TAI TAPU DAIRY CO.

Lyttelton Times, Volume CXVII, Issue 17281, 23 September 1916, Page 10

TAI TAPU DAIRY CO.

ANNUAL MEETING. The annual meeting of the Tai Tapu Co-operative B'airy Company, Ltd., was held, in tlio Tai Tapu Town Hall yesterday. Mr H. E. Peryman, chairman of directors, presided. The aun'aal report and balance-sheet, which were submitted, stated that during the year ending July 31, 191t>, 7,724,7201 b of milk, and 206,1151 b oi cream wore received, and from that 430,8801 bof commercial butter had been manufactured, giving the result oi lib of butter to every of milk. Tho working account showed a balance to credit of £4005 Gs Id. Tho directors made the following recomendations: That tho sum of 2d per lb on butter-fat bo refunded to suppliers for the months of .September, October, November, December, 1916, and January, l<ebAiary, March, April, 1916; that the sum oi 4d per lb on butter fat bo refunded to suppliers for the months of August, 1915, and May, June, July 191 b; that a dividend of 6 per cent be declared on the subscribed capital at July <n, 1916; that the balance of, approximately, £3OO bo written off land, buildings and plant, or bo used tor additions and alterations to either at ttte discretion of your directors; and that of the credit balance, £64 17s Id, from Electrical Department, 2* per cent be set aside in liquid form for depreciation, and the balance os Id, earned forward. Messrs J. Heinzmann and F. Hubbard would retire from the directorate by rotation, but were eligible for re-election In moving the adoption of tho report and balance-sheet tho chairman congratulated shareholders on the completion of another successful years operations, and said that last season was an exceptionally bad one, owing to the severe drought conditions, but some compensation was received by tho high prices ruling. Iho whole ot the company's business last year was confined to tho local market with satisfactory results. With regard to the balance-sheet, there was little that he need draw tho attention of. the shareholders to other than that drought conditions made the quantity manufaci tured less, so that it was necessary for the directors to import a much larger quantity of butter than usual. That, however, was done with satisfactory results, and the standard of tho company's brand was well maintained. The directors regretted the loss through : death of Mr G. W. Hulmo, and the speaker took the opportunity of acknowledging Mr Hulme's many years of unstinted service as the company s auditor. Mr Oaygill, whom tho directors had appointed to fill tho vacancy, had one year's experience previously, through Mr Hulme's illness. The method proposed of dealing with tho £3OO balance of profit was for the purpose of enabling the directors to remove the internal walls of the factory and to make such alterations as the board considered advisable. If, however, that was not done it was proposed to write the amount off land, buildings and plant. With regard to the electrical portion of the business, things had progressed with, on the whole, satisfactory results. The transformers had given a certain amount of trouble, which was not expected, but other than that the scheme was progressing well. The power was excellent for factory purposes, and now that the scheme was on the way of settling down and a continuous supply offering, it should 'be of great assistance to the district. After providing for 2£ per cent depreciation there remained a balance of 3s Id on the electrical accounts, which was eminently satisfactory. The directors had completed a contract for the supply of electricity to tho Halswell Quarries, Ltd., and had reticulated the Lincoln township. As regards tho position of the electrical de-, partment to tho suppliers he pointed but that the electrical department was financed to the extent'of £2OOO from the general funds, and that the electrical department had paid the sum ot £l2O, or 6 per cent interest on this loan, to tho company's general account. The electrical portion ol the business had its own banking account, its own system of books, ana was kent entirely separate, paying interest to tho general account on any money loaned. Milk suppliers benefited first by tho saving effected m the factory and secondly by the interest credited to the general account. lne balanea-slieet of the electrical department had not been printed, but was open for inspection .by shareholders. 'Continuing, the chairman said that the district from which cream was drawn had been extended to Motukarara, Gebbie's Valley and Teddington, as the company's local'sales were demanding a larger amount of supply. This question of fresh supply" had been kept separate as far as possible, and the directors would be guided in the future policy of the company by the results of the extension. It was not feit that any material benefit would result, to the present suppliers of tho company by any large extension of tho area from which supply was drawn, and nuiless some benefit could be gained it was not the policy ot tho Board to continue to increase the size of tho output. War conditions continued to make prices extremely high, but all hoped for, a. termination of the conflict and a return to normal times. Tho sister branch of the dairy industry, namely, cheese making, was receiving tremendous prices at tho present time, but although these prices were ruling, the directors were satisfied that tho company's safe and only policy was to continue to hold on to its local business. When tho clay of reaction came, as surely it would come, the company would then b<3 in the position of having a large local demand, which had always been able to show satisfactory results over previous years. The directors were considering tho question or making additions to the factory and bringing the present accommodation up to a satisfactory stage. The chairman concluded by acknowledging the co-operation of tho staff in the discharge of their various duties. Mr R. Macartney seconded the motion, which was carried unanimously. "Messrs'J."Heinzmann and F. Hubbard were re-elected as directors, and Mi- E. R. Caygill was reappointed auditor. The directors were voted £IOO. Votes of thanks were accorded to tho directors and the-, staff, At a subsequent, meeting of the >fr J;T./K., Peryman was're- ,'., ' 'y