards of £250. Tho milk senders, if mon of spirit stall, would send uo mere milk after what had been said abput its quality., There had been bad management somewhere,, and he thought they, had better not attempt; to carry the factory on as a company, as it was evident they would only have lohh upon loss. He would propose that they sell out the plant i and business to some practical person fully competent to carry it on. Mr Saxon seconded the motioa. After some discussion lhe motion was reduced to writing as follqws :—That tendors be invited ■ for leasing or purchasing -the property of the company,; tenders to be in thtf hands of the director* by the first week. in August next, the directors to have th* discretion to accept or decline any.tenders., -, .•..;•■;>,'■ -", , .'•; ' :; Sir Whoelqr propped.,,and Mr Baker Mconded,' "as an amendment,' That 'the' directors let tho property of the company, provided a sufficient sum be offered to pay interest, .insurance, and other charges ou the property. ' The amendment was carried. ■•>-■' '/. Some discowion eq^ied- as: to hew the affair was to be carried on if the proposition failed. 0 , „j „„„,,-.-4^ r The Chairman could only suggest the would bring sk'tvy... , . ■■ Mr Saxon proposed the offering of these . romaining sbftres^ in the. event of .no tendor r''[''■':'"'? n .',, ]''[!: .'.":■'" ■-• ' TJie propjewitibn was; seconded 'My Mr Baker arid carried. r ' TheC'liairman paid it hod occurred to himthat;MraV>*l»er:haft '#ritfen to him ToglgWihj?hi*p^ition^dir©ot«r.v;' f Tlie resignation YaH accepted, and Mr Saxon vu uleottd t(i fill th© vacancy. ' (( ,^f^r roadine the rough sajnuten the meeti^e conduaed :!*}s. ijotfiot tHiaks to onairman; ".-.*"'•' . '/' - r

Capital— £ s. d. £ s. d. Subscribed 114 shares of £5 570 0 0 Paid up.. .. 494 10 0 Arrears — see Appendix A) Debts and Liabilities of Company — Loan . . ..'250 0 0 Due Bank . . 36 5 4 Due for supplies, &c. „ 34 16 6 321 1 10 £815 11 10 Property and Assets. £ s. d. £ a. d.

Property held by Company — Land (free. hold) cost.. 30 0 0 Buildings and improvements, cost 180 7 11 Machinery, plant, and implements cost .. 299 10 11 Cheese en hand .. 44 8 6 Butter on hand .. 13 4 555 0 8 Sundries in suspense . . 2 0 0 Profit and loss — Balance 258 11 2 £815 1110