The Cheltenham Co – operative Dairy Company (Ltd.)

Feilding Star, Volume XV, Issue 282, 7 April 1894, Page 2

The Cheltenham Co - operative Dairy Company (Ltd.)

The second half-yearly meeting of shareholders in the above company was held in the Cheltenham schoolhouse last evening. The attendance was very fair, and Mr F. Spencer, Chairman of Directors, presided. The business was to receive the report and balance-sheet, to elect auditors, and general. Mr Spencer having read the notice calling the meeting, the minutes of the last ordinary and special meetings, were read and confirmed. : The following report was then read : "In presenting the balance-sheet for the' half-year, ending February 28th, your directors congratulate the shareholders on the successful start that has been made with the work of the company. The factory began to receive milk on October 26, the creamery being opened the following week. ■ Since that time 1,152,54 Albs of milk lmfo been received, making 41,1501bs of butter. Your directors were successful in selling the output up to the end of January for 9|d per lb, which, considering that the factory had only just started, was a very satisfactory price. They are now making arrangements for the disposal of the butter during the winter months, and are sanguine oi securing a market for all they can tunu out. Since the Extraordinary General Meeting of March 12, a number of new shares have beeu applied for, and arrangements are now in progress for erecting a creamery at Birmingham for the coming season. In conclusion, your directors would particularly impress on suppliers the necessity of making every endeavour to keep up the supply throughout the winter, as it is only by guaranteeing a regular supply that a market can be obtained. In accordance with the Articles of Association the auditors, Messrs W. G. Haybittle and G. P. Church, now retire, but, being eligible, they offer themselves for re-election.— I 1 . Spencer, Chairman." The balance-sheet up* to February 28th, 1894, was read as follows :— Liabilities. — Nominal capital, 1000 shares at £2 each, £2000 ; to capital account, 1000 shares *at £2 leach, £2000; less unpaid calls £30, and capital account uncalled £1515, £455 ; sundry creditors, £575 5s 6d ] cheques outstanding, £45 9s ; overdraft at Colonial Bank, £1817 11s 7d; profit and loss, £7 13s Id ; Total, £2900 19s 2d. Assets. — Land, plant, buildings, etc., £2436 18s 4d; stock-in-trade, includ- - ing butter, salt, paper, boxes, etc., £341 7s 4d; sundry debtors, £116 19b 4dj cash in hand, £15 14s 3d ; Total, £2900 19s 2d. Profit and Loss Account.— To balance at September 23rd, £64 6s 7d ; general expenses (including* interest, insurance, boxes, paper, advertising, etc.), £173 16s 8d; wages, £98.i25; firewood, £41 12s 6d j milk and cream cans, £116 15s 6d; legal expenses, etc., £12 11s 4d ; freight and cartage, £38 17s 8d; payments to suppliers, £893 Is Id ; bonus Managing Director, £10 10s: balance, £7 13s Id; Total, £1462 16s 4d. By butter sold, £1330 13s 2d; buttermilk, £4 5s 2d ; supplies, stoppages for cans, etc., £84 13s ; cash received for cans, £34 ss ; Total, £1462 16s 4d: The balance-sheet is certified to as correct by Messrs G. P. Church and W. G. Haybittle, auditors. The Chairman having invited questions, Mr Cuningham asked how they arrived at the value of the land, plant, and buildings. The Chairman replied, from the actual cost. His experience was that a factory could not be erected for the Government estimate. They had worked the factory as cheaply as possible compatible with efficiency, and there was not a better equipped factory in New Zealand. They had been very successful in turning out a first-class article which was very satisfactory for a beginning. There appeared in the balance-sheet the item payment to suppliers £898, which was only three months pay, whereas the factory had been at work four months, and one month's supply (£416) was paid a few day's after the balance-sheet was made up, making a total of £1314 paid to suppliers during the first four months. Butter sold up to February 28th, realised £1339, so that it would be seen they had a credit balance. The £416 was included in the item of £575 in the list of liabilities. He' would move the adoption of the report. In reply to Mr Jacob, the chairman said that the cost of the Colyton creamery was between £500 and £600. In the item of £482 for working expenses it must be taken into consideration there was a stock of milk cans, which should be taken off as a part of the plant. From £70 to £75 a month would cover all expenses — the butter kad been placed f.o.b. for l|dapound. Replying to Mr Cunningham, the chairman showed that the company was in. a far better condition now than when the balance-sheet was struck. They having called up more capital the overdraft was" reduced and the interest would not be so heavy for the future, Mr Banks seconded the adoption of the report and balance-sheet and the motion was carried. The next business was the election of auditors. Mr Cuningham proposed, and Mr Nicolls seconded, That Messrs G. P. Church and W. G. Haybittle be appointed auditors for the ensuing year at a renumeration of two guineas each audit. — Carried. Mr Spencer wished to impress on suppliers the necessity to keep up the supply of milk through the winter. The supply had not yet dropped off as was shown yesterday, when 3601bs of butter were made. In a month or six weeks the autumn glut in the market would be eased off and they would get a good profit from their butter. It was also very important that they should keep their present hands together as they were good and competent workmen. He was confident a" large quantity of milk wotitid be forthcoming next season, ans^ if they shut down it * would be useless to open up till well on in the _ season. Early butter always sells well, * and instead of a contract ending in March they could dictate terms to buyers. It was a great advantage to _ be able to approach a good buyer . with a tempting bait, as it is well known first butter was best. If they closed the factory suppliers would

