Thames Valley Co-operative Dairy Ce., Ltd.

Te Aroha News, Volume XXII, Issue 42992, 7 August 1906, Page 2

Thames Valley Co-operative Dairy Ce., Ltd.

ANNUAL meeting. The annual meeting of the above company was held in the Criterion Theatre, Paeroa, yesterday, from 11 a.m. to » There were present on the platform Ma A J. Thorpe (chairman), and duree- ; ’ tors Messrs E. Elliott, F. Cock, P. B. Fisher, A. C. Hubbard, W- Moore, J. McCormick, J. Clark, S. Bellamy and the secretary. Mr E. V. Quick. Minutes of the last annual meeting ana an extraordinary meeting, held on July 17th, 1905, were read and confirmed. The Chairman spoke of the very favourable position attained by the Company both as regards finance and quality of butter; a position that was fully sured for the future. Considerable _ savings bad been effected in various ways totalling up to £250 during the year. He congratulated the shareholders on the very satisfactory balance-sheet, and recommended that for the good of. , the company, at least three directors should be elected. This latter suggestion was the cause of much discussion, aud frequent interruptions were made by Mr Cryer. who was each time howled down. V • ; Messrs Moore, Bellamy and spoke in favour of three Paeroa directors and Mr Clarke was against. The fifth annual report and balancesheet was then read, the report stating that 288 tons of butter, an increase of 27 tons over last j ear, bad been sent out, and the highest price of 120 s per cvrt. bad been obtained in London. A five years’ contract for butter boxes bad resulted in a s .ving of £SO per annum, and by a proposed 35 h.p. gas engine at the factory it was expected to Bave a further £IOO. It had been decided to erect a new creamery at Uruwabia, terms to suppliers as at Hikutaia. The balance-sheet showed the turnover for the year to have bean £25,456 16s lid, the gross profits being £6402 12s 3d and the net profit £2403 6« 6d, working expenses having been £1922 15s 8d and the general expenses £959193 3d. The land and buildings valued at *3205 6s, inaluding recent additions, and machinery aud plant at £4016 9s 10d. Purchase of butter-fat had been paid for up to £18,191 0s 4d, and a bonus of 10s per share absorbed £1490. From 164 suppliers 12,505,*901bs of milk were received. The average t>er cent, of butter-fat was 3*76, aud the average price received per Jb for butter, 11-07 d, whilst the cost of manufacture

per lb was l*29d. The average price per lb butter-fat paid to suppliers (bemus included) was 10*01d. The average grad* had been 93*41. The Auditor’s ieDort was also read aud adopted unanimously. Mr Cryer emtinued tr interrupt sna was silenced by cries of “ put him u “ order,” and “ sit down.” The J uditor had asked for an incr ft a in his fees, for half-yearly audit, b was decided to offer him £l6 6 aefore paid. " The Auditor had recommended th* sending of each supplier’s cheque by p st instead of them bei-.g received -t j the factory, aud th-s was put as a J motion. Mr Driver moved amendment | that no change be made, but on it being shown that the change would involve .no 1 extra expense, the motion was earned almost unanimously. Tho nomination of directors was then proceeded with, Mr Bellamy asking if a & director might be elected from to save a director going there from Waitoa. He proposed Mr H mna. A morn, ber thought it was premature to elect a director before the creamery was erected. Mr Bellamy pointed out that during tha erection the director was most needed,. The following gentlemen were nominated and received votes as follows, the first four being re*eleoted to the board of directors: Hubbard, A. C. .. .. 100 Clark, J 93 Moore, W. .. • • • • 92 Thorpe, A. J. .. • • 19

Carpenter, W. •• Mcßoberts, R. C. . . • - 2o Hanna, T. .. • • • • “j. Robinson, J- • • ■ • Driver. S. • • • • • • " Johnstone, J- • • • • Informal .. •• ..11 The past services of the Secretary were eulogised, and a bonus of £25 wss voted to him for the past year, his salary being Pe r U c".^ r t«po B ed tot m futun, managers and employees should be paid all the year round He thought draining and other work could be foandfor them during the slack season, and that this should be done as was the case with private employers. . Mr McLaughlin moved amendment that no salaries be increased except the manager at Omahu, who should receive a £lO bonus. . , Mr Maxwell moved amendment that managers’ salaries be increased £IQ sjj round. Mr Bellamy supported Mjr Casey’s motion. The matter was left tq the directors to deal with. ~ Alterations in clauses of the bv-lawa wore recommende in order to deni with shareholders who were sending their milk away from the CompanyIt was resolved on the motion of Mr Hubbard that the clauses in question bo altered as recommended in the report. There was considerable discussion to* “•ardmg the advisability of formiDg a fresh food and ice company at Waihi in connection with the ComPt Mr Clark moved that the take into serious consideration tue estab- -- fishing of milk businesses at Thames and Waihi. This was secon ted and carried. ~ , ~ On the motion of Mr Hubbard it waa decided that power be given to- tfie directors to raise the premium on shares” to new shareholders up to £1 at cretion. . , % v . After the general meeting, the npj directorate met and elected Mr Hqbbafd; as their Chairman by five votes to tbrfiflq; for Mr Clark, the other nominee. y