P.B. CO-OPERATIVE DAIRYING COMPANY

Gisborne Times, Volume X, Issue 1009, 30 September 1903, Page 4

P.B. CO-OPERATIVE DAIRYING COMPANY

ANNUAL MEETING.

At the annual meeting of the Poverty Bay Co-operative Dairying Co,, held at Hatawhero on Monday evening, Mr E. Knight, Chairman of Directors, presided. The report and balance-sheet, which have already been published, were read. Tho Chairman congratulated members upon tho satisfactory nature of the balance sheet. He did not know of any company starting on its first year that had paid the prices they had been able to do. Mr Tuohy thought the thanks of the shareholders were duo to the directors for tho very good judgment that they had exercised in the management of tho businoss during the first twelve months. He movod that Mr Morgan and the staff bo written to, acknowledging the very efficient way in which they had carriod on the factory durffig the season, Tho motion was carried unanimously. Speaking of the year’s working the Chairman said that the avorago test for the season had been 4'4. Taking the milk at 1041 b to the gallon, it took 1.17 gallons of milk to make lib of butter and 2’36 gallons to make lib of butter fat. The avorago overrun was B£. The cost of manufacture was l’4sd, management and charges '27d, disposal of produco *2Bd, total cost 2d. The value of the overrun was 12,7621 b at 104 d per lb, ,£558 6s 9d, which reducod the cost of working expenses to P2od per lb. The tests for tho season wore : October, lowest 3‘3 to highest 4 ; November, 3’2 to 4 - 2 ; December, 3-5 to 4'2 ; January, 37 to 4'5 ; February, 3'B to 4’7 ; March, 37 to 4 - 8 ; April, 4 to 5 ; May, 4 to 5'2 ; Juno, 4 to 5.3 ; July, 4to 5'4 ; August, 3'7 to 5 - 5 ; September, 3'6 to 4'5.

The report and balance-sheet was adopted, shareholders making praiseworthy reference to the services of the Chairman of Directors.

Mr Knight, in replying, said he had done his best for the company and no one was better ploasod that himself at the result. It waa a pleasure to meet them all with smiling faces. Messrs Candy, Raymond, and Oates wero elected directors, and Mr H. M. Porter auditor.

A special resolution affirming that the annual meeting should be held on tho first Monday in October instead of tho second Monday in September was carried. Votes of thanks to tho Secretary (Mr A. Graham), storekeepers who had supported the factory, and to tho Chairman, terminated the meeting.