Thames Valley Co-op Dairying Co., Ltd.

Te Aroha News, Volume XXVII, Issue 4445, 5 August 1909, Page 3

Thames Valley Co-op Dairying Co., Ltd.

A SUCCESSFUL SEASON.

On Monday last the eighth annual meeting of the Thames Valley Co-op. Dairying Co,, Ltd., was i held, at Paeroa. There was a good attendance, and Mr A. C. Hubbard (Chairman of Directors) presided. The annual report showed that the operations during the past year had been most successful, the output of butter having been 408 tons, as against 305 for the previous year. One hundred and sevecty tons had been ex* ported, and the balance had been disposed of on the local market. The turnover for the year amounted to £51,170, as against £42,241 for the previous year. A net profit of £4793 had been earned, which was distributed as follows:—To allow 10 per cent, depieciation on machinery and plant, and 5 per cent on property and buildings, £876 ; to add £2OO to the bad debts reserve; to pay the usual 5 per cent interest on paid-up capital, absorbing £248 ; to pay a bonus of 10s on shares, absorbing approximately £2^75; and to add the balance (£1094) to the reserve fund. The balance-sheet showed that the liabilities amounted to £14,020 93 6d, and the assets to £18,813 18s Id, leaving a credit balance of £4793 6s 7d. The gross profit for the year was £11,710 19s 3d.

The report and balance-sheet were adopted, The meeting decided that in future a bonus be paid on every shaie for which 1601 b of butter-fat has been supplied from September 1 to May 31, and that a further bonus, equal to one-third of the former bonus, be paid on all shares for which 401 b of butterfat has been supplied from June 1 to August 31. It was decided that in the future all new shares be uniformly loaded, It was also decided that in future nominations for directors be made 14 days before tte general meeting, and that voting papers be supplied to shareholders, voting by proxy being abolished. For the three vacancies on the directorate, there were five nominations, and the ballot resulted as follows, the three first beihg elected-A. 0. Hubbard, 140; A. K. Alexander, 111 ; 8. Bellamy, 105 ;J, McCormick, 77 ; Wl Moore, 74.