CO-OPERATIVE DAIRYING

Gisborne Times, Volume VIII, Issue 694, 13 December 1902, Page 3

CO-OPERATIVE DAIRYING

KIA-ORA BUTTER FACTOR if. ! ht CONVERTED INTO A CO-OPERA-TIVE CONCERN. lie of A largo meeting of suppliers to the Kia°y Ora factory was held last evening in the Makauri schoolroom, to consider the report of tho committeo appointed at last ve meeting as to the advisability of running I,_ the Kia-Ora factory as a co-operative ot concern. rs Mr Mood presided, and in introducing ly the subject upologised for having detained ae the meeting for twenty minutes after tho appointed time. Tho speaker explained that this was caused through his having an interview with Mr McGregor, which had resulted in the latter reducing his price by £‘235. Tho Chairman then read tho report of tho committee, which was as follows : “ Your committee huve since their appointit ment gone thoroughly into the business for which they were appointed, and having ri assured themselves thut it would be profitq ablo to the Kia-Ora suppliers to take over Mr McGregor’s business, and that they jl had the promise of 1000 shares to back , them, and that Mr McGregor's offer was „ on the face of it an extremely advantat goous offor to you, they instructed Messrs u Niven and Co., to valuo the property on ■ your behalf, and Messrs McNivcn and Co. 0 value the buildings, machinery, plant, etc. ut X 5102, If to this bo added X 169, Mr ] McGregor’s estimate of the value of sheet f ‘2 of this ofl'or, comprising cart, harnoss, tools, etc., and tho estimated valuo of tho property under offer to you is X 5516. No valuo has been placed on tho good will of tho business or on tho Kia-Ora 1 brand for butter, both undoubtedly valuable assets, and considering that you will obtain X 5516 of solid assets for XOOOO, an extremely easy terms as to pay. Your Coinmittoo strongly adviso you to closo this offer. While congratulating you as investors in obtaining so good u bargain, your Committeo would point out that it is as producers endeavoring to obtain the best possiblo prico for your buttor-fat. I After carefully going into Mr McGregor’s experience, they are of opinion that every * portion of tho businoss carried on by him c is paying, and that if you docido to take tho business over on a co-operative basis, 2 it is merely a matter of good management *• on tho part of your directors, and loyal s support on tho part of shareholders for you to obtain the best possiblo prico for C 1 your buttor-fat. Your Committee reoom- P mod that a compauy bo floated immedi- u atoly to closo with Mr McGregor’s offor, providing 800 shares aro taken up boforo " tho end of this month ; that the capital of ' v tho company bo XOOOO in 8000 shares of w £'2 each, Is payable on application, Is on c( allotment, and tho bulanco by deductions of 5 per cent, from tho monthly cheques duo to shareholders. Tho Chairman said that it rested with P' tho suppliers to accept tho recommonda- G tions of tho committoe or reject them. Mr Evans proposed that Mr McGrogor’s " terms should bo accepted, and that a P* company bo floated immediately, on the “j condition that 800 shares wore taken up before tho ond of tho month. That tho capital of tho company bo X6OOO in 8000 shares of X2 each, Is payablo all on appli- 6 “ cation, Is on allotmont, and tho balanco by 5 per cent, reductions on tho monthly a ' cheques duo to shareholders. Tho motion was secondod by Mr Me- “e Credio. Mr Tombleson hoped that tho mooting ■“ would carry tho resolution. As a member mi of tho committee ho had gone into tho matter carofully, and had found out that ff ll tho amalgamation proposals had failed for roasons known to those present. The company would bo on a sound basis from j- a tbo outsot, and he thought that thoy would bo making a mistake in not accept- hj s ing Mr McGrogor’s terms. *fj Mr Dunn said that ho thought it would be a backward step if the resolution wero S e not carried. g" Mr Fairlio urged upon tho meoting to -tf* accept Mr McGregor’s offer, pointing out that tho suppliers wore receiving splendid sh' terms. The motion was carried unanimously, 1111 Tho Chairman congratulated tho meet- tel ing on tho decision arrived at. Ho pointed out that tho suppliers had acted a in thoir best interests, and it was to their St' advantago to work together to mako the Company a success. A great deal had Hi already been dono, and ho hopod to soe of tho Kia-Ora Factory converted into a co- St operative company by the end of tho year. (Applause.) ox Tho following gentlemen wore elected Is as provisional directors :—Messrs Evans, sci W. Acland Hood, D. Malono, J. Tomble- a ; son, W. Graham, R. Brooking, and J. tiii McCullough. b 8 On tho motion of Mr Roberts, a hearty co voto of thanks was accorded to the Chairman. D