Dairy Factory.

Manawatu Standard, Volume IX, Issue 86, 14 March 1885, Page 2

Dairy Factory.

MEETING OF SHAREHOLDERS. A well-attended meeting of the shareholders m the above Company was held yesterday m Mr Lintou's Auction Room at one p.m. Mr C. Walker (Chairman of Directors) opened the meeting hy reading the advertiseme&t Jnsei-ted- j tt the Standard calling . the. meeting together, and after a few general re. marks, called on Mr Mqurad, as. being one of the oldest members of the directory, to explain as best he could the position of affairs. ■ Mr IVlonrad, rising tot rebly^prefaced his remarks hy generally re-. femng to the working of the Company since its start and up to. the timo when the miJk-selle'rs refused to continue the supply, when,, the factor*had of course to he closed/ This was the act of the milfc-seJlerMi-nW. the directory. The directors would have •strained a point to keep open, but on account of the January milk being paid for m bill;?, not cash, the sellers had refused to continue 1 the supply. The directors did not think it good enough to pledge their^credit'for the benefit of the shareholders' m the teeth of such direct antagonism. la reference to the manufacture of cheese, the committee appointed had met »fc the factory arid discussed the matter m every possible point, and they had decided that it was not advisalije to do anything m this. The machinery on the ground was not for the manufacture of oheesje— they had not the capital required to purchase, and no hopes that the necessary amount of money required would, he taken up by the shareholder Thfc natural consequence was that they had, decided to recommend .the disposal of the concern to the best, advantage of the shareholders. This cour.se was m a sense humiliating to the directors, but they had the consolation, of having done their best for, the interests of the Company, although their action had not achieved the anticipated success. He would without any further remark move a resolution to the effect that the Company bo ■ .wound up voluntarily and to the best ad\'antage of the. sharehqldej s. v : ;■•■-•-, Mr C. Col lis thought that » meeting would have to be called -for the purpose of passing such a resolution. The Chairman explained that the opinion nf the shareholder*- could be taken, and a resolution panned calling a meeting for the purpose if desirable. The Secretary here read the min utes of the previous general and 1 adjourned meetings, which were formally confirmed. Mr Hirst : Is 'there a^ motion before the meeting? The Chairman : Yds, Writ ls not seconded. '■•< <ais,'r Mr Hirst: I "beg then to second the- 'motion': > ■ > „ . \ ' ; Mr Ferguson rose to support the motion, and proceeded to address the meeting. He held m his hand a report of the working results of butter factories m Nuw Zealand'! and would refer to items contained m this report from time to time. According to the re- . port the factory here had^start^d on a wrong plan altogether. 6ne factory only m New Zealand had started on a proper basis, viz., that of Paterangi on the co-operative principle. The speaker then read particulars from the report he originally spoke of showing results of operations. There were he stated 2000 factories and over that number m America carried on successfully on the co-operative principle, and this he believed was the proper basis to start with —having purely ini"t contributing share holders.- As he had^showfi^iri a letter written to a local paper the number of cows guaranteed at the staort had been 250 whiohmeaiit' a contribution ot 5000 gallons of milk. This had not been received and the quality was not anything like what it should have been, not equal to : thafc given m othfer, "places-^ v ln Ash. burton the average was lftTper oont; at Waireka factory 10 to 15,' making' an average of 13£ per cent ;<Wailtato. 