SHANNON CO-OPERATIVE DAIRY CO.

Shannon News, 15 August 1922, Page 3

SHANNON CO-OPERATIVE DAIRY CO.

ANNUAL MEETING OF SHARE-

HOLDERS;

RECORD MAKE AND BIG PAY-OUT. The fourteenth annual general meeting of the Shannon Daily Company was held in the Druids’ Hail, Shannon, on Saturday, when there was a large attendance of shareholders. Mr R. W. Taylor presided. The directors in'their report stated that although the price per, pound of butterfat to suppliers is considerably less than paid last year, the season, nevertheless, has been very successful, as is shown in the following figures. The quantity of butter produced for the year was 570 tons iecwt 3qrs 271 b, being an increase of 115 tons 7cwt 2qrs 31b on the previous year’s manufacture, and easily constitutes a record. The average grade note was 93.49. Provision has been made in the balance-sheet for a further payment of l ; jd per pound cm the season, making a total payment for the season for suppliers’ butterfat of 1/6.10 per pound butterfat. The amount to credit to profit and loss account is £4116 15/. Out of this amount it is proposed to pay the 6 per cent dividend on paid-up capital and carry the balance forward. The chairman said the result of the year’s working must be very gratifying to all concerned. In the early stages of the past Season, things did not look too good, but he thought the progress payments made by the company compared favourably with other factories, and the final payment was 1/6 per lb butterfat; he doubted if any other companies would beat it. Messrs. Chrystall, Ross and Spiers endorsed the dSbirman’s remarks. Mr Styles drew attention to the high grade of 93.49, and said it spoke well pf the quality of cream supplied, as without good quality cream, it was quite impossible for a manager to get a high grade. He also drew attention,. to the cost of production fo*the past Reason, statipg that in 1921 the cost was £3 16/8 per ton, while this season it was only £3 6/9 per ton, which was brought about by the larger quantity of cream supplied;, which therefore goes to show that the' larger the supply the less the cost of production.

Mr Ross said plenty of others would send cream, but he did. not know if the factory would tfike more. The chairman said they had. been offered supplies from Paraparnumu, Te Horo and Ohau, but they had turned them down, partly owing to the distance and as a matter of etiquette. Mr Aim, the manager, said the 1 factory could, for some years to come, cope with the milk froin Shannon and district.

Mr Poupard said the further out, they went the greater would be the expense to suppliers.

The chairman said they could go a' distance for a big lot of cream, but could not promise to collect all.

Mr Ross recommended that the chairman’s honorarium be increased from £BO to £IOO per annum. It was further recommended that the directors’ honorarium be £2O per year.

For the two yacancies on the directorate/ Messrs. W. James, R. L. Tippler and G. Spiers offered themselves for election. The two former, who are the retiring directors, were re-elected. Mersrs. Henry Kim her and Son were re-elected auditors.

Mr R. W. Taylor moved by way of special resolution that the following alterations and amendments be made to the articles of association of the company-.

(a) That article No. 10 be altered, by appending thereto the following proviso: “Provided, however, that if the shareholder who so ceases to supply be then a director of the company, he shall retain his Voting power for so long as he continues in that office’.’— Carried.

(b) That article No. 12 be altered to , read: “Every milk supplier, or intending milk supplier, shall take not less than one share for every 2001 bof butterfat which he supplies, or intends to supply to the company; and ! in the event of any supplier refusing, j or neglecting to apply for his proper quota of shares, after a notice has been sent him, requiring him to take up additional shares, under the: loregoing provisions, the directors shall have power bo allot such) shares without direct ap-plication by the supplier, on the basis above set oirt, and calculated where 'necessary on) the amount of ( butterfat. supplied by him during the previous season, and in any event the directors shall (have power to deduct in such proportions and at such reasonable, or necessary times, the amount payable, to the company-in respect of sutch shares froim any monies which may be owing by company to thet supplier, either ‘ for butterfat supplied ; or otherwise.”—Carried.

(c) That article 3S be amended by striking out thte words “o ne-fLfth” where they first! appear in tthe said article and substituting in the:ir stead the word “twenity.”—Carried. (d) That artiede 80 be altered by adding after the* words “in. proportion

to” where they occur in the third hue thereof the words “the amount, paid up on” and by striking out the word “shall” where it occurs in the seventh line and. substituting therefore the word ‘may. ’Ca rrieil. VOTE OF THANKS. On the motion of the chairman, seconded by Mr Richardson, a hearty vote of thanks was extended, to the manager, secretary and staff. A vote: of thanks to the chairman terminated the meeting.