KAIPARA DAIRY FACTORY.

Kaipara and Waitemata Echo, 25 July 1918, Page 2

KAIPARA DAIRY FACTORY.

ANNUAL MEETING.

THE seventh annual meeting of the Kaipara Co-operative Dairy Factory Company, Limited, was held in the Agricultural Hall on Wednesday, July 17th. About 150 shareholders attended, and the directors of the Waimauku Dairy Company were present by invitation. Mr Thomson, Chairman of Directors, presided.

The Secretary, Mr Dear, read notice convening the meeting.

The Chairman's report was read as follows :—

Your directors present the seventh annual report and balance sheet for the year which closed on 31st May last. Considerable delay took place in disposing of the butter in store at Ist June, 1917, but eventually a Rood price was realised which enabled your directors to make, in A.pril last, a deferred payment of 3J^d per lb on butter-fat supplied during the season 1916-17, and to carry forward to this year's account the sum of £250 13s Id. During the season just ended there was a falling off in the quantity of cream sent in, and the output of butter fell by nearly 56 tons as compared with the previous season. The following payments have been made :—

For butter-fat during June, July, and August, Is B^d per lb; for butter-fat during September and October, Is 4d per lb ; for butterfat during November to May, Is 3d per lb. From Ist September last the output was taken by the Government at the price of 157s per cwt (about Is 4J^d per lb) plus 50 per cent profit (if any) on sale in England, with the exception of 4222 boxes now in store at Auckland. After writing off as depreciation an amount sufficient to bring the value of the Company's property into agreement with a valuation made the sum of £9256 14s lid remains as a divisable profit. From this your directors recommend: —Payment of a dividend at 5 per cent on paid up capital, £213 9d ; a progress payment to be made on August 20th, of Id per lb on September and October butte-fat, and of 2d per lb on November to May butter-fat, £5257 6s 4d (making the total payment per lb for the shipping season Is sd), and to carry forward the balance of £3785 19s 7d, until such time as a division of profits is made on the butter shipped by the Government when a deferred payment will be declared.

The Chairman, in moving the adoption of the balance sheet, explained that the directors had passed through a strenuous time, and expressed the opinion that shareholders would be satisfied with results of their labours "as set forth in the balance sheet.

The decrease in output he accounted for by the increased price of stock and shortage of labour. He looked forward with confidence to an increased supply during the coming season, and hoped the output would exceed 500 tons. Referring to an item in the profit and loss appropriation account 1916-17—adjustment made by auditor—he explained that the greater part of this amount was accounted for by the difference in the amount butter on consignment at May 31st, 1917, realised over and above the advances of one shilling and five pence per Ib at which rate all butter allocated at that date was valuedf*" j Mr Hudson, in seconding the adoption, said that it had been reported that there had been some hole-and-corner work in the management of the Company's affairs by the directors, and he gave such statements an absolute and unqualified denial. The price per pound realised for the Poplar brand of butter had only been exceeded by one company. The question of cartage of cream was a burning one, and .one that would have to be dealt with. Shareholders showed considerable interest, and a number of questions were asked. \ Mr Campbell enquired how the amount £198 Is was made up. Mr Wright (auditor) explained that it represented commissions on insurance business and separators. Mr Campbell also enquired particulars of Chairman's honorarium and fees, and Mr Hudson explained. > The same gentleman also enr quired how the £83 18s 9d for profession charges was made up, and Mr Wright again explained. Mr Gross referred to the cost of manufacture. Mr Dear explained that the cost of materials and wages were higher, also the depreciation written off plant and factoiy buildings had been in-

eluded this year

Mr Campbell enquired if the Chairman was a supplier, and Mr Thomson replied that he was.

Mr Mackay asked why the additions to the office had been, carried out by day work.

Mr Mclndoe replied that the Company had saved £30 by not doing the work b> contract.

The report and balance sheet were then adopted.

A vote of thanks to Mr Wright was carried unanimously.

A number of shareholders wanted to know the position between the directors and the first secretary, Mr C. S. White.

Mr Mclndoe threw some light on the subject. A resolution as follows was carried —'' That if Mr White offers his services to the Company it be an instruction to the directors to deal generously with him."

Mr Gubb's motion that the number of directors be reduced from eleven to seven was lost, little support being accorded.

Mr Hudson, in pursuance of notice of motion, moved —"That the Articles of the Company be amended by adding to Art. 6 the following: For the better management of the Company th© directors shall appoint a Managing Director from time to time as required." " That the Articles of Company be amended by deleting Art. 4."

Mr Aitkenhead seconded and other shareholders supported. Mr Hudson's motion was carried.

Mr Wright was re-appointed auditor at a fee of 25 guineas.

Mr Wright thanked the shareholders for renewal of confidence, and referred to the excellent way Mr Dear had fulfilled his arduous duties, and expressed the hope that the directors would show their appreciation in a substantial way.

The election of directors was conducted during the meeting, Mr C. H. Spinley acting as returning officer, and Messrs Freeth and Milligan scrutineers.

The poll resulted in the retiring directors, Messrs C. Thomson, J. C. Rimmer, and J. H. Hudson, being returned. Mr N". C. Rimmer was elected to fill Mr Ogle's seat, and Mr Gross that vacated by Mr Mclndoe.