13 to I 15, making an average of 14$ j and Palj mersto'n North with 'all.' its 1 contended superiority of: pasture (and stock only 8-91 ; besides, which at one of these factones it .w^a stated > most of , the cows were picked up at sales witheui' any attention paid tb qualify?' The Aahburton . factory with 10£ was not sven satisfied. j He believed lfc was" imdemtoo&^hat the milk was to be- supplied as it came from the cow, ami if this bad been done the cows jausifc he f^arfujly, bad. ;, Some of I £be milk sellers certainly had done well but others very badly. In his hand ha held a statement showing the individual average per oentage of each milk seller sinqo the factory's start and it was pure nonsense to talk of a factory doing well looking carefully at this statement, and yet; the oqnipany;was to be kept going an-.l cheese. m^&ffrotj^. this milk. The only thiryj he coulcfailvise was that tha lnotAtta of Mr Mom-ad be adopted. Let another Company take over- the concern if it will and thia Company hand over the bulk of the^shares.. , •> •-.= x v Mr ' 0, Collia saicV a great deal had been said about the milk sellers and written too. Some of it truth but a gopiL deal ,was unfcrjue.^ He would like to know how many pounds, of milk it took last nionth to make a pound of butter. The milk subplfea; he knew was not , near so bad as reported..,. He hinjself had I offered to tak<* caw¥ 'tti th& ? f&J ! iJbry and have th.am milked there, and then tested. But, he believed/ the instrument tised was not oapable of recording truth- | f«lly the correot per. cenfage. Tha people at Karere were not entitled to blame, nor to the exceedingly grave charge that they mixed th^iniU?. The Chairman, hem stated m reply tkat the weight -df tha milk to lib of butter for last months work was from 28 to 29 lbs, Mr Collis asked then why diet thedi* rectors lower, the ayevnge. of milk. This is some a \h, sj&cirt af|he required weight, aVjcl yet made good biftter. The n>ilk^seße*a have been bcandaUzed and wrongly, tooj both by the late chairman and the press.. . ' ; . Mr Sly said as Mr-Monxad stated it was unfair to throw stone^ . at'those directors who had had the iftana»ement at the outset. They h& d.ome thleir beat m the interests ctfifte shareholder That best had turned aut UAfewttto^. There vfaV* *wa of>. getti#rid- of the property-, e^thar- by .advertising, for sale or private treaty. If thft shareholders had haokQct up. tha du'eotors and not gone agfunat ifoem aa they had;- the' Company WQuld be m a better position than it is now. He beUevetl that if the conefsyo Was to be a success injhe future «M«»a.U ter who carried 1 it on, the. \^ttk w«i\^ have to be better, chea;pm\ ajftd. W^woei' supply. ' -.""■• The resolution was then put to the • meeting ajftti carried;, theshow of ha«da oew^ -$ for and 2 against. ' Chairman h ; ere .^^ for hail bQteii reccivexl fe' p^rchaso the Factory- and pIaAVM *h^ sfyoj «f ,£4OO. -The offer w^'a. ywylowono certainly, (Vn,d \\ was-. % jaafi,\tto for. the shareholders *?, eons;i<lei- whether it should be a£* WMte to ftoeept or to adverfciß© fos nokk

In"auswer"t6 Mi >v 'Slv, the chairman said this, pl?er ; . included land, traps; horses, goodwill, &c, and was cash. It was resolved on : the motion of Mr Sly that the words; ," and that Mr be appom'tedliquidator," be added to the resolution. It was also resolved to hold the next meeiiing on the 23rd inst. ./ , vMi> Wingate j asked, m the (interests, of . tl^^barehojders to be supplied with the. name of the' .person who was offeiing to purchase. "' " . . On being informal that the offer had came from Mr Liggins, the speaker wished, to know what the shareholders fiought of ah off^r ot thife kind made by th^'nianager,^ lie knowing 'the wretched miality of milk he was going to get. There Evidently wtisno truth whatever m. the 'statements made by the directors regarding the milk-sellers, fie had read an article fn the Standard of the previous evening, referring to the antab£ Ihe 'milk-isellers; to the directors. He had for one takon the cap to fit himself jnpd would^jbate the reason ho had withheld his inilkV -H was oh nccojjnt^of .the misrepresentation of the mapt^evV^ifcitlnat the .milk ;was mixed with water. He would like- to know what became of the butter sent away to ; the West Ctfast,, wjiich he understood was returned,, and of the 100 pi£s purchased c whe,u the directors knew the Company was insolvent, just. before,, the balance-sheet .was • presented ; ,also had ; becotrie ofthe cheese made as. an experiment by the manager, and which was .t6 have been <at the annual rheetihgv' He 1 could only think the i^anager' is', hiea.pab'le; ot the' • cheese . ' ■ pStr.