DAIRY FINANCE COMPANY

Hauraki Plains Gazette, Volume XXXVII, Issue 4967, 28 April 1926, Page 2

DAIRY FINANCE COMPANY

ANOTHER SUCCESSFUL YEAR. ANNUAL MEETING. The eleventh annual meeting oY the Thames Valley Dairy Finance Co., Ltd., w,as held in the N.Z. Co-opera-tive Dairy Co.’s board room on Tuesday afternoon, the chairman, Mr G. Buchanan, presiding over a very representa(tive gathering of shareholders-. - In moving .the adoption of the report and baiajice-sheet the chairman said that shareholders had every reason to be proud of the position the company was in. The company had done splendid work in helping dairy farmers financially. He was. pleased to report tha.t there had not been any : losses this year, and the ne.t profit was £687 8s 7d, a record, being £27 over last year. Advances to the total amount of £11,560' had' been made to clielnts, and' there was a keen demand for loans. The. directors recommended the allocation of the profits of £687 8s 7d as.follows: Payment of a di vident on the pajid up capital of 9 dividend on the paid-up capital of 9 per cent, absorbing £313 16t> 10d: payment of a bonus on paid up capital of 3 per cent, absorbing £lO4 12s 4d ; transfer, of £l5O to reserve fund', and leaving a balance of £llB 19s 5dThe transfer. of £l5O to the; reserve fund would bring that fund up to £lOOO, which made the financial, position of the company exceedingly strong, and the directors did’ not propose t.o make a.ny further transfer to this fund except to replace such small sums which may be required to meet - any losu incurred. In view of the excellent position the directors ha,d decided- to reduce the rate of interest to clients to 8% per cent. In seconding .the adoption of the report, and balance-sheet Mr G. P. de. w Castro congratulated the directors upon the excellent position they had 1 brought the company to. Messrs E. Edwards and J. A. Reid also spoke in similar terms. The motion was carried. Messrs G. *Buchanan and L. E. Gassrels, who retired, were re-elected directors, and Mr G. E- Allen auditor. A hearty, vote of thanks passed to the N.Z. Co-operative Dairy Co. for allowing the company’the use of its offices, and also facilities' for carrying m its operations. ■ A vote of thanks and ajso honorariums were given .to the directorate for the paist year’s work.

At. a subsequent meeting' of the board Mr. G. Buchanan was unanimously re-elected chairman for the ensuing yea'r. ' .