Cheltenham Go-Operative Dairy Company, Limited.

Feilding Star, Volume XV, Issue 69, 19 September 1893, Page 2

Cheltenham Go-Operative Dairy Company, Limited.

A meeting of shareholders in the above Company was held in the Cheltenham schoolhouse last evening to receive interim report, elect auditors, consider a proposal to increase the capital of the Company to £'5000, and general. There were about thirty shareholders present and Mr Spencer occnpied the chair. Mr Spencer briefly stated what the I meeting had been called for and said this was the first general meeting of shareholders. The Secretary, Mr R. C. Templer, read tho minutes of the meeting held on March 3, which were confirmed The report of the Directors was read as follows : — "On being appointed at the meeting held on March 3rd your provisional Directors met and appointed executive officers, and arranged to canvass the district for support. On re-assembling on the 17th idem it was found the support promised warranted the formation of a company. A prospectus was drawn up and issued. Messrs Burne and Buchanan were placed on the directory to represent the Birmingham and Wai'tuna districts A site was offered by Mr Bruce which' having been approved of by Mr Sawers' the Government dairy expert, and Mr Marr, of Stratford, also an expert, was accepted. The season being far advanced your Directors lost no time in getting plans, etc., for buildings, calling tenders tor same, and ordering machinery. The work of building was let to Mr W. WiU lanson for £576, and is now nearly complete. The work has been done in a highly satisfactory manner. Two Bnrmeisierana Wein's largest separators, one of which has arrived, and the second, with one ordered for Colyton Creamery will come to hand shortly. The contract for supplying the engines and boiler has been let to Messrs Crabtree and Sons of "Wellington. The Company was registered on May 18th, the signers of the Memorandum of Association becoming the first Directors of the Company. Mr Spencer was appointed Chairman, and Mr Templer Secretary. Your Directors have considered it their duty, as far as possible, to encourage local industry, and with that view have placed most of their work in tho hands of local tradesmen. In order to haye freezing machinery at once your Directors have ordered one of Halls' carbonic anhydride refrigerators, to arrive in October Your Directors have appointed Mr Niccolls, who has high ability as a butter maker, to the position of manager of the factory, and Mr Pratt, a certificated student of the Albert Agricultural Training Institution, Ireland, "to the charge of the creamery. The Colonial Bank has been appointed Banker for the Company. There have been 941 shares placed among 116 shareholders. Your Directors recommend that the nominal capital of the Company be increased to £5000. The new shares to be issued as the Directors deem necessary, and to have the same amount called up as the old shares at the time of issue, and to - have a premium of 5s per share placed on them. It will not be necessary to issue the whole of the new shares, but the Company will then be in a position to extend its operations into the surrounding districts. The main factory will be ready to commence work about the first week in October, and th*j^earnery within a fortnight later. AB^that will be then necessary will be fof the shareholders to bring forward a good supply of milk and the success of the venture will be assured. The thanks of the Directors are due to the Chairman for the valuable assistance and advice he has given them, and the readiness with which he has devoted his time to the service of the Company." Mr Tappin asked why the directors wished to increase the capital. Mr Spencer explained that only a few of the original issue of shares were not taken up, and if the company wished to extend its business to new settlements its capital would haye to be increased. The expenses incurred in increasing the number of shares would be Ll per 1000 In reply to Mr Cunningham, Mr Spencer said that nothing definite had been settled about starting creameries at Birmingham or Waituna, but people seemed to expect them there. Mr Tappin would hare liked the directors to have called a meeting before, which would Lave saved some dissatisfaction. He had bo objection to the directors, but at the same time thought they should have been elected at a meetinn of shareholders. He moved that the report as read, be adopted. Mr Spencer said they had acted for the best interests of the company and to save trouble. They had no time to lose, and everything had to be done in a hurrj. Had the meeting suggested been held, numbers of disinterested people without any money in the concern would nave had a voice i n the matter, Mr W. G. Haybittle said he presumed that those present knew that if Mr Tappin's motion was carried it meant that the capital would be increased. He also asked if it was not better to go slow and not to launch out too much. Mr Spencer said they had sufficient subscribed capital to cover the present cost, and it was the intention of the directors to be cautious. He did not think it at all likely they would start fresh works till next year, but thought it advisable to have shares ready for anyone who wished to take them up. Only 103 a share was called up the first year. The creamery at Colyton might be made into a factory next year, and to effect this change th«y would need more money. If the motion made by Mr Tappin were carried a separate motion dealing with the capital could be proposed. Mr Ryan seconded the motion which was carried. Mr Henry Burrell proposed, and Mr Cunningham seconded, That the nominal capital of the Company be increased to ±'5000. " Mr Haybittle had no objection to the Company increasing its capital, which would mean putting more power into the hands of the Directors. He thought it would not be advisable to go into new districts for the present, say, till next year. He would support the motion. Mr Henry Burrell's motion was then put and carried. Mr Henry Burrell proposed and Mr Cunningham seconded, That Messrs Hay bittle and G. P. Church be auditors at two guineas per audit. — Carried. Mr Mills would like to see the factory kept going through the winter, and he thought suppliers of milk should state definitely if they would supply milk all the year round, as some might be able to, while others might drop off and the factory might have to be shut up till the next season, which would be a great inconvenienoe to those who bad milk. Mr Cunningham asked what the expenses of working would be. Mr Spencer replied that as long as the supply was sufficient the factory could be kept open. It was possible for the milk supply to fall short and not pay expenses. He would advise going in for milking as many cows as possible all the year round, A buyer in Wellington had told him they would do well if they made winter butter. The factory was to be fitted with freezing apparatus, and butter could be kept from the end of the seasqn, when it was very cheap, and sold as winter butter, which was bound to pay. ' ' ' In reply to Mr Qibson, the Chairman said that suppliers of milk would be paid monthly. Mr Cunningham asked if the price per gallon had been iixed. Mr Spencer replied in the negative Every man s milk would be paid for on results after testing. As to keeping the factory opea all the year rouod, they would hare to bo guided by cicam.

stances. Cans would be suppled at the factory at cost price. The Directors were negociating for the sale of their butter, but he could state nothing delinate at present. A company down South had sold a season's outpul. for lOd per 1b at Lyttelton, and he thought the prospects of the industry were beginning to brighten. Due notice would bo given when milk could bo taken at the factory. If the butter were consigned thero would be a lot of trouble in advancing the supplies, and he thought it bc-t to supply f.o.b. at Wellington to start with. Mr Buchanan asked if the feeling of the meeting were in fayor of consigningMr Tappin proposed, nnd Mr Cunningliam seconded, That the matter be left to the Directors.— Carried. Mr Spencer said the registered brand would be "Pakeha." In reply to Mr Tappin, the chairman said the factory would be worked every day (Sunday included). Mr Hugh Burrell proposed, and Mr W. G-. Haybittie seconded, 0 vote of thanks to the chairman. Mr Spencer thanked them for the vole, »nd said thnt the harmony existing between the Directors couldn't be better, and he wou!u like to see a large attendance at all future meetings. He was sorry none of the Colyton shareholders were present, but supposed their absence meant they had full confidence in the Directors. —_— —