MOA DAIRY COMPANY

Taranaki Daily News, Volume LIII, Issue 149, 3 October 1910, Page 3

MOA DAIRY COMPANY

I ANNUAL MEETING. ! There was a much smaller attendance than usual at the annual meeting 01 shareholders in tile 'Moa Dairy Company at miglewood on Saturday, this being due, firstly, to the wet weather, ani, secondly and principally, to the decision of tlie directors to exclude the general public who have made a point of being present at vi;e=e meetings for some time past. Mr. D. Herlihy, chairman of directors, presided. The annual report stated: "The amount of milk received was 18,120,806 lbs, producing 710,645.141bs of butter-fat, from which was made 817,2701bs of butter—3o4 tons 14 cwt Oqrs 211bs, or about 10 tons moire than last year. It took an average of 22.r71!bs of milk to make I'M) of butter, and from each pound of butter-fat was made l.lolbs of 'butter. The average test was 3.921. Suppliers received an advance of lOd per lb on but: | ter-fat throughout the season ,and in addition were paid a bonus of M per lib on butter-fat supplied from August to March, inclusive. Out of this (balance in band on 31st July., a bonus of .52 of a penny on the twelve months' supply 'ha9 •been paid, absorbing the sum of £1532 Gs Id. Suppliers 'have thus received what is equivalent to T1.35 pence per lb of butter-fa.t for the season. Interest at the rate of 5 per cent, on share capital subscribed to 31st July, 1909, amounting to £2G7 Gs, was also paid, leaving tile sum of £33 lfe 8d to (be carried forward. I The following figures should prove useful to sliareholders—l9oß-9: Milk received (538.343, lbs butter 781,109, over-over-run 14.3; lbs milk to lb but-

Iter 22.33, cost of manufacture and putting f.oJb., including depreciation, L.43M; 1909-10: Milk received 18,120,866 lbs, average test 3.921, lbs fat 710,645, lbs butter 817,270, over-run 15.0, lbs milk to lbs butter 22.17; cost manufacture, etc., 1.286. You will be asked to elect j seven directors in place of those now

.holding office, all of wihom retire in accordance with Article No. 78, and all of whom are eligible for re-election. Messrs x>. Herlihy and W. H. Leech do not seek re-election. You will be asked to appoint two auditors, and-the services of Messrs Hopson and Dewihirst are again available. The 'balance-sheet showed a credit in the trading account of £6336 7s Lid. The amount paid out for imilk was £32,092 ■lßs W, and the wages Ml totalled £1079! 9s BdL Sales of butter and butter-milk produced £41,348 15s. THE FREEDOM OP THE PRESS. In moving the adoption of the foreigoing, Mr. Herlihy first made a few remarks for the benefit of the Press representatives present. The directors, ihe said, had come to tlhe conclusion that the company had given sufficient exhibitions in the pulbldc hall, and so had limited the attendance to shareholders. In reference to the handling of the meetings by the newspapers, he took exception to styling the proceedings as a comedy, arid christening the company the "Moai Comedy Company." iSome people might thing tlhe meetings amusing, but there was more tragedy than comedy about them, in his opindom. He couldn't see why the level-headed farmers of the Inglewood distract should make an exhibition of themselves any more than other people. There was friction, he knew, at other dairy companies' meetings, but in no case was it given the newspaper prominence thas was given the meeting of the Moa Daiiry Company, He hoped the papers would take the hint, and report this meeting accordingly. OPERATIONS OP THE COMPANY. Passing on to the business of the concern, Mr. Herlihy referred to the policy of the company in absorbing other creameries. The. extension of the company's i business into Waiongona would benefit the whole district. The Waiongona peoi pie were going to a good deal of expense, but the directors would so manage affairs that they would soon recoup themselves. He announced that he had something good to tell the shareholders. The working expenses, exclusive of depreciation, were the lowest since the company was formed in 1895. The wages paid per pound of butter were the lowest, with the exception of one year, since 1895. The. company had paid out more to suppliers for each pound of butter-fat than they got for it, and this was the first time on record, while for the season 1904-5 it took three-farthings a pound to assist the over-run and clear up expenses. The over-run this year was the best on record, and it took a great deal less milk to make a pound of butter. The over-run.had mot all been obtained from moisture,' he claimed, Ibut had been assisted by cleaner skimming and a more careful staff. The predictions of those Who had saidi the installation of the combined! chums would cost the company £ISOO a year hod been very wide of the mark. Mr. G. Mackie seconded the adoption of the report.

