ASHBURTON CHEESE AND BUTTER FACTORY.

Globe, Volume XXIV, Issue 2710, 14 December 1882, Page 3

ASHBURTON CHEESE AND BUTTER FACTORY.

The first annual meeting of the above company was held in the upper room of the Town Hall yesterday afternoon. Mr J. Orr occupied the chair, and there was a large attendance of shareholders. The Chairman said that it had not been thought necessary to have a report printed for this meeting. He referred to the starting of the factory, and the progress made since it had been in operation, and said that he was quite sure if the company were in a position to start branch factories at Wakanui and Willowby, he was sure the scheme would meet with a large amount of support. The company had been making cheese about six months, and in about three months from now the first shipment would be ready for the market, and with the advantage of direct steam communication with England, he felt sure that the company would be in a position to place as good cheese in the market as could be produced elsewhere, and he thought this was a matter for congratulation to the shareholders. A sample of the first cheese made was now in the room, and in about three months the company would be in a position to place the first lot in the market. The Chairman explained the items of expenditure appearing in the balauce-sheet. The company started operations with a supply of about 400 gallons of milk per day, but this had been increased to 700 gallons, with a prospect of a still further supply. Before the balance sheet was put to the meeting for adoption several questions were asked with regard to the extra items of expenditure appearing on it, Mr Cox stating that the cost of the building had exceeded fully three times the amount of the original estimate. The Chairman said, after careful consideration the directors had erected the building as it now stood, and it was a credit to the district. The factory was capable of turning out half a ton of cheese per day, and if they had erected merely a temporary shed it would have been a disgrace to the company. Mr Bowron said he had been asked at starting what the building would cost, and after making enquiries, he had replied that it would cost about .£6OO or .£7OO. He had the impression that the directors were going too far, but on his return to the colony he found that he was wrong, and if it had not been originally built as it now stood considerable alterations would have had to be made. The piggeries were not in the original estimate. The building of* these had cost a good round sum, and he was of opinion that a lot of pigs well managed would go a long way towards paying for the working of the factory. Mr Gilmour had no wish to attach blame to the directors, but was decidedly of opinion that the company should be very careful and practice a great deal of economy.

Some further questions were put, and, after some discussion, Mr James Brown moved the adoption of the balance-sheet, stating that he had every faiih in the directors, and believed that they had done their very best in the interest of the shareholders.

This was seconded by Mr Gilmour,

Mr Cox moved as an amendment—" That the adoption of the balance-sheet be postponed until after a report iind fuller information is obtained on the expenditure incurred, and that a sub-committee be appointed to inspect and report on the whole subject, such committee to consist of Messrs G. Jameson, S. Saunders, and the mover, to report at an adjourned meeting." In doing so he stated that he had no desire whatever to censure the directors, but he chought it was undesirable that the present balance-sheet, as at present before them, should be either received or rejected till they were sure that the directors had acted wisely in the matter of expenditure, seeing that the cost of the building had exceeded the estimate by at least three times the amount at first stated. Mr E. Friedlander said Mr Cox was in error, and he (the speaker) held in his hand a detailed statement of every item of expenditure that had been made, and he was qiiite sure the directors had not been unwise in the expenditure of the money. Mr Cox said it was only reasonable for the shareholders to ask to be furnished with some detailed statement, so that they might know the exact position in which, they were placed. The Secretary read a detailed statement of the items of expenditure since the starting of the company, and stated that before the amendment was put he wished to state that he had received a number of proxies that had not been received within the time presex'ibed by the articles of association.

Mr Cox stated that this was a large meeting of shareholders, and rather than see a number of influential shareholders excluded from voting through the proxies not being to hand in time, he would jDrefer to see the meeting adjourned for a week. He moved to this effect. Mr E. Alcorn said that in order to test the feeling ot the meeting on the matter, he would second the motion pro forma. The Secretary here informed the meeting that Mr Cox was not entitled to vote, the shares of which he was the owner not having been transferred sufficiently long to enable him (Mr Cox) to vote. Mr Cox said he had applied for the transfer of the shares in ample time, but was told a week after that the shares could not be transferred in time for the present meeting. He would now leave the room. The original motion was then put and carried unanimously. The following gentlemen were appointed directors —Messr3 J. CJark, J. Orr, J. Grigg, S. Chapman, G. Wilkin, S. S. Eovans, E. Friedlander, E. Anderson, J. Wheeler. Messrs W. H. Gundry and S. Saunders were appointed auditors.

On the motion of Mr J. Orr it was resolved that the nominal capital of the company be increased from .£SOOO to .£15,000 by the creation of 2000 new shares of £3 each, such creation of new shares to be effected in such a way as the directors may think fit. New shares in the first instance to be offered at par. The value to the holders of the company at the time of such issue being made to the extent of the number of shares held by them respectively. The remainder of the new 2000 shares, together with any new shares existing shareholders may decline to take up, to be offered to the public. The chairman drew the attention of the meeting to the promise of a bonus originally made to the farmers who should supply milk to the factory, and stated that the directors were of ojiinion that it would be detrimental to the interest of the company to put this promise into practice ; besides, the company, they found, would not be in a positiou to give a bonus.

After some discussion Mr Gilinour moved —"That all the profits of the company be divided amongst the shai'eholders." On being put to the meeting the motion was carried unanimously. The Secretary read a statement, showing the probable amount of business the company would be likely to do, and the probable profit that would arise from the first year's operations of the company, and the manager, Mr Harding, read statistics showing the quality of the milk now being delivered at the factory, and the percentage of curd made from every gallon. According to the manager's figures the milk brought at night was of a better quality than that of the morning, and the percentage of cbeese per gallon was just about the same as that derived in the English dairies.

Some further discussion ensued, and after a hearty vote of thanks to the chair the meeting adjourned.

Accident.—Yesterday afternoon, in Victoria street, a Woman named Elizabeth Home was getting into a trap, when, in consequence of the horse moving on, she fell, and her left foot passed through the spokes of one of the wheels. She was taken to the Hospital, where it was found that she had suffered a compound fracture of her leg. She remains in the institution.