Makino Butter and Cheese Company Limited.

Manawatu Standard, Volume IX, Issue 5, 4 February 1885, Page 4

Makino Butter and Cheese Company Limited.

[Feilding Star.] j An extraordinary general meeting : of the shareholders of the above company was held m the Makino schoolroom last evening for the purpose of considering the general position of the company, and to , decide as to future proceedings. : About 24 shareholders were present. Mr J. H. Fry, chairman of the company presided, and read the notice calling the meeting by post card. He then explained the object of the meeting, aud said that the company had found it necessary to obtain steam power instead of horse power, and also a separator, that would separate 50 gallons instead of 20 as the one first tried by the company, as the latter was found to be insufficient. One was ordered from an Auckland firm, but did not come, nor were there any replies to letters and telegrams of inquiry sent. This had caused a considerable loss of time, and as the company were not m a position to carry on operations, the directors thought they had better call the shareholders together to consider what had better be done He then to state the financial position of the company which showed that at present the company was not m funds. The amount of calls now due was i?l29f and the liabilities of the company, including the bank overdraft of <£ J 9O 13s 8d were £220 Is 6d, leaving a deficit of £4sl 4s, the assets being 17s 6d. Mr Roots asked what guarantee could be given of the prosperity of the company if the funds were available, tie thought the factory had not been properly managed, or it might have been a success. He was for borrowing on the security of the plant, and carryidg on the factory if there was anything like a certainty of success. The chairman said the directors were not prepared individually to give any guarantee. He could only instance the case of other companies, which he named, and which had proved successful. Mr Saxon did not blame the directors, as they had tried to work without means. He was averse to borrowing money on the plant, without a good prospect of paying it back again, and would rather sell out and the company share the proceeds. Mr Curreen moved, That the factory and plant be let to some person capable of carrying it on. Mr Humphrey seconded the motion. Both gentlemen were asked if they had paid their last calls, and each said there was one call due from them. They were reminded that they could not therefore vote on the motion, though the chairman had no objection to put it to the meeting which he then did. Several shareholders then came forward and paid their calls. Mr Saxon moved as an amende ment, That the company do not start operations again this autumn, but sell the butter, machinery not required, &c, that the calls be got m, and operations be recommensed next spring. Mr Pearson seconded the, amendment. Mr J. C. Thompson asked why the making of cheese should not be proceeded with at once. No doubt many shareholders had, like himself, lost confidence m the concern, regarding the past, but he suggested a fresh start altogether. He thought the company had not done well m starting the manufacture of butter, which when the factory stavted had not been tried m New Zealand He suggested going' on with the manufacture of cheese, which had proved so successful m other places. Mr Baker said the shareholders seemed to have a notion that the directors wanted to mortgage the factory, which he assnred them was not the case, and they had no desire to take upon themselves any such responsibility. As to getting m the dills and leasing the factory what were they to do with their liabilities, as if all the calls were m there would not bo sufficient to pay them. He wonldlike the opinion of some experienced person on the subject of cheese-making. Mr Corpe gave the result of his experience and observation on the subject. He was very sanguine of success if the funds were available, aiid thought the company would be committing a great mistake m shutting up the factory. The. chairman said he would like to get some idea from those present how much milk could be obtained for the factory, and ]SO gallons per day were at once guar inteed. After some further discussion the amendment was put to the meeting, when 3 hands were held up for it and 8 against it. It was therefore declared lost. Mr J. C. Thompson moved, as another amendment, that the directors be empowered to borrow a sum not exceeding on the security of the property of the company, and commence the operation of cheesemaking, to continue to the end of this season. Mr Bly secondec\ Mr 1\ Thompson asked if there was any probability of getting the. money without going to the bank or mortgaging the pi operty. He snggested the issuing of script, and calling up say Is per week from each shareholder, instead of rushing into further debt by borrowing. Mr G. Wheeler pointed out the impracticability of getting the money m this way, and asked who would collect it. The second amendment was put

to the meeting, when 15 hands were held up for, and 1 against it. The amendment was then put as the original motion. Mr Roots proposed and Mr P. Thompson seconded, as an amendment, that the meeting adjourn till that day week m order to ger a fuller opinion of the shareholders as to borrowing mon?y. Mr Bishop spoke m favor of the amendment. | After some discussion the amendment was put, when 7 hands were held up m its favor and 12 against. It was declared lost. The motion for borrowing &c, was then put to the meeting and carried by 14 votes to 4. The result was received with acclamation. Mr J. C. Thompson moved and Mr Strawbridge seconded a vote of thanks to the chairman for his past services and for presiding at the meeting, which being carried the meeting dispersed