e Aroha District Co-op. Dairy Company, Ltd.

Te Aroha News, Volume XXVII, Issue 4445, 5 August 1909, Page 4

e Aroha District Co-op. Dairy Company, Ltd.

ANNUAL MEETING.

Khe following are a few additional particulars of the above Company’s Knnual meeting, full particulars of which we were unable to ’ publish in fear last issue, owing to pressure of fether reading matter: — I The annual report, which we published,' was exceedingly satisfactory, pud proves the excellent work put in py the Directors. The balance-sheet, which came in for a fair amount of niscussion, read ; Liabilities : On account of shares, £1096 2s 4d; subIscriptions to capital (£d lb on butter Bat), £3788 Is <>d; reserve fund, |£6o3 18s sd; overdraft, £568 3s 9d ; sundry creditors, £795 10s 7d ; suppliers, £1063 19s; profit and loss, £1034 88 2d; total, £8950 3s 3d. Assets : Property account (5 per cent, off for depreciation), £2032 13s 2d; machinery and plant (5 per cent, off for depreciation), £3923 Is 6d ; sundry debtors, £1022 13s ; stocks butter on hand, £1914 lls 9d ; do. goods, £57 3s lOd. Total £8950 3s 3d.|

Trading account value of butter in stock on the 31st May, 1906, was £3370 18s lid; the amount paid for butter fat during the past year, £2l, 715 15s 2d; refunds for home shipments (ifills and Sparrow), £550 ; balance to profit and loss, £5578 3s Id Total, £31,315 7s 2d. The receipts for butter sold during the year amounted to £29,271 5s sd; for buttermilk and cream, £29; value of butter in stock, £1914 lls 9d. Total £31,215 7s 2d. Under the head of profit and loss, the following expenditure was disclosed : —Dividend 5 per eent. on shares to 31st May, 1908, £IBB Is 8d; bonus to shareholders, £1604 7s 3d; directors’ honorarium, £36 15s; employees’ bonus, £2O; stores and supplies, £157 14s sd; boxes and paper, £7OO 6s 4d ; coal, £485 14s; oil, £l7 16s 3d; reprirs and renewalsj £243 88 3d; freight and cartage, £382 13s Id; wages and salaries, £1132 18s 4d; interest and Bank charges, £99 14s 9d; commission, £269 15s sd; shipping charges £648 lls; printing and advertising, £ls 4s 3d; stationery, £1 9s 9d; stamps, telegrams and petty cash, £l4 3s lOd ; rates anditaxes, £l7 16s 6d; rent, £5; audit, £8 8s; insurance, £52 4s 9d; miscellaneous, £26 12s 6d. Wc mentioned in our last issue that the Chairman (Mr Thos. Gavin) referred to the balance-sheet, and congratulated the members on its satisfactory condition. Notwithstanding the fact that they had extended their business, the liability was only modeately increased. This satisfactory state of affairs was brought about by the assistance rendered the directors by the shareholders. Certainly the price received was a little lower than last year, but the market price at Home —where the major portion of the butter was sent —did not approach the figures quoted the previous season. While the price of butter was lower, 1 the cost of coal, etc., owing to the strike, had increased considerably. * In reply to questions asked, the Chairman explained that the quality of the butter this year equalled that of last. Some 17 boxes of pastry butter bad been sold. Of the 8124 boxes sold, only 299 boxes were second grade, the remainder being first, for which the highest market price was obtained. Most companies turned out a certain amount of pastry butter, one Company, not far away, had an extra supply of inferior butter which they made up under a different wrapper to that usually used, and sold on the local market at Id per -lb less than the first-class article. The Te Aroha Co-op do not believe in getting a local market by cutting prices. Mr Gavin, referring to the £568 on the balance-sheet, said this represented the sum they owed the Bank at the end of May. At times they would be overdrawn several thousands. With regard to the increase of salaries, etc., he might mention that the Manager’s salary had been raised to L2OO from Ll6O ; also several additional hands had been employed. In reply to Mr C. B. Edwards the Chairman said the matter of using steam pipes for heating purposes would be given effect to. Although supplies, wages, etc., were more, the cost of making the butter last season had been less than the previous year- The Chairman strongly urged upon suppliers to he extra careful in only sending the best milk to the factory—-they could not make good butter out of bad milk. It was intended to refuse milk tainted in any way. The question of making all shareholders sign a joint and several bond to the Bank was mentioned by Mr Fitton, but it was not' considered advisable, under present circumstances, to alter the present arrangement. Mr P. Quinlan and others from Matamaia strongly supported the elec* tion of a director at their end of the Valley. Information was asked fur and given concerning the new Okauia creamery site, probable suppliers, etc. It was stated that 330 shares were applied for, Mr Hendy getting 50. On the suggestion of Mr Hall, Matamata, the question of sending out proxy forms with the next annual report and balance-sheet will he considered.

Mr E. B. Hines asked would it be possible to have the skim milk pasteurised by a steam pipe. It would kill the microbes. A steam pipe was always used in this connection at Eureka.

A number of suppliers considered that the resolution appearing on the

books to the effect that all creameries he started on August Ist should he given effect to until such time as it is rescinded. Several of those presehifTnentioned that owing to the creameries not starting to time they had been compelled to take their milk elsewhere. One supplier remarked that his cheque from Ambury and English for the month ' of August amounted to L 26. [ A Waihou supplier referred to a complaint frequently made by one lof the central employees of the Company, that the Manager had not I been attending to his business. — The Chairman said the Directors bad received no complaints. How was an employee to know what the manager was doing ? The manager had the oversight of all the works.

Referring to inferior milk a shareholder considered that topdressing was at the bottom of most of the trouble.

The balloting for three Directors was proceeded with, the result of which appeared in our last issue: The meeting was* the most successful and best attended held since the inception of the Company. A vote of thanks to the Chairman terminated the proceedings.