Cheltenham Co-operative Dairy Company.

Feilding Star, Volume XVII, Issue 76, 26 September 1895, Page 2

Cheltenham Co-operative Dairy Company.

The fifth half-yearly meeting of shareholders in the above Company was held in the Public Hall, Cheltenham, last evening. A special general meeting was also held, when amendments to the Memorandum and Articles of Association were made as decided at the meeting on September 12th and as advertised. Mr F. Spencer, chairman of directors, presided. Considering the inclemency of the weather the attendance was fair. The report and balance-sheet for the half-year, ended August 31st, was submitted, the following being a summary : The Directors regretted that a more successful balance-sheet was not shown. The loss of £400 shown included the preliminary expenses of the Company, for which no provision had been made, and, also, losses on the last two season's shipments amounting to upwards of ±'120. During the past winter the suppliers had paid the working expenses, and the actual working of the factory showed a slight surplus. It was imperative to have all the year round dairying, and the Directors wished to impress upon farmers that now was the time to make the preparations necessary to ensure a supply of milk during next winter. Tho Directors considered the thanks of the Company were due to the small but energetic band of suppliers who kept on during the winter, and it was only because they had ran through the winter, and thus kept their trade connection, that the Directors were able to secure the market for their output during the coming season, satisfactory arrangements having been made with Messrs Laery and Co., Wellington. The Directors felt the necessity of impressing on farmers the absolute necessity of increasing the milk supply as the factory could put through double the maximum quantity at a very slightly increased cost. In the face of the losses the Directors had decided that a special charge of }d per lb shall be made on all butter manufactured this season to provide for such contingencies. It was their intention to consign a small quantity of butter direct to a retail house at Home, where they had sent a small consignment last year and on which they had received most flattering opinions, accompanied by a wish to receive further consignments. The turnover shows an increase over the previous winter, the quantity dealt with being 1,237,587, from which 52,9071bs of butter were made. It was the intention of the Directors to make the business' pay itself in the future. During the last two years, since the Company has been in operation, it has distributed upwards of £5800 to suppliers, besides wages, etc. The balance-sheet, to August 31st, 1895, was read as follows :— Liabilities — Nominal capital, 2500 shares at £2 each ; capital account, 1325 shares at £2 each, less unpaid calls £295 2s 6d, and uncalled capital £690, £1664 17s 6d; to- sundry creditors, £312 18s 4d ; outstanding cheques, £16 os2d ; overdraft at Colonial Bank, £2185 13s lid ; Total, £4179 9s lid. Assets— By land, plant, buildings, etc., £3470 0s 2d; stock, including butter, salt, paper, etc., £182 19s 9d ; sundry debtors, £119 12s 4d; cash in hand, £3 5s 8d ; balance profit and loss, £403 125 ; Total, £4179 9s lid. Profit and loss account. — Credit— Sales butter, £2271 3s 6d ; sundry receipts, £27 12s sd ; balance, £403 12s ; total, £2702 7s lid. Debit— Balance February 28, 1895, £175 10s 7d ; railage and cartage, £72 17s lid ; wages, £204 5s 3d ; boxes, £72 15s 5d ; firewood, £57 7s lOd ; stationary and printing, £22 Is 9d ; paper, £46 8s 6d ; repairs, £96 lls 5d ; general stores, £75 2s 7d ; sundry expenses, £52 0s 3d ; stamps and telegrams, £7 19s lid ; interest, £75 18s 4d ; exchange, £2 6s 6d ; refund loss on butter consigned through Colonial Bank, £77 4s lOd ; refund loss on butter consigned through Cbey and Co., £30 ; refund loss on butter consigned through Reynolds and Co, £20 6s 3d ; payments to suppliers, £1613 10s 7d ; total, £2702 7s lid. The above accounts were certified to as being correct by G. P. Church and E. Goodbehere, auditors. In moving the adoption of the report and balance-sheet, Mr Spencer said those who had handled their butter had lost three times as much as the Company and they compared favorably with other factories. He asked suppliers to make special efforts to send their milk in good condition to the factories to enable them to produce the best quality butter. It was their intention to com; pel suppliers to use aerators or coolers, The outlook for the coming season was. better than in the past, they having made small contracts through Messrs Laery and Co., of Wellington, at 9.gd per lb. They were arranging to send the bulk of their butter to Wellington for disposal in this way. In reply to a question by Mr W. D. M. Banks, Mr Templer read a list giving full details of the amount set down in the profit and loss account as sundry expenses £52 0s 3d, and Mr Banks expressed himself as satisfied and seconded the motion. Mr G. Revington Jones drew attention to the item for repairs set down as £96 lls sd. He thought it a big item for a half year and asked if it included putliDg in the new engine. Mr Templer replied that it did not and that amount would be included in next year's balance sheet as plant-. The bulk of the amount for repairs was incurred the previous half year and £57 was paid to Mr Thompson and £25 for extras to separators. The last items were ordered in May 1894, but did not come to hand till last May. There was about £40 now outstanding for repairs. These repairs did away with writing off anything for depreciation. Mr Spencer explained that the actual cost to the company for putting in the new engine was £20, Messrs Crabtree and Co having agreed to take'6h.e old engine. The item, unpaid capital, £690, should be uncalled capital. Mr G. P. Church considered the directors should get in some of the unpaid calls. Mr G. R. Jones: It was not suppliers who were in arrears, it must be non« suppliers. Mr Spencer said the directors had not lost sight of that. It was not § pleasaqt thing to sue for calls, and not 'advisable, but they must now get the ai rears paid up. The arrears were due by non. suppliers. Mr D. W. M. Banks asked, with refer, ance to the appeal to suppliers for more milk, if the Chairman, and another Director, could not assist that "absolute necessity " by sendiag milk to the factory. Was there any chance of their doing so ? Mr Spencer said that as for himself it was thrown in his face that he had promised to supply the milk from forty cows. This was not so. He did not iv. tend to supply for more than the first year, which he did. Dairying was very suitable for email farmers with large families, and must be looked after and not played with. Had he niilktd cows he could not havo given the attention to tho Company's affaiis he haiL Mi« Lmoe said, aa to his supplying he had not promised to, and lie had only taken shares in tho Company because he thought it would be a benefit to the district. Probably after next winter ho would be ready to go in for cows. He thought there was more to be made out of the cow aud the by product than anything else. Mr G. R. Jouos thought the Ghelten,haui magurites might bo able tp induqe the large laud owners near : th6 facttiry to cut up their holdings and lease fcheia

