Campbelltown Dairy Company.

Feilding Star, Volume XVI, Issue 302, 26 June 1895, Page 2

Campbelltown Dairy Company.

A meeting of shareholders in the above Company was held at Campbelltown on Saturday evening, Mr V. C. Ransom, Chairman of Directors, occupying the chair. A statement of the position of the Company for its first three months' operations, ending May 31st, was read, showing the revenue had been ,£1268 and expenditure £11 G4, leaving a balance of £104. A resolution was passed expressing satisfaction with the able way in which the directors managed their affairs '1 he report read as follows : — "Your directors have the pleasure of laying before you a statement of the floating of the company, and the general working from March Ist to May 31st. The company was registered on March 12th with a nominal capital of £3, 000, divided into 1,500 shares at ji'2 per share. 1012 shares have been applied for und allotod, and we have every reason te believe that a further number will be applied for in the spring. It was agreed that the company should rent the factory from Mr Corpe until such time as they were in a position to purchase. The arrangement continued till the first of the present month, when the company entered into an agreement to pay Mr Corpe £1000 for the factory and his goodwill in all brands and local trade in fresh butter that he was in possession of when the factory was first leased from him. £300 was paid down, £100 to be paid in six months, £100 in twelve months, and £150 every six iuonths till the £1000 is paid ; balance remaining unpaid to bear interest at 1\ per cent. The factory was leased from Mr Corpe for the first three months at 1\ per cent, on £1100. Your directors have been enabled to make satisfactory arrangements with the Bank of New Zealand for an overdraft of .£IOOO, not necessarily to be operated on for more than they actually want to carry on with, the calls after a few months meeting all payments to Mr Corpe, and anv new work about the factory. We have to thank those shareholders who so readily came to our assistance to sign the Bank bond, which enabled U3 to save .£IOO in the purchase of the factory, and to pay promptly tor the milk and working expenses of the factory. Your directors have, since they have be«n working the factory, made some very necessary alteration, such as a new skirn milk pump, new butter milk and waste water tank. We expect to save alone on this item about .£8 per month. They have also fixed up three tanks for the purpose of providing rain water for the boiler, as the artesian water was destroying the boiler and pipes by incrustation of lime. They have also made very satisfactory contracts for the supply of firewood and butter boxes. It is very encouraging to know that our butter (Makino brand) is much appreciated in the local markets, we having disposed of about worth of butter in three months, and never had one single complaint as to quality, and by care and attention we hope to keep up this high standard of quality. Your directors propose at the close of every month to prepare a monthly estimate of receipts, and after deducting 6 per cent, for all paid up capital, interest to Bank and Mr Corpe, and working expenses, to divide the balance among the milk suppliers. For March we paid 2£d, April 2jjd, May 3d, and we hope to pay 3i-d for July and August, so as to encourage a winter supply of milk, as it is very damaging to the success of the factory that the milk should fall off so in the winter as thereby we lose our local trade. The Chairman during the early part of the month went to Wellington for the purpose of disposing of the butter in the freezing works, and succeeded in doing so. He also inspected all stocks and found them in good order, and agents of the company well pleased with the butter. Your directors in floating the Company have studied your interests insomuch that they have done all the work themselves, instead of employing paid agents, nnd secretaries, and we believe you will find that the company has cost very little to float in comparison with many others. During the past three months there was received into the factory 84,693 gallons of milk, which produced 40,7891bs of butter which averages about 23lba of milk to lib of butter, for which the milk suppliers have received .£965, which for this time of the year speaks volumes for the fertility of the district^ Your directors would recommend the purchase of milk by test, as we find by recent tests that the highest is 5 and the lowest 3 2, showing the unfairness of paying all alike.