BUTTER.

Horowhenua Chronicle, 22 July 1915, Page 3

BUTTER.

ANNUAL MEETING LEVIN DAIRI CO., LTD. Levin Co-operative Dairy Co., Ltd, held its sixteenth annual genera meeting yesterday. Mr James Proust chairmau of directors, presided ove L an attendance of eonie twcnty-liv< shareholders. [ The annual report and balance-shee L showed a total of £11,794 2s lOd assets fc The.gross profits made during the yea I totalled £3(308 5s and the balance !< p profit and loss account was £871 6s 2d An £1208 los -Id has beei . written off for depreciation of plan * and buildings. In moving the ailop L tion of the annual report and balance k sheet Mr Prouse mentioned that ; F total weight of 381 tons of butter hai been the factory's output for tin twelve months for which a sum of ovei \ . It had beei: ihe nuKt period in tin \ company's history. The report, wliicl: 7 was adopted without dwuvsion, ran as follows:— i .. k . THE ANNUAL KTfPOKT. k "To the Shareholders. -The director.-, f have much pleasure in submitting to | you the sixteenth annual report and I balance-sheet. The past season has k been the most prosperous in the hisf ' lory of the company. The quantity of butter made, the number of suppliers. and the prices realised, constitute a record. The war has. of neees--1 • sitv. been a cause of anxiety to your executive; however flie difficulties ' - which have arisen have been surmount- " ed, and no great misfortune has occurred to prevent the safe arrival of our produce at its destination. Great care has been taken of tlie working plant,' and whilst- all reasonable economy has been practised, tlie whole has been kept in a first-class state of efficiency. Exceedingly gratifying reports (f have been received of the excellent quality of our butter, continuation of which is seen in honours won at the \ leading shows. The prizes this year ! at Dunedin, Hamilton. Mawera and Palmcrston North shows, include six cups, four medals and two trophies. After providing for depreciation there remains a profit of £871 (3s 2"d. The directors recommend that ;i dividend of (3 per cent be paid oil paid-up capital and that £500 be paid off the bank v "overdraft, There are two directors m be elected. The retiring d'rectors are Messrs James Prou.se and G. Hix. Mr Prouse offers himself for re-election. Messrs Giniblett and Death are also nominated. Your directors express their regret at the retirement of Mr j liix who has done good work for the company during the time he has beeii on the Board." The proposal in the report to pay £•300 off the bank overdraft was greeted with applause. In reply to a question liv Mr Olson, the chairman of directors said that it I . was the directors' intention to tree the company from all bonds to financial institutions as soon as could bo. He , thought it would be before the end :>l next; possibly by tlie end of next month. He mentioned that in the farm property held by the company it had a property of a value far in excess of its small liability to the bank. Mr J. Howell moved and Mr J. W. Boultoii seconded a vote of thanks to the directors and the stall' for the successful work in the company's behalf. Mr Howell spoke in terms of high appreciation of the work <>f Mi- Smcllie and his staff and expressed a hope thai the directors wold make the appreciation with something more tlian men.' thanks. The vote was carried b,v acclamation. Mr iSmcllie acknowledged the vote-, and said, that the goodwill expressed _...: .towards himself and his staff was the finest incentive tlie.v could have. On the motion of Mr R. Simpson, seconded by 'Mr T. AValker, it was resolved that Messrs Gold and A reus be reappointed auditors to the company, at a remuneration of twenty guineas per annum.

DIRECTORS' REM [JXER AT lON. In moving that the seven directors bo remunerated sufficiently to cover their _ out-of-pocket expenses incurred on behalf of the company, Mr I'. Bro." n spoke of thr-i great amount of time ai*. thought necessary to a proper carrying out of the directorial duties. It see tied to him, too. that the duties of th.> directorate and the work of the co.n pany generally would be even greyer this year than thov were last vea*. I'r spoke of the main supply in the cmitrL of the year. Further, he believed ch no would be more difficulties to encovr let this year as a result of 'hp e,in inn ante of the war. As secretary of the company he felt lie would not be doing his duty if he did not repeft to the shareholders lliis conviction that t!i" 'directors should be given mm-ased re inuneiation. and he won id •he request if he did not think it just ; He had done it on his iwn initiative. ' the dirc-ctors wei't- too diffident to . move, he found Mr W. Read said that although ibe dir'kjU)rs were not paid enough he it would be well to wait until the present unsettled times passed. That was his own opinion as a director. Mr "Wbiiey (Ohau) said lie failed wi see where" the directors' work to-day was any harder than it was in the old days, when the directors received no remuneration at all. He thought it would best to show caution by waiting for twelve months. Mr T. Brown then asked if some shareholder would move that the directors' fees be fixed at the saino amount p.e last year, but a bonus of £30 be given them for last year's work. There was no doubt about last years' business having been good. Mr Boultoii moved that a sum of ,0120 be voted to the directors (ar> before) and that if this season turns out as prosperous as last year's a bonus of £30 be voted theni at next annual meeting. Mr "Wliiley seconded the motion. Mr Simpson• to test the feeling of I the meeting, moved as an amendment that the directors' honorarium be fixed at £150. , Mr Cohen seconded the amendment. The amendment was lost by 13 votes to 7, and the motion was then carried by 11-votes .to 1. The poll for- the election of two di- ,» _ rectors *ik >.*Mmrs if Vl Pro'use ■auivwks