TAIHAPE CO-OPERATIVE DAIRY COMPANY.

Taihape Daily Times, Volume XI, Issue 3526, 13 July 1920, Page 5

TAIHAPE CO-OPERATIVE DAIRY COMPANY.

IPRICE PRUSI’J:IC‘-'l‘s FOR THE

li‘L}'.L‘Ußl*J.

At the annual meeting of the share-

holders of the 'l‘aih:3.pe Co—opc.raétive Dairy Co. helcl in Taihupe on..Sal;urday, the chairnlan (Mr D. Bennett), in moving the adoption of the report and btnce-sheet, whfch was pubjshcd y erday, dealt inferestingly with matters of vital impdrtauce "to the dairy industry. In touching on the ceasing of the Inlperial commandeer and,ho_w it was going to affect the local market Mr Bennett said he d_id not think the Government would :11-

low the price to increase any more than the. 1d already notified to the public as bbtaining on the fiirst of the current month until after the butter now in store was absorbed, but for

the new season’s make the price would [ probably be up (id or‘ more per lb. The Government had, so far, made «no declaration on this point, however, and it might happen that the extra amount ~would be paid out of the Consolidated Fund as at present, but he hoped not} because of the false position created,as the consumer of butter-'to the greater extent was the person who ’couldafford to pay the nia-r'kct price¥that is about 2/3 to 2/6 per‘ lb. This will be the price that will be realised for export butter going on present Homequotations. Buter was not the only commodity that still appeared to be on the upward -grade. Sugar to retail , at 6§;d per T 5 was a further instance and there were others. ’ The country had lhtely been fully canvassed by the National Dairy As-I sociations’ English representative (Mr Ellison) with a view to establishing a new company in conjunction with the‘ ‘Co-operative Wholesale Society of‘ England to market the whole of this] country’s surplus dairy produce, and the schemehad received -a very great] deal of support, but he (Mr Bennett) was of opinion there were greater difficulties in the way than ‘seemed apparent on the surface, and he advgsed caution in the matter. The very fact that theu'Tooley Street buy-| ers were still, and would be, wanting‘ our butter, and that even their dc-; mand for quantity could not be -met! by this country, spoke for caution in handing our produce to a market and to consumers who had in the past used mostly Danish butter. It should not} be forgotten, also, that the Co-opera-, tive Wholesale Séciety was out to ob- E tain its butter in the cheapest market. i Furthermore, theiquiestion arose: Was‘ n-ot this Co-openative» Wholesale So-i ciety made —up of, to a great extent, the labour and -extremist element,‘ which wished to obtain supplies in-' dependently, and do aslitlexas reported ‘ to have done inuthe late strike at Home, keep its members while it dew fied the Government‘? If this should. be the case he could see our butter‘ being used to feed the strikers underl similar conditions again. He advised,‘ and it was decided, that ‘The matter‘ should be left with the,Director.= to. deal with generally in the best. inter-i ests of the Company. Dealing further with the financial! aspect of things, at present it was! probably no news to those present that ' the banks were tightening 11p,<, landl this morning the directors had been; notified by the Bank of New Zealandl that the rate would be increased onehalf per cent... The intention of thei banks was, he believed, to put. a. brake I on the excessive speculation in land,i so forcing it up to so high a price‘ that though the farmer might farm his l land to the best adv«antage,t at the} end of the year he probably would find 3 that he had paid his interest, but mat nothing left for himself. Personally,: he thought that the very financial institutions which ought to do their best to assist the country were the first to draw in their horns, even though at present the country was ‘full of money. The_ trend of opinion of those in responsible positions was that care must be ‘exercised by all. The chairman then said the report and balance-sheet was open for discussion. No questions being asked, the motion for adoption was ‘carried. ' Nominations to fill the vacancies on the directorate were received’ from Messrs W. Prime, Henry Stent, and __ C. Stent, but in order to save a ballot A Mr C. Stem; withdrew, and the chairman declared Messrs Prime and H. Stent duly elected. 4 This closed the business of the meeting and the chairman, then read the notice calling the extrao.rdin~ary meeting of shareholders to deal with the increase in the capital of the company. The chairman then proposed:-——— -“That the capital of the Company be increased from £SOOO to £7OOO by the creation of 2000 extra shares of £1 each.” In connection with this increase the chairnmn outlined the

schéme of capitalisingr fhe reserves by _/ means of which some £IOOO standing to the’ credit of the .reserves account

would be devoted pro rata zlm'ong'si the shareholders bf»; bonus, fully paidup shares being issued in -accordance V with the amount of shme capital paid ‘BU by the individual sharehoiaev, the-‘ scheme before being finally adopfod to

.~.........—....-—......~—.—.w._-.~ have the approval 0? HM‘ company’s auditors. This being -all the business the meeting concluded nit}; :1 voie of th:iliks"‘ro the chair.