DAIRY COMPANIES' MEETINGS

Taranaki Daily News, Volume LII, Issue 186, 10 September 1909, Page 4

DAIRY COMPANIES' MEETINGS

XAPOXUA. ' The eleventh annual meeting of the shareholders of the Kaponga Dairy Company was held on Monday. The annual report stated that the' 0 mount of milk received had been the iargest since the formation of the company. Milk received for cheese-making totalled 14.120,7821b5, which yielded 531,4941b$ of butter-fat. Cheese manufactured amounted to 033 tons 19 cwt. 9.941b> of milk made lib of cheese; the average test was 3.70. For butter manufacture iUUO.U'ZTIibs of milk were dealt 1 with. The butter-tat totalled 114,063 ! lbs, yielded 58 tons 0 cwt. of i commercial -butter. Average test was 3.75} lo make lib of butter took 32.201bs of milk; 'and the overrun was 14.57. The balance-sheet showed £30,151 for chce6e sale and £0293 for butter. Cheese in stock £B4, butter £l2, and interest received, etc., brought the income to £42,052. On the expenditure side the chief items were milk account, which, amounted to £29,883, ocean freight and ehurges £-3721, salaries £2004, depreciation £SOO, reserve fund £SOO, railway and shipping £03(1, firewood £407, bank interest £SBB, boxe* and cases £059, cartage £427.. requisites £750, repairs and renewals £415. .The chairman, in moving the adoption of the report and balance-sheet, expressed the opinion that with two more years as successful as the last there ought not Lo be one (shilling of debt on the cheese factory. The motion was seconded 'by Mr. Bates and carried.

Messrs Maurice Fitzgerald and Alex. McKweu were re-elected on the directorate unopposed. Mr. \V, J. Tristram was re-elected auditor. The chairman stated that the directors had already met buyers, but no business was done. The company were at present consigning. He asked for Ihe views of the shareholders.

Finally, the matter of disposing of the output was left to the directors. It waa resolved that application 'be made to the Dairying Department regarding particulars of having an inspector visit the district. RIVERDALE. The fifteenth annual meeting of the above was held on Monday. The annual report, after congratulating shareholders on the result of the Benson's working, said:—"After writing ort' 10 per cent, depreciation on plant and machinery, and 5 per cent, on property and building account, the profit and lbijs account shows a credit balance of £1522 8e Sd; from this your directors propose to make a further payment of %d per lb for the butter-fat supplied within the period September 1, 1908, to April 30, 190!). This will absorb£l4o4 19s 2d, and it is proposed to carry forward the balance of £57 9s 0d to the credit of next year's account. The general store account again shows an incease o: 'business. Suppliers and their share milkers have been allowed a rebate of 10 per cent, on their purdmsea throughout the season, and a credit balance '.i £llO 10s 4d has been placed lo tl-e credit of the general store building account'Statistics for the season were appended, the for the previous year bciiu: shovta in parenthesis: Lbs milk received: 10,253,525 (10,133,* 8!>2): increase, 119,033. LU butter-fat: 031,414 (017,843); increase. 13,572.

Lbs cheese made: 1,443,227 (1,138, 9Cil); increase, 304,267. Lbs Gutter made: G4,45C (176,876), decrease. 112,320.

A\erage test during chee6C-raakin-r, bntter-making. 4.348 (4.205); incrcai'i, .053 Lot of elw-ese ucr lib of butter-fat, 2.5'3 (2.4L ( 8); increase, 0.15.

Lbs of milk per lib cheese: 10.35 (iG.SGJ; decrease, .51. Lbs milk per lib butter, 20.38 (21.29); decrease, .01. Overrun: 12.8 (9.3); increase, 3.5. Payments for the season, including further payments—August 13d; September to April inclusive, 13% d; May, June and .July, lid; average payment for whole season. 12.043 d.

The chairman, fn moving the adoption of the report and balance-sheet, said several additions had been made to the factory. The company had had a much better milk supply than it did the previous season.

Mr. J. \V. PaCcrson seconded. Ho believed the company paid out better than any other factory in Taranaki. Mr. Batten, junr., asked if there was any truth in the statement that the company had paid Nathan and Co. £2OO for a "breach of contract.