AN ALTERCATION. Mr. D. Tood criticised the working of the company, alleging that the greater over-run was the result of working more water into the butter. Had that 222y 2 per cent, of water been put in previously! the present year's results would have been nowhere. It didn't take an expert to put water in. He contended that the £6OO or £7OO worth of machinery purchased during itihe year, and now stacked j up in the factory and creameries, should have been charged to this year's accounts. It had) yet to be paid for. Mr. Herlihy considered it would be unbusinesslike to charge new plant to any one year. "I say that eiverything belonging to the company is paid for, 'and we have a credit," he said. Mr. Todd contended that had Mr. Corney remained as manager the plant account would have been better by £4OO or £SOO. Mr. Herlihy: Eot! Why, when I came here you were overdrawn 'by £4OOO. You daren't go to the bank for another cent. ,and you (had to go cap in hand to the butter-buyers for an advance. 1 Mr. Todd!: The overdraft would have been paid off without your coming on the scene. Mr. Herlihy: Yet the report of your auditor was that under your system you would never have paid it off in 500 years. Mr. O. Old asked to be told how the overdraft had ibeen paid off. j Mr. Herlihy: That is finance, my boy.. And it's like the grace of God—you know nothing about dt. After further altercation, Mr. Todd commented on the fact that under the present management the company (had won no prizes for its butter, Mr. Herlihy | said that they had cheapened the cost of production, paid a bigger price for butter-. fat than in the prize-winning days, and got top price in London. Mr. Todd contradicted the latter statement, and instanced Mangatoki, Midhirst and Eltham as having got bigger prices. The chairman retorted that at Midhirst no interest was paid on share capital, and they had water power. Allowing for this, mot a factory in Taranaki could Ibeat the Moa. Mr. Todd: What tommy-rot you talk.

I It's laughable. Hasn't Eltham a steam ! engine. i The report and balance-sheet were ! adopted. | ELECTION OF DIRECTORS. Th re were twelve nominations for seven seats on the directorate. Mr. Herlihy standing again, at the request of many shareholders who had learned from the report of 'his intention to retire. The votiri?; was as follows, and the first seven were declared elected':—E. J. Brittain 484, D. Herlihy 468, W. Jones 415, M. .McMahon 346.' G. .Mackie 315, J. Stachurski 2!)0, C. E. Dobson 287, R. D. Barford 281, D. P. Egarr 258, R. T. WilI Hams 151, R. J. Bakewell 101, G. Capper j7O. COW-TESTING. ! Mr Otto Bold;, as one who had opposed I the change in the managership, compli- ! meated Mr. James on the results shown, . and asked the manager to give his views ion the value of cow-testing. Mr. James I complied with the request, and advocated | the testing of individual cows, promising i every assistance, in the formation of an association for the purpose. GENERAL. A suggestion was made to increase the chairman's honorarium from 15 guineas to 50 guineas, but the meeting decided on £35 for this year. The matter of securing an office in town for the secretary, owing to the inconvenience of doing clerical work under the factory roof, was left to the directors to deal with. A motion was carried that the conn'pany should pay los for sftares bought up. An amendment fixing the amount at H7s 6d was negatived 'by a large majority. [Messrs M. Hopson and G. ¥. Dewh.irst were re-elected as auditors, and their remuneration was increased from six to eight guineas. A .motion to vote a bonus of £2O to the manager was lost on the voices. At a subsequent meeting of directors, Air. D. Herlihy was re-elected chairman. Mr. W. Jones was also proposed for the position.