SHANNON DAIRY CO., LTD.

Manawatu Herald, Volume XL, Issue 1859, 1 August 1918, Page 3

SHANNON DAIRY CO., LTD.

ANNUAL MEETING. The tenth nnnual meeting of shareholders of the Shannon Cooperative Dairy Co., Ltd., was held at the Company’s office, Shannon, yesterday. In the unavoidable absence of Mr E. Law, chairman of directors, caused through illness, Mr G. 11. Stiles occupied the chair. There were 50 shareholders presold.

The annual report, as Follows, was adopted:— “Notwithstanding the fact that; (he season was mild and good, the. butler manufactured shows a slight decline on last year's output, due principally to a less number of suppliers than the previous year. Tho shipping prospects at the opening of the season were not very encouraging. Nevertheless your directors a.re pleased to report all the sea-i son's output has been shipped and sold outside of local sales, and we consider your Comany has been extremely fortunate in this respect. The quantity of butter manufactured for the year was '525 lons 1.(1 cwt. Tin 1 average grade rale was 1)2.30 Tin l average overrun was 18. Average payment for season, Is (id per lit. In dealing with the surplus capital, we propose as follows; —To pay (i per cent, dividend on paid-up capital; to pay extra Id to suppliers on October, November, and December bnller-fal; to establish a reserve fund from share capital collected during the year, and carry forward the balance. The store sales for the year were £14,813 P2s 3d, an increase of £2.713 Kis Id on last year’s sales. The gross pro lit on this account was £1,131 13s 4d, After deducting freights £553 Ss 3d, wages £552 Os od, and Rank interest CIO, a nett profit of £7O 5s Id is shown.”

The profit and Ins.-: account, disclosed :i profit for the year ended June 30th, 1918, of £1,211 ISs Kiel. The (mount pnicl to suppliers totalled £50,093 8s 7d. Very keen iideresl was evinced in the election of two directors, for which there wore throe nominations, Messrs P. IV. Brown, A. P. Easton, and R. W. Taylor. The election resulted in the retiring directors, Messrs Taylor and Brown, being reelected. Mr J. Chrystall’s motion, of which notice had been given, to place premium of ten shillings per share on shares issued to new shareholders, was carried. A very hearty vote of thanks was accorded the secretary, Mr J. W. Murray, for his work during the past year, and the very able manner in which he had managed the store. Votes of thanks were passed to the staff and directors, and also to the chairman for presiding.