DAIRY FINANCE COMPANY

Hauraki Plains Gazette, Volume XXXV, Issue 4690, 26 April 1924, Page 2

DAIRY FINANCE COMPANY

ANNUAL MEETING. The ninth annual meeting of the Thames Valley Dairy Finance Company, Limited., was held in the N.Z Co-op. Dairy Company's office on Wednesday morning last, whan Mr G. Buchanan (chairman) presided over the following: Messrs W. D. Nicholas, L. E. Cassels, P. R. Hubbard (di rectors), G. P. de Castro, E. E. Gill - - man. Ji Edwards, H. Hare, and the seereti'iy, Mr W. H. Blakeway. The annual report and balancesheet was as follows :— ‘•The past year has again been a successful one, the net profit showing an amount of £612 15s 3d, There is a slight decrease of. £3l 8s 3d, compared with last year’s surplus, which was caused through the rate of interest charged to clients being reduce.! by >/2 per cent. This reduction was obtained by your directors from the Bank and immediately passed on to the clients.

"The demands for loans during the year have been fairly numerous, «o tint it was possible to keep the Company’s funds available placed to ad ■ vantage during the greater part of the year.

‘■Several of the Company’s clients have expressed their thanks and appreciation for the assistance your directors have been able to render them from lime to time, which makes it quite clear that the Company has been the means of assisting forward the dairying industry in this district. ‘‘The directors recommend the allocation of the profit of £613 9s 4d as follows: Payment of a dividend on the paid up capital of 9 per cent., absorbing £313 16,s lOd ; payment of a bonus on paid up capital of 3 per cent, absorbing £lO4 12s 4d ; transfer fo Reserve Fund of £l2O, which will leave the balance of £75 0s 2d.” The balance-sheet shows that the assets of the company consist of ad vanccs outstanding to the amount of £10,254 16s Id. The liabilities are shown as : Paid up capital, £34 87 5s ; reserve fund account, £615 ; Bank of New Zealand, £5030 7s Id; accrued interests, £8 14s 8d ; deposit accounts, £5OO ; profit and loss account, £613 0s Id. The profit and loss account showed that the interest received on advances amounted to £1137 16s Id. The expenditure was made up as follows : Interest, £413 14s 6d ; income tax, £2B; secretary’s salary, license fee, an I su idry expenses, £B3 6s 4d, leaving a balance available of £612 15s 3d.

In moving the adoption ol the repo"t and balance-sheet the chairman reviewed the company’s operations from its inception, and stated that not only had it been the means of helping many' suppliers to the Dairy’ Company, but had assisted materially in production. During the past year there had been a big demand for money, an l the company was able to keen all its funds invested. Consequently a good year was the result. He sound ed a warning note as to the futur -, and advised extreme care in granting advances.

The motion was seconded by Mr W, D. Nicholas.

Mr Gillmaii proposed an honorarium of £l7 for the chairman, £l2 for each of the four directory, and £lO for the secretary.

This was seconded by Mr Hare and ca ’Tied.

The report and balance-sheet with the recommendations were then carried. The two retiring directors, Messrs W. D. Nicholas and L. E. Cassrels. wore re-elected, and Mr G. E. Allen rennpointed auditor. A vote of thanks and appreciation of services was passed to the directors and tbo secretary.

At subsequent meeting of the directors Mr G. Buchanan was re-elect-ed chairman.