In reply, Mr. Wyborn, secretary, stated that it would not have been judicious to publish the matter in the report. Nathan and Co. were entitled to the last oiler for the seanon's output. Negotiations for the sale were of such a nature that it was impossible to give Nathfin and Co. that offer. It was m consideration of the valuable winter business with Nathan and Co. that the lirm were to have the last sav.

The explanation was considered satisfactory.

After one or two other questions concerning the balance-sheet had been satisfactorily answered, the report and bal-ance-sheet were adopted unanimously, Messrs T. 11. Collins and C. Washer, 'being the only shareholders nominated for the vacancies on the directorate, they were duly declared elected. KAUPOKONUL About eighty shareholders of the Kaupokonui Co-operative Dairy Company attended the annual general meeting, which was held at the main factory on Monday.

The air.iual report and balance-sheet stated (inter alia) that the result of the business for the past season had been eminently satisfactory, notwithstanding the unusual circumstances that had to be faced at the beginning of the season owing to the collapse of the Home firm with whom the company had been dealing. As anticipated, there had been a substantial increase on the previous year in the amount of milk received at , the company's # different factories amounting to nearly 20 per cent., the actual figures being: Milk, 40,899,2811b, producing 1,780,985)b of butter-fat, out of which was manufactured 1822 tons 17 ewt. of cheese, and 08 tons of butter. The average test for the season was 3.80 per cent. The reports on the company's produce stated that it arrived in London in good condition, and that the ouality of the cheese was a decided improvement over the previous year's make. After allowing £IOSO for depreciation, the profit and loss account showed a surplus of £8282, out of which a dividend ot 5 per cent, on shares would anifiorb £503, a further payment of ltl a lb on buiter-fat £7420, and a balance of £3SS tarried forward. The general store coti tinned to do a good safe business, the accumulated profits amounting to £2279. Attention was drawn to the fact that a sum of C47SO was included in the assets, representing irtf'orests in farms and stock, the security which was lirst-class. ft would be necessary to elect three directors, Messrs Giimlin-.anl Hughes retiring by vffluxion of time, and one other bv ballot.

Chief items in the balance-sheet were <95.410 for cheese sold. £7051 for butter sales, and £1340 for cheese and butter in stock. The store account showed £19.157 for stores sold, £1451 credit balance brought forward, £5957 stores in stock and cash i n hand. On the expenditure side were milk account £81.500, salaries £5243, manufacturing requisites£3497, freight (including freezing and shipping charges) £1423. firewood £1284, depreciation "£IOSO, cart Qge £llsß. sundry £525; and the store account showed £1G,321 for stores purchased, freight £847, salaries £BIG, interest £202. The store showed a profit for the year of £827.

The chairman, in moving the adoption of the report and balance-sheet, said the company did not get the price for pro* duce last year that they might have got on account of foaling with the firm they had been dealing with. Under the cireijmstanccs the company did not lose

anything, although they did not get thei biggest price going they came out fairly well, that was his opinion, lie made reference to the bank overdraft, and the substantial assets in the company's farms, ami informed tJie shareholders that they could wipe out the overdraft if they cared to go without their bonus, but he did not advocate that. The policy <»f purchasing farms had been necessary in the past to protect the com- j panyV> interests in reference to the op- | position they had to contend with, but 1 there would be n° occasion to light in the future. There was so -much paid m tihose farms now that there was very 1 little chance of them reverting back to the company, and thev had been sold at I a prolit. Again referring to the disposal jof last season's output, the chairman hoped they would do butter this year. They would not fall in the'same way every time. A good deal of discussion ensued ia reference to the directors' suggestion to pay a bonus on store purchases for the current year. Summarised, tile various arguments were that the company'* liability at the bank, instead of being paid to shareholder;; who purchased goods, as the company had to provide the money for establishing the store; that one per cent, he taken from the store profits and paid out with the 5 per cent, on paid-up shares; that the profits be paid only to those who purchased at the store according to proportion of expenditure. The secretary pointed out Iliat the articles provided that the profits should be distributed among shareholders in propurion to their purchases. I • The report and balance-sheet were i adopted.—llawera Star.