RAHUI CO-OPERATIVE DAIRY CO.

Otaki Mail, 19 December 1919, Page 4

RAHUI CO-OPERATIVE DAIRY CO.

ANNUAL MEETING. The annual general meeting of the Kahui Co-operative Dairy Co., Ltd., was held recently, when the following report was read and adopted:— “Your directors have much pleasure in presenting the second annual report and balance-sheet. The period covered by this report, namely, twelve months (as against 10 months last annual report), the suppliers have received a progress payment of Is 5d for November and December, 191 S, and Is 9d for January, February, April, September, October Is Sd for March, and is 4d per gallon (less railway freight) for May. June, July, August, and we now have a balance in hand of £2240 8s lOd. When this is available it is proposed to make an additional payment of 3jd per lb or butter-fat supplied by suppliers during January-October period, 1919, and 4cl per lb supplied during November and December, 1918; to pay a dividend of 0 per cent on paid-up capital; and to carry the balance to reserve. As you are aware, your directors have completed a lease of the factory premises, together with an option Of purchase, exercisable at tha end of the lease period. Your directors tako this opportunity of congratulating tho shareholders on the very favourable balance-sheet now before you. They do not think that any of the original shareholders, who so courageously established this co-operative company at Otaki, could have foreseen the society so firmly established within so short a period of its inception. The directors will particularly draw the shareholders’ attention to the great decrease of the company's liability to the Bank of Australasia and other creditors. The board has lost the services of Mr A. H. Hill, a director-founder, and Mr Boland Hughes has also retired from the board during the past 12 months. It is proposed to reduce the number of directors from seven to five. The retiring director is J. Griffith, and is eligible and oilers himself for re-election. The retiring auditor, Mr T. C. Brash, is eligible, and offers himself for re-eles-tion. —C. KILSBY, chairman. Mr Griffith was re-elected director and Mr Brash as auditor.