to assist iv getting an additional supply of milk. He agreed with Mr Spencer that a lot of farmers wore playing with dairying, and it wouldn't pay. If a man keeps cows it is a clear necessity that he must milk all the year round to make them pay. Mr Spencer asked Mr Jones it he \?ould tell tho meeting what he (Mr Jones) made out of his cows last year. Mr Jones replied that he kept forty cows and took in cash from the factory JEG per cow for the milk supplied. This was exclusive of the return for his calves, etc. He could not have made «this unless he had kept going through the winter. . Iv reply to a question, Mr Spencer said the Directors intended to stop -|d a lb, above working expenses, during the coming season, to cover contingencies. In the past they had not stopped sufficient. They had done all they could to induce the dairy farmers at Makmo to supply the factory. Mr Church said the books of the Company were well kept, and the balance-sheet clearly made out. Mr G. R. Jones thought something should be written off for depreciation. Mr Spencer said that in the past the repairs obviated that necessity, but in the future they would do so. Arrangements had been made with Laery and Co. to take 100 boxes of butter a week, for which the highest prices ruling will be obtained. This firm wore prepared to take the whole of the output for the coming season. » Mr Tenipler then read a letter from Mr H. C. Cameron, of Manchester, England, a retail dealer to whom a small quantity of butter had been shipped in pounds. Mr Cameron spoke very highly of the quality of the butter, the same opinion being held by Mr Cameron's customers. The butter was sold at lid per lb, the same price asobfcaiued for the best Danish butter. The report and balance-sheet were then adopted. Messrs J. Bruce and D. P. Buchanan were re-elected Directors unanimously ; and Messrs G. P. Church aud E. Goodbehere auditors, at a remuneration of £d Us per audit. On the motion of Mr W. D. M. Banks, seconded by Mr G. R. Jones, a vote of thanks was accorded to the Chairman, Directors, and staff for the way iv which thoy had conducted the affairs of the Company. Messr3 Spencer, W. Jones, Bruce, and Mitchell, returned thanks for the vote ou behalf of the Directors, and Mr Nicholls for the staff. The latter gentleman in doing so said that it was his iutention to refuse to take any milk sent to the factory without being aerated. They commenced running daily to-day (Thursday). On the motion of Mr Speucer, a hearty vote of thanks was accorded to the Secretary, Mr Templer, for the able and efficient manner in which he had done his work*. The meeting then terminated.