SHANNON CO-OPERATIVE DAIRY COMPANY.

Manawatu Herald, Volume XXXVIII, Issue 1593, 3 August 1916, Page 3

SHANNON CO-OPERATIVE DAIRY COMPANY.

The annua of the Shannon Co-opci’alive Daily Company, Ltd., was hold at Shannon on Saturday afternoon. There was a large attendance of shareholders. The Chairman of Directors, M. E. Law, presided, and moved the adoption of the directors’ eighth annual report and haianee-shoet. The report was as follows: —“In presenting the report for I tie year ending .lune dOth, 1010, we eongralnhale shareholders on a successful year. The prospects for dairy produce at the beginning of the, year pointed to a very suecessfnl season, but results were somewhat reduced by the very dry ant man. Tin' quantity of batter manufactured for (lie year ending .lane 30th, 191(5, was 03!) tons I!) cwh, an increase on the previous period of eleven months of 30 tons 9 cwt. (5287 boxes . were shipped to London, and the balance sold in the Dominion. The average grade for the season was 92.(id. The overrun for the season was 18.(i. 'fho following prices wore paid for Imtier-fal;: July and August Kid. September 15d, October .1-1-id, .November 15-J-d, December l td, January 14d, February 15d, March 15Id, April Kild, May 17d, dune 17d. This with an extra payment of 2.1 d on December and January butter-fat, together with an extra payment of 2d to be made l on June butter-fat:, gives the average payment for the season of K).()3d. We paid a bonus to our staff of 5s per week for four months. During the year avc have had a new store and ofliee erected, also stables and earl shed, and an addition to the faetory of one vat. We commenced our year with £793 8s Kid. Our profit for (lie year ended dune 30th, 101 (i, was £127(5 10s Id. We wrote off for depreciation .C3S-I- 5s lid, leaving a balance of £IOBS 19s. We propose paying the usual dividend of 0 per cent, on paid-up <'ajhl.nl, and carry the balance forward. The store sales for the year were £10,594 7s 2d, an increase on the previous period of eleven mouths of £2,5(53 12s 9d. The gross profit on this account was £728 9s 7d. After deducting freights £227 10s 9d, wages £330, and inter-

est £3O, a not profit of £9O 18s 10(1 is shown. Messx’s Mitchell and Bowo are the retiring directors. Mr Mitchell, being eligible, oilers him-

self for re-elect ion. Air Bowe is not offering himself for re-election. Air Purcell has retired. Yon will, therefore, be asked to elect two directors in the place of Alossrs Bowe and Purcell. Messrs Kember and .Sons are the retiring auditors. They offer themselves for re-election. Air ft. 0. Barber seconded the chairman’s motion, and it was agreed to.

The chairman said that a resolution had been carried last year that (‘very supplier should take up (he proper number of shares dial he was entitled to, according lo his supply of butter-fat. Notices would be served on all as lo the number of such shares, and if after 30 days the shareholder failed to apply, the directors would proceed with the allotment of such shares. Some discussion ensued, one shareholder suggesting that supplying shareholders only should he dealt with niidcr the resoluiion referred 10. The (‘ledion of three directors resulted iu the appointment of Messrs .1. Mitchell, J. Chryslall and G. it. Stiles.

.Messrs ICemher and Sons won re-elected :imlilors.

Mv C. O. Barber eongralulated lh(> ('(iinpiiiiy on its prosperity, ami said he had come down from Auckland especially lo move that the directors' honorarium he increased from £IOO to £17.1, Air \V. S. Carter seconded (lie mot ion.

Mr Chryslall moved as mi amendment thal Ihe directors’ honorarium i’emain as al present, am! the chairman receive an extra £2O.

Air B. Kempster seconded the amendment. The amendment was pul, and declared carried by 14 lo 8, on a show of hands.

Air R. \V. Taylor called for a ballot. Mr Barber suggested that the whole of the shareholders should be circularised and a ballot taken in (hat way. The chairman said he would move that the directors’ fees remain as (hey arc, hut it was a credit lo the shareholders (hat (heir vote had put the directors into such a position.

Mr Barber asked lo withdraw his proposition in view of the opposition with which it had been met. They were paying their directors less than labourers’ wages.

Mr i>. AV. Tiiylor said that next year he would resign and stand again on the issue that the directors get an increase, of salary. Mr Chryslall considered that the quality of the cream supplied should he taken into account, and Unit second-class cream should he paid I'or as second-class. The Chairman said (he matter would receive attention.

Mr UhrystaJl suggested that shareholders he circularised lo put up shelters (o prevent the sun’s rays failing on Ihe cream ami delerioraliug it. After some further talk on home separating versus factory separating the meeting terminaled witii a vote ot thanks to (he chairman.

At a meeting of the directors, Mr 10. Law was unanimously re-elected chairman.