^erguspn reply ' some 6f tfte JastJ sneakeV'f .remarks direqt'ed • at HlpiSelfee..; ...:..,.;.. -„. . ..V .' -,- „'':' /- ',"'.'. The Company had, been instituted to uiiinufactiire'bxittery chees.e, and bacon. "Whon ; it came. to. a question of; making 1 butter br- nothing the two directors mostanxious for the mamifacturo of butter wen^Mfessrs; "Wing^te and Mbwlem. ; As tß ; Me;; ; chah-maTi : h'avhig influence : over the mintls 6f the directors,' if mere verbal £tatensiijts ' lijade by that': chairman had the effect; impiijitcid on the-iivoKarere shareholders, their .opinion was hot TOortJi;niuch. .In; fact; the. tcnpr of Mr -remarks. was hard to comprehend, knowing that lie was the one • most' conspicuous amongst the directors m passing ; the^'resolutions for expenditure:" As-td ; he ; (Mr'Fergusson) having a^iythmg to do with 'the article* appcarltf^'iti'the STANE>AKD,'he could only deny : Jtli6 acqiisation point blank. Ho neither wroU,, inspired,^nor knew anything about iheiDi.tiUuiey apiieav.e.4 m print. ' ; t ,:tyir,]Wiugate ; (f you sny 1 was on the ; wjjeii nil the expenditure i was anade. I.wbuld liko to know what became; ocfc.the'balaiioeof £1111 to credit when I: resigned, and which was shown .on a statement given tr> me m your bouse; we're' ill. ', , '" , ■.!••'• .; •'■ ;Mr i'eVgiißOii- : v Hio' .fact of. Mr Wih-i "gfiitt?, Veßigniii^ his seat dii the directory •^Vd' iVpt', qhtail . that expendit.uro contrae.t'ejl wlien,h'e.>vaß,a director should ' not Jbiejiqiiidated after be l-etired, which. wan «pndthA.2oMi August,vlßß4] -Un the 19th j of; the same uionth he seconded . a r«solution -electing -Messrs Cnverhill, Akcis, . l a'*id'Pratt^ to bo tommittee to> purehaso 'tbes^horsea aiifl carts^required. > ~' .. ! Mi-'ET I gginßbere retharkedthat at tho "st'art'Mr ,W|ngate bad uxsiimiued his "cre'deihiial^, hud sinco'bad n(>t taken an of^tt-sting his ability. : Mr Forffnsfih : On the 28th Msiy it was moved by Mr Wingate and seconded by ..Mr.Gh'verhill %\\at Mr Liggins/bpoffered •the*inari."igemership." ■■'■■■■ ■ ! •ii The ••chairrnnn:: here stated that; the :> bHeiese 'referred, to by Mr Wingnto .wsS | ; af ■thVf at'fory and could; be exaniined aT. J tH'e ii<lxt S n^eting. : ' ' ' ,; , I ' .^onriad ' addressed for some 'time y^qse^,^tte' shareholders at this -afiSP l^- oAi^i, ni ' 5e * IWP1 WP touching on the "various phases of the question atis^ue. Mr Wingate : I.believe it requires 10 ■..;ior^dlj.;lbS't)f!*nilk':to;make a pound of - dried ciheese, 400 gallons t0.400 lbs of Noy I believe that if ithe plant X'spM advinfcag^ously'there' would be suf-r'-ficife'iitf 1 to ' purchase ' a cliefese plant- and ' tliiiti ttiis: in'dififstty would be ; found io Toe;'a" g l ran^. I succeSS ( ;|and/s^factbry divi'°dends; woul^ljib ; de'clared. . .';;_ ',', , Mr Fergus'bn ''stated that 'one of the {..schemes he had proposed at the meeting . ...oficoflanHttee was that the mill? . sellers viitake.;: over, . the , : overdraft, of '^380 j L. and have the- whole concern, -to work • ithemselves'.! ■•:■•'■!' ' ■■■ r^\ ::.'.-.■.., lm *■ Mr- C Cbllis 1 thought they had. been r ' ! very hardly dealt with by the directors i they tad been branded with dishonesty ' .m tlieff action as supplying mixed nailk, ' .'/ah.d, ;tiiieir natio.es were doubtless known '^'aUover the district and perhaps the other li^dep^iheline.. .;, J : _..T^r jSionrad,^admitted that.liie creaml :.-.pmeter alt-^U© factory was not sttfficia;atly /•.•exacti'but hie w^uld prefer .oi.e milk : that ■{•■ : would show -15 per cent by it than that, j-fchfiiwing-fr per cent. '- ■ . . iiiii^jphe- chairman remarked- that: he*/: -•* tbbu^ht the'moai? advisable thing feb are'c'Holtfei i s 'tspuld'do woiilicl be tb think the" &pfcQr>VeH bve'r and suggeat any scheme feasible at the next nieeting; proceedings^ then xerminated«