Cheltenham Co-operative Dairy Company. Limited

Feilding Star, Volume XV, Issue 86, 9 October 1893, Page 2

Cheltenham Co-operative Dairy Company. Limited

A special meeting of shareholders in the above was held in the Cheltenham school house, on Saturday evening last, October 7th, to confirm a resolution re the increase of capital to £5000. About thirty shareholders were present. Mr F. Spencer occupied the chair and read the notice calling the meeting. He said the reasons for this step had been fully explained at the last meeting and there was no necessity to repeat them. Proposed by Mr F. Spencer, seconded by Mr Dowdle, That the motion proposed by Mr Henry Burrell and seconded by Mr Cunningham, on September 18tb, to increase the capital to LSOOO be con* fi rm ed. — Carried . ORDINARY MEETING. At the conclusion of the special meeting, the first half yearly ordinary meeting was held to receive balance-sheet and general. The chairman, Mr Spencer, having read the notice calling the meeting, the minntes of the previous meeting were read and confirmed. The balance-sheet was read by the secretary, Mr It. C. Templer, as follows : — Capital account — 1000 shares at £2, JE2OOO ; 941 applications, at 2s 6d, £117 12s 6d ; 916 allotments, at 2s 6d, £114 10s Od; 620 first calls at 2s 6(1177 10s Od ; 25 second calls at 2s 6d £3 2* 6d ; allotments unpaid, £8 2s 6d ; calls un. paid, £17 10s Od ; uncalled, £1548 12s 6d; 59 shares unallotted, £118 ; total, 1-2000. Receipts— To calls paid, 1312 15s Od ; copies of rules, 6s ; overdraft Hank of Australasia, £80 7s Od ; overdraft Colonial Bank of New Zealand, J>424 Is Od ; total, £817 9s Od, Expenditure— Land £48 2s 6d ; legal expenses, £21 7s Od; printing and advertising, £17 6s 3d; buildings, £518 8s Od ; labour £19 13s lOd ; well, £19 14s Od ; fencing, £18 18s 9d ; machinery, £101 5s Od ; salaries, £10 ; sundry small accounts, I*4o 9s 5d ; cosh in hand,. £2 4s 3d; total, £817 9s Od. Profit and ibss- -Debit, to expenditure as detailed above, £64 6s 7d. Liabilities — To Bank of Australasia, £80 7s Od ; Colonial Bank, £424 Is Od ; balance, L 246 3s 8d ; total, L 750 11s Bd. Assets— By land and buildings at Cheltenham, L 543 13s 7d ; land and buildings at Colyton, L 99 15s Od ; machinery, LlO5 13s Id ; sample can, LI 10s Od ; total, L 750 lls Bd. Balance of assets over liabilities, L 246 3s 8. The above balance sheet was certified as correct by Mr W. G. Haybittle and Mr G. P. Church, auditors. JJr Spencer explained that the profit and loss account was for necessary ex. pencil tore they could not do without, such as legal expenses, printing and advertising, stationery and stamps, Mr Marr's ex- | penscs, etc., for which they had nothing to show. The Directors had given their time and labor gratis. It was proposed to place a premium of 5s per share on the new issue. He believed the Directors had power to do so without consulting the shareholders, but would like to hear the opinions of those present. Mr Law proposed and Mr Cunningham seconded, That a premium of 5s per share be placed on the new issue — Carried. Mr Jas. Barrow did not understand the item for architect and thought there had been none employed. Mr Spencer informed him that the plans issued by the Government had not been adopted and a brick building would have cost too much. They had to employ an architect for the wooden build* ing. Mr Richards asked if the item for road construction was not too high. Mr Sp6nccr replied that they had done it by contract as cheap ns possible. Mr Cunningham thought the balancesheet was very satisfactory, and reflected great credit on the Directors. The work had been done to tho best advantage combined with efficiency. Mr Law proposed, and Mr Cunningham seconded, That the balance-sheet as presented be adopted. — Carried. Mr Law remarked that as no faults had been found it showed the Directors had done everything to the best advantage. (Applause). Mr Wm. Jones said he had been talking to some of the Colyton shareholders, who had expressed a wish to see the factory kept open through the winter. Mr Spencer said he had always advocated keeping open all the year round, and would do so if possible. He was of opinion that every day cows were not milked it was a loss. The time for taking milk would be regulated according to circumstances, by the manager, from whom cans could now be obtained for cash, or by an order from the Secretary ; in the latter case the cost would be stopped from the first month's milk supply. Large cans (20 gallons) were 30s and 12 gallon cans 19s. The well is 62 feet deep in a free bed of shingle and there is a verj good flow of water. It had not been tested yet. The factory would probably be ready to start in about ten days or a fortnight, and due notice would be given when milk was wanted. Two separators had arrived in Wellington, but as the importers had not received the invoices they could not get them through the Castoms. Mr Law proposed, and Mr Cunning* ham seconded, That a hearty vote of thanks be accorded to the Directors. — Carried by acclamation. In speaking to the motion, Mr Lair eulogised the services of the Directors, who bad spared no pains or trouble, and they deserved the hearty co-operation of shareholders and milk suppliers. Mr Spencer, in returning thanks, said the Directors had worked most harmoniously together, and had done all they could for the Company. He had obtained information from different parts of New Zealand and Australia, which he thought might be of benefit to them. They bad gone to a great deal of trouble in placing the shares as no broker had been employed. They could not carry on without money and it was necessary for milk suppliers to take as many shares as possible. He would like to see some of tho present share* holders take up the few remaining shares of thy old issue, which could bo bad at par. The new issue would bear a premium of ss. He understood some holders wished to transfer, which he thought was a mistake, as transfer fees would hare to be paid, and it would amount to the same thing, to the purchaser, as taking up the new issue. Besides, the company could not get on without money, and if settlers did not respond the directors would have to put a com* pulsory clause in the Kules and compel milk suppliers to take shares in propor* tion to the number of cows tboy milked, which would be a hardship to some who might be willing, but were prevented by circumstances. He would adrise settlers to take as many shares and to milk as many cons as possible, the necessities of the company being milk and money. He wished to thank them all for the rote accorded the directors, Tho mooting then adjourned.