SHANNON DAIRY COMPANY

Manawatu Herald, Volume XLV, Issue 2626, 30 August 1923, Page 2

SHANNON DAIRY COMPANY

ANNUAL MEETING

The Shannon Dairy Company held their annual meeting of shareholders on Saturday, when there was a large attendance of shareholders present. The directors, in presenting for consideration the fifteenth annual report and balance-sheet, stated they felt the result of the year’s work had been entirely satisfactory. The quantity of butter manufactured was (>O4 tons 7ewt. 2qrs. 271b5,, an increase on the previous year of 123-1 tons, and easily a record. The average monthly payment for suppliers’ butter-fat was Is 6;fd per lb., and provision has been made for a further payment of l;}d per lb. for the season, bringing the average payment to Is Bd. The average grade was 93.78. The store business for the year has been entirely satisfactory, and proves that cooperation on sound lines is a success. The sales were £23,086 9s 4d, showing a gross profit of £2,379 7s Id, after deducting wages £BOO, freights £956, insurance, etc. £65, a net profit of £558 6s 8d is shown. The amount to credit of profit and loss account as shown in the balance sheet is £2,720 19s 2d. Out of this amount it is proposed paying the usual 6 per cent, on paid-up share capital, and carry the balance forward.

The chairman, Mr R. W. Taylor, in moving the report and adoption of the balance-sheet, spoke at some length on the success of the company during the past eight or ten years, the manufacture of butter having increased from 250 tons to 700 tons, and the store business from £6,000 to £25,000 per year. The shareholders were to be congratulated on their success, and he hoped with the same careful management to continue progressing on sound lines.

Messrs Stiles, Ross, Chrystall, .Jewell, and others spoke in high terms of the efficiency of the management in all departments, and congratulated the manager (Mr Aim) on his success in winning so many very fine prizes at last year’s shows.

Mr Chrystall moved, and Mr Ross seconded, a hearty vote of thanks to the manager, secretary and staff, expressing their keen appreciation of the work done and the manner in which they had carried out the work entrusted to them. Messrs AY. E. Barber and G. H. Stiles, the two retiring directors, were re-elected unopposed. Messrs 11. Kember and Son were ie-appointed auditors for the ensuing year. Mr Stiles moved, and Mr James seconded, that the 10s premium on shares lie discontinued. Several speakers pointed out that the rule was very unjust, and was not in the interests of true eo-operation. The motion on b ring put to the meeting was carried by a very large majority.

A heady vote of thanks In the chairman (Mr Taylor) and the directors was carried bv acclamation and cheers.