KAIPARA DAIRY CO.

Kaipara and Waitemata Echo, 23 July 1913, Page 2

KAIPARA DAIRY CO.

ANNUAL MEETING OF SHAREHOLDERS. The annual meeting of shareholders of the Kaipara Co-operative Dairy Factory Co. Ltd., was held in the Forresters' Hall last Wednesday. Thore was an attendance of about 80, Mr C. Thompson (chairman of the directorate) presiding. The directors' report, which congratulated shareholders on the result of the season's operations, was as follows : — "The nett profit for this year is £4,069 16s 18d, and with £107 11s 4d brought forward from the previous year, makes the total to the credit of the Profit and Loss Account £4177 8s 2d. After writing off the sum of £285 Is 9d. for depreciation, also l/sth (one-fifth) of cost of formation of Company, £15 Bs, and l/sth (onefifth) of cost of Bore, £5 )75., there remains a substantial credit balance £3,871 Is sd. to be dealt with. From this your directors recommend that further payments be made of lfd, (one penny*three-farthingsj per lb. of butterfat supplied for the period Sep~ tember, 1912 to March 31st, 1913, absorbing the sum of £3,683 19s Id., also that 5 per cent dividend be paid on paid-up capital to the 31st May, 1912. which'would be £20, and that the balance of £167 2s 4d. be carried forward to next year's Profit and Loss Account.

" The quantity of Butter made was 278 tons lewt 891b5., which is an increase on tho previous year of 148 tons 106 lbs.

" The price paid for Butterfat during the shipping season was, 10£ d, and with a bonus of lfd. brings the amount to Is G-Jd per lb. " The retiring Directors are Messrs Joel 'Srrant, James Hand, James Me Leod and James Ross, who are eligible and offer themselves for re- election.

" It will be necessary to appoint an Auditor and fix his remuneration. Mr Henry White, Jnr. again offers himself for re-election.

C. THOMPSON, Chairman.

The annual summary was as under : Number of Suppliers, 229 ,'quantity of cream received, 1,543,993 lbs iquantity of butterfat received, 549, 290 lbs ; average test of cream, 35 per cent ; highest test of cream, 60 per cent-; lowest test of cream. 14 per cent; pounds of butter made, 622~921 lbs ; pounds of butter made per ib. d fat. 1.13 ; average price received per lb. of butter, 12.21 d ; average cost of making ,75d ; average cost of marketing and making i.2d.

The financial statement showed receipts for butter at £32,880, buttermilk £23, and butter on hand £23. The chief items of expenditure were salaries £670 17 ; fuel, £323 los ; stores, boxes, etc £920 12s ; freights, wharfage and freezing £1214.

A lot of questions wpre asked on the balance sheet, which brought forth a spirited discussion, and ended in Mr Jenkins complimenting the directors on the mannnr in which the business had been managed, amidst general applause. On the motion of Messrs Thompson and Dibble the balance shept was adopted. TllG director's report was adopted on the motion of Messrs H. A. Hooper and T. Hooper. HoifOKAUIUJM FOX DIRECTOKS. It was decided that the directors be paid their out-of-pocket expenses (Mr McKenzie—Mr T. Hooper). Various speakers then argued that the directors should be paid for their services. A motion that they each be paid £1 per meeting was followed by an amendment that the sum of 10s be paid per meeting, Several of the directors spoke against any sum heing paid for their services, but admitted that the Chairman (who had only missed one meeting since the factory was started), should get anhoiLOiariuin. Mr Jas. McLeod thonght the local members of the diiectorate should not receive payment, but the Chairman and northern members were entitled to payment. Eventually it was decided, on the motion of Messrs Jenkins ana T. Hooper, that the Chairman receive an honoraiium of £10 and the directors 2 guineas each. Some of the directorate later decided to divide their honorarium epually between the agricultural shows in the district. I Election op Dikectoiis.. On the motion of Messrs Thompson and Hooper, the retiring directors, Messrs Joel Grant, Jas Hand, Jas. Me Leod and Jas. Ross were re-elected. General. Mr JEL White Jnr. was re-elected auditor for the Company, Messrs Qubb and Elvin moved a hearty vote of thanks to the Chairman, which was carried by acclamation. Heart}' votes of thanks were voted: the Company's employees, a]so to the Board of Directors. Cqw-tessinq. Mr Of. M. Valintine, of the Dairy Division staff, afterwards addressed tho gathering on c^w testing1, showing that it was greatly to the farmers' interests to have an association formed in the cjistriot. Meetixg of Directors At the subsequent meeting of directors Mr C. Thompson was teelectod Chairman for the ensuing year. It was deyided to pay out Is Id for July butter-frvt. 4 cqmm.Htea waa appointed to. deal with tho question of water supply. It was decided to get circulars piinted and distributed to suppliers with a view to forming1 a oow-testing association.