Kia Ora Co-Oporative Dairying Company.

Gisborne Times, Volume XXIV, Issue 1933, 15 November 1906, Page 3

Kia Ora Co-Oporative Dairying Company.

T'lio annual mooting of tho above Co:

t puny was licld at tlio Makauri schoolhouse last night. There wore about 70 , I present, the chairman, Mr J. A, Caesar, ’ presiding. ' Tho annual report and balance shoot . were road. After extending congratulations the report continued: I " The prolit and loss account shows a I balance to credit of 1:8(50 lils for tho year’s I working, which, together with 1:222 os lOd brought forward from last year, leaves a balance of IUOBS 18s .LOd to bo dealt with. Of this the directors would recommend I that a dividend be paid on 1000 paid up I shares-at the rate of o per cent., amounting to A’oß Os, that a sum of Idiot) bo written off machinery and plant for depreciation and that the balance of 11510 12s 10d lie carried forward to meet requirements referred to hereunder. Although the directors do not recommend the pnyI meat of a bonus on butter fat this year, they would draw tho attention of shareholders to the fact that tho average pay i out has been B:[d, as against 8d last sea- | son, or Sjjd with bonus addod. In other words about xbOO more than last year with bonus added has already been paid milk suppliers for a smaller quantity of milk. The Kin Ora brand continues to

iniutum its high reputation in tho Homo uu'kot, ;uul tho butter Juts always realised ighest Loudon quotations at time of sale. ~ur Lotulon agents write under date 13th May last: ‘We should like to coinpli- , mont you on the excellent uniform quality of your eousigutnents.’ Lor tho purpose of comparison with last annual report, the following particulars of the working of the Company are given: Lbs of milk received 12,09.1,1)0!), ibs of cream received 28,375, lbs of butter fat paid for 5i)1,f)52, lbs of butter made 509,100, lbs of milk to make lib of butter 22.05, average test of milk -1.12, average test of cream 01.04, average prico paid for butter fat Oijd, total amount distributed for milk and cream purchased L 19,125 13s 3d. Auditions aud improvements to premises, machinery, and plant during the year have oosi upwards of £7OO. Included is a now system of drainage from the faoiory, whioh was badly required, and whioh is working very satisfactorily. A Crossley gas engine of 25 b.p., with complete auoI itoo gas produoiog plant, is on order, and will bo shortly installed at the fsotory, at I a cost of about £350. This will roduos oosi of fuel by about half, and very soon | pay for itself in the saving effected. Ths liamago from the floods in July, wbiob at first lookod somewhat serious, turned out touch leas than expected. Tho principal damage was to the freezing chamber, whore the walls have had to be ro-paoked end the floor ro-laid, The retiring directors aro Messrs Julius Bulat, Wm. Graham, and John Walker, nono of whom oiler themselves for ro-eleotion.”

Tao Chairman adduood figureß, showing the progress sho oompaoy had made as compared with last year. A long discussion took plaoe on the fiaaoeiil aspeot of affairs, and as to ‘.he Chairman’s recommendation of a 5 per oent dividend,

Eventually the Chairman proposed and Mr Owen Gallagher seoonded that the dividend be allotted as recommended by the directors. Mr Bates proposed and Mr Kane seconded that tho wholo sum be carried forward, but the Chairman ruled that this amendment was out of order, not being in accordance with the articles of association. He oould only take it in the form of a reduced dividend.

The motion was then oarried, without one dissentient voioo.

Toe eleoiioo of three direoiors resulted : August Lange 42, W. Walsh 88, John Gaudy 36; J. B, Von Pein 19, J, 11. Mo> Credit- 17, Harry Niool 16. Tbs next business was the periodioal adjustment of the quota of shares. Fully paid-up shares reosived 5 per cent interest, so they stood to win and not So lose. If people warn not willing to taUo up a second share they mud arrange for a sinking fund, as the capital was not in proportion to the working, He poir tad cut shat in a previous year they had £IBB6 capital and paid out £9970. Now <ho capital was only £1966, aud they were distributing £1.9,125 18a Bd, They oould either move in the matter or laave it to the direoiors. Mr Gallagher said it was simply a question, had they oonfideDoo in the dir.-ciors ?

Voice: Of oonrie wa have, oc wo would not puli them theta.

One gentleman oomplairiad that when he wanted information ho was referred to the manager, The Chairman said bcoould not pretend to know about every little detail ; if he were a paid chairman geiting £SOO a year ho would givo the tim3 required to know all these details

After further discussion the Chairman said he would take it that the shareholders left it to the directors to decide the

question. In reply to Mr Gallagher, who made a spirited advocacy of co-operation, the Chairman said his desire was that every shareholder should join in the guarantee to the extent of £2, instead of leaving the thing in the hands of a few. Mr liinklatev proposed that the matter be left to the directors.

Mr Gallagher proposed that each shareholder was ’willing 'to guarantee to the extent of his share. It would be a guarantee never called on, but would give them independence to get the money at the cheapest rato, The Chairman moved that it bo left to the directors to decide whether d£l or £2 guarantee was necessary. Mr Walsh soconded the Chairman’s motion, and in doing so made an interesting speech. They left it, he safd, to the okUiands to do the work—the young ones shirked it. He prophesied that one day they would havo to take over tho milk supply of Gisborne, and that would mean the retail butter trade, and following that a co-operative butcher shop. Referring to local butter he said that butter produced on these flats was too rich and required time like cheese. High lands produced a better quality of a sort. Tho Chairman’s motion was carried unanimously, Mr W. S. Lunn was re-elected auditor. A proposal from the Oaitu factory to join in tho appointment of a veterinary surgeon was not favored at present. Mr Gallagher moved that a petition be got up and sent to the member in favor of Government taking stops to acquire and out up the largo estates in this distriot suitable for dairying, Mr L'.nklaier seconded the motion, whioh was carried unanimously. Mr Angland urged that there should be a half yearly meeting with half-yearly balance sheet, but the chairman said' to do that would mean altering tho articles of association.

Alter complimentary referonoes to the inanugemens, hearty votes of tbank3 were ilCCJided,