SHANNON CO-OPERATIVE DAIRY CO., LTD.

Shannon News, 19 August 1924, Page 3

SHANNON CO-OPERATIVE DAIRY CO., LTD.

ANNUAL MEETING OF SHAREHOLDERS. The annual meeting of shareholders 01 the above .Company was held in the r'ariiSn Hail on Saturday afternoon, mere being about thirty shareholders present. My R. W. Taylor, chairman oa Directors, presided. DIRECTORS’ REPORT.

The chairman in submitting the report congratulated the shareholders on the result of the year’s work. The quantity of butter manufactured was .US tong 10 cwts 2qrs 161bs, an increase on me previous year of 9 toils 2cwts u.cixiuiaetare. The average monthly , ay.neht for suppliers’ butterfat was -j 0./9d and provision has been made •ii die balance-sheet for a further pay. ..uni ol ljjd on the season, giving a • *i average payment for the year of - The average grade was 93.39. ' j.ner successful year is shown in . store business. The sales were ,-<0 5s Id an increase on'the .pres year of £5,183 15s 9d, the gross -fit being £2413 16 s 4d, after deduct-

-■-g wages £IOOO, freight £B5l 7s 2d, ...aiii'ance £65, interest £2O, a nett profit' of £477 9s 2d is shown. The amount to credit of the profit and loss account as shown on the balance sheet i s £3058 11s 7d. Out of this amount the directors propose paying the usual 6 per cent, dividend and carry the balance forward.

The chairman quoted figures show-, ing the excessive charges in connection with the marketing of butter abroad, thus enable the suppliers to get %ome idea of the cost. He pointed out that on the figures he had quoted it meant that when suppliers saw in the papers that butter was realising 170 s per cwt. on the London market, it would be more like 155 s they would receive. ' This was one reason why the company wa s wise in joining the Control Board and it was only cooperation that would assist them in avoiding these excessive charges. In reply to a member he said the manufacturing charge and other charges totalled 2.4 d per Hv In moving the adoption of the report and balance sheet, Mr Chrystall said the company was to be congratulated. On the figures shown the cost of manufacture was shown to be slightly under Id per lb, which was highly satisfactory. A question to be taken up ’by the company was the present bank exchange rate. To the small farmer it was equivalent to a tax on export of 12 per cent, on his returns. He eulogised the management for their splendid work during the past season : . Mr H. A. Thompson seconded the motion for adoption. DOMINION/ RECORD PAX-O'UT.

Mr -Stiles said the pay-out constituted a record for the Dominion and was all due to the perfect combination existing between the suppliers, worker® and factory manager. In the over-run they’ had got to the limit, thereby giving the best advantage to suppliers; He~ advocated a manufacturing account being set up together, with a profit and loss account on the store trading account, but these were matters that could be brought up at a directors’ meeting. He would recommend that these accounts should be drawn up to enable shareholders to see what the cost was. The adoption of the report and balance sheet was then carried. NOTICE OF MOTION LOST. A notice of motion by Mr J. Ghrys-

tall, “That one fully paid up share * be issued to shareholders on the basis of one share for every three shares held on June 30th, 1923,” wa& withdrawn by the mover as he had found there was not the required number of shares available. By permission he substituted the following, “That all £1 shares allotted by the company previous to June 30th, 1923, and also to . include all shares upon which a premium of 10s per share has been paid together with 16s per share in fee allotment and calls be written up to their face .value.” Mr Chrystall stated his chief reason in bringing forward the motion was in the direction of justice as he considered those (shareholders who had paid the 10s premium should be compensated. Messrs James and Stiles strongly opposed the motion as they considered it was not in / the interests of the company. Mr Carter: I understand there is a reserve of £4OOO and I think the JOs premium should be refunded and also what was paid the old shareholders. Mjr Thompson, in supporting the motion, said it would be doing something to refund the money. The chairman said no doubt the original shareholders took big risks and deserved reward. This year the company had improved its position to the extent of £7OO, but the original shareholders had put aside far more in proportion to thieir output to establish the business and should be rewarded. ~ x „ .Mr Chrystall drew attention to the fact that the directors took a greater risk in taking shares when the company’s overdraft! was £3OOO and a risk was also taken in writing up the shares 10s. He contended all should be rewarded equally. The motion on being put tq| tne meeting" was lost. Mr Stiles then gave notice, of motion that the refund of IQs be made.

APPOINTMENT OF DIRECTORS. Messrs' R. W. Taylor and J. Chrystall, the two retiring directors, Were then re-elected unopposed. AUDITORS. Messrs Jjgnry Kember 'and Son were re-elected unopposed as auditors for the forthcoming year. VOTES OF THANKS. Votes of thanks were accorded the manager, secretary and staff for the efficient manner in which they had carried out the work of the factory, to the directors and to the chairman, » this concluding the meeting.