have to pay the piper, and ha would ask them to send what they could, even if it was only a little milk. It milk showed a test of 3 60 of butter fat it was very fair, and over that would be good. He saw from their book that the average since the feetory was started, was 3 60, and this fact convinced him that this was an exceptionally good district. They only deduct working expenses from the butter returns and divide the remainder pro rata. The Directors had not declared a dividend this time as the amount to be divided was so small. It had been said in the South Island that butter could not be made in the North, but the contrary had been proved. The freezing plant in the factory was now in thorough working order, Mr Ouningham referred to the apathy shown by the Road Boards in constructing the bridge over the Kiwitea ou the Cheltenham Cross road, and quoted instances of narrow os> capes and inconvenience when the river was "up" Messrs Spencer and Mills also condemned the negligence shown by the JRoad Boards, and contended pressure thould be brought to bear on thorn. Mr Jones, a member of the Kiwitea Road Board and County Council, said he intended to urge on the construction of the bridge at the next sitting of the Board. On the motion of Mr Jacobs a vote of thanks was passed to the Chairman and Directors of the Company for their efforts during the past half year. A hearty vote of thanks was passed, on the motion of Mr Spencer, to the Manager and his assistant— A teo, to Mr Templer for his untiriDg efforts as Secretary. A vote of thanks to the local press was passed, on the motion of Mr Templer, for their aseisfaoce to the Company in foTwnrding the dairy industry in the district. The usual compliment to the Chairman closed the meeting. Church Services. Sunday, Aphil 8, 1894. Church of Ekglaxd. St John's, Feiltlinj?, 11 a.m.— Lay Reader. St John's, Feilding, 7 p.m — Rev Innes Jones Colyton, 11 a in.— Rev Innes Jones Awahun, 3 p.m -Rev Innes Jones Si James', Halcoinbe, 3 p.m— Lay Reader Pbesbyterias Church. Feiiding, 11 a.m— Rev Murray Feilding, 7 p.m— Rev Murray Wesleyan Chuiich. Feilding, 11 a in — Mr Low Feilding, 7 p.m— Rev Judkms Campbelltown, 11 a.m. • Cauipbelltown, 7 pro Kiwitea, 230 p.m— Mr Guv Birmingham, 11 a.m— Mr Guy Birmingham, 7 p m— Rev Bilks Primitive Methodist Church. Feilding, 11 a.m— Rev Clement Feilding, 7 p.m— Rev Clement CainpbelUotvn, 11 a.ia— Mr J. Gould Campbelkown, 7 p.m -Mr G. Carter Colyton, 7 p.m— M r Adams Makino, 3 p m-Mr Fidler Cheltenham, 3 p m— Rev Clement Awahuri, 7 p m-Mr J. Gould Salvation Army. Services at 7 and 11 a.m., and 3 and 7 p.m— Capt. Renshaw (For continuation of reading matter see fourth page.)