WAIKATO DAIRY CO, LTD.

Pukekohe & Waiuku Times, Volume 7, Issue 408, 10 September 1918, Page 3

WAIKATO DAIRY CO, LTD.

Annual Meeting of Share* holders

The annual meeting of share - holders of the Waikato Coop. Dairy Coy, Ltd, was held at Hamilton on Friday last. In moving the adoption of the Report and Balance Sheet, Mr Goodfellow (Managing Director) stated that the past season's turnover constituted another record, notwithstanding the fact that the total output of butter from the Auckland Province had decreased considerably. Nine years ago the annual turnover was £ISOOO, compared with over £40,000 for the past, year. The Auckland Co-operative Baying office had done very well and a cash rebate of 2 J per cent would shortly be paid to all shareholder purchasers, in addition to the butteTfat bonus The average advance prioe paid for all butterfat received during the year on the daily direct basis was 1 <3.5 pence a T d the final payment, i' eluding bonus, interest and id lb reserve, would smount to 20.41 pen e. Mr Goodfellow emphasised the fact that the Company had not carriad any profits forward from the previous season. In making comparisons, therefor", it was necessary to take the average payments for the past two seasons. If that was gone into it would be found that the Waikato Dairy Co., Ltd , had done considerably better for its suppliers than any other butter-making concern in the Auckland Province. The Reserve Fund stood at £8,385 and the Chairman took the opportunity of congratulating shareholders on that fact The possibility of competition from strong Proprietary concerns in the future made it imperative that a substan'ial Reserve Fund should be created while times were good. The Directors had set aside the sum of £1617 as depreciation. In addition to that plant and buildings had been maintained in first class order. Dealing with the share question, Mr Goodfellow mentioned that the total shares issued to date numbered 39,960. representing a paid-up capital of £21,829, which when added to the reserve, amounted to £ 30,21 4 It was therefore necessary to again increase the capital of the Company. Shares were resumed when a supplier gave up dairying for 12 months but in every case, at full face value. The amalgamation of the dairying interest* of the South Auckland Province had been discussed by the Directors of the four leading Companies interested but apparently it was not yet possible to organise a new concern on truly democratic and co operative lines. Mr Goodfellow stated that the immediate financial advantage of such amalgamation would not be great but the ultimate benefits received from combined marketiug, if properly handled, would be enormous. The question of amalgamation with the New Zealand Dairy Association was still being discussed. Dealing with the milk powder question, the speaker said they were fortunate that day in having with them Mr A. G. 81 a'ley. the Company's manager, who had just returned from America after an absence of six months. As a result of Mr Shirley's investigations, the Directors were more convinced than ever that the milk powder business would be a great and permanent industry in this country. in conclusion, Mr Goodfellow, referring to marketing and shipping prospects, stated that it was almost certain that the whole of the butter and cheese now in store in New Zraland would be exported within the next few months and although the coming season's make had not yet been disposed of to the Imperial Government there was little doubt but that a satisfactory deal would be completed in' the near future, and such being the case, the onus of providing shipping would rest with the purchasers (the Imperial Government) so there was no cause for undue anxiety as far as the dairy industry was concerned. On behalf of the Director*, Mr Goodfellow congratulated the shareholders on the continued progiess of the Company and thanked all present for their loyal support in the past. The speaker concluded his remarks by formally proposing the adoption of the report and Balance Sheet

After Messrs Ed Jull, S Fullert.n>, George Da vies, Gallagher and others had spoken in support of the resolution, the motion was carried unanimously. A dividend of 8 per cent on paidup capital was declared. The retiring Directors, Messrs Fulton, Mills and Thompson, were re-elected unopposed and Mr Stanly G. Chambers, F.I.A.N.Z , was reappointed Auditor. A resolution was passed increasing the capital of the Company from £40.000 to£P)0,000, by the addition of 20,000 £1 shares

The Chairman reported that the Directors had practically completed negotiations for amalgamation with the Te Kuiti Co op. Daiiy 'Jo. It wa9 resolved to increase the Dumber of Directors from cine to eleven and the directors were empowered to appoint two addi-ional member* to represent the King Country di-itrict. Mr A. G. Shirley, thn Company's factory manager, who the previous day had returned from the United Statpf. nave nn interesting addresregarding milk products, especially powdered milk lie stated that ho waß confidmt th- re would bo an increasing demand f>r powdered milk, and tint a vary bright future was before New Z aland f aimers in this respect —Mr Shirley wan heartily thanked f»r the able, manner in which he had carried out his investi ga'ionsiu America. A discussion took phice on a number of matters, including amal-

gamation. Messrs Clark, Fulton and Cooper, who had met the Dairy Association directors to discuss amalgamation, assured the shareholders th't no scheme would be put beforo

them that waß not in the interests of suppliers. A hearty vote of thanks was passed to Mr Goodfellow for the immense amount of work that he had put into the Company during the past season and a vote of thanks was also passed to the staff