MANGOREI DAIRY COMPANY

Taranaki Daily News, Volume LIII, Issue 150, 4 October 1910, Page 7

MANGOREI DAIRY COMPANY

ANNUAL 'MEETING. TWe annual meeting of shareholders of the Manigorei Co-operative Dairy Co. was held in the Egmont Village Hall yesterday. There were about seventy shareholders present. Mr. A. Morton, chairman of directors, presided. In presenting tie annual report and Jwlanee-slieet, the text of which has already appeared in these columns, the chairman stated that he regretted lie was unabk' on this occasion to comment at length on the report and balance-sheet as, owing to illness, he had not been able to prepare anything. Ho would, however, brielly touch upon various matters. In the first place, lie congratulated the company on the results as shown by the report and balance-sheet. Without doubt it was the best yeair the company ever had. The amount of milk received and Gutter manufactured had been greater, whilst the price received had also been better. He referred to the extra expenditure incurred during the year. Except for that the company would have been able to pay out more than liy 2 d per lib for butter-fat. These expenses had been abnormal and had not been anticipated. Last year tho share capital amounted to £5249 4s lid. This year it appeared as £5499 9s l'ld, an increase of £-250. Taking the fact that Hurworth: had come in, as well as the natural increase, this might not appear very clear, but £1143 had been transferred from the shares purchase account to the capital account. Tiie directors had considered it necessary to write off £'2oo more for depreciation than last year. This might seem a heavy amount, but they had additional property valued at £ IOOQ, and, moreover, in a good year ) it paid to write off for depreciation. He

pointed out that the increase in the fuel accpunt was not due to an increased consumption at the creameries, -but almost entirely to the fact that for four or five months tlie factory had been run by a traction engine at a cost of about £1 per day for fuel. It was, he thought, possible to still further reduce the cost of fuel, as experience had shown thai when wood reached a certain price coal was more economical. The increased output was not all due to taking over the new creamerj', the biggest increase really coming from old suppliers. He felt there was plenty of room for further improvement, and when he made a comparison with tOie state of affairs nine or ■. ;i

years ago and the efforts now made -b\ suppliers to increase the output and usefulness of their herds, he was assured the output would increase considerably in the next four years. Every/thing pointed to very high prices ruling on the British market during the coming season. He also pointed out the increased number of companies that were consigning instead of selling. He felt confident now that thfe factory was up-to-date and everything in order, the expenses would be at a minimum, and with a ibigger production the coming year should be a re T cord one. He then moved the adoption of the report, ,Mr. Price seconding. Mr. Baxter congratulated the directors on the year's working. Very few dairy companies had paid out better prices, proving the company had been managed effectively and economically, but all things were not going well in the factory. The directors had been rather lax' in supervision. Matters, he considered, had been bungled in connection with the penstock. Applications should also have been called in connection with the recent appointment of manager. The economy of past years had been false and the plant had not been kept in as good working order as it should have been. For years the plant had been Starved and now the directors had to make up foY this by an increased expenditure of £SOO in one year. On the "whole, he thought the directors wanted waking up and new blood infused. He also considered the directors and chairman should be better paid and complimented Mr. Morton on his aibility as chairman. Mr. Gledhill also wanted information on one or two points. Mr. W. P. Mundt 'thought more information should have been disclosed in the balance-sheet. He took exception to tenders not being called for all work. Electric power, which had been put in afterwards, should ha.ve been put in before the traction engine was hired and so saved expense. In regard to payment of directors, he considered that so low as they got their out-of-pocket expensed they should be satisfied.

In reply to criticisms, the chairman said that the penstock and ihire of traction engine had caused the principal increase in the expenditure. He did not consider any form of balance-sheet 'better than their's. The electric motor had been ordered, anticipating that the penstock wouldi have to be renewed the following season. Before it arrived, however, the penstock suddenly broke away and they .had to hire the engine to drive the plant. The report and balance-sheet were adopted.

ELECITIOX OF DIRECTORS. | Mr. John Williams asked if they were i not compelled to have an extra director' now the Hunvorth creamery was taken in. Th« chairman stated that though the Articles of Association stated there should be one director for each creamery, it was not mandatory, and on a vote Deing taken it was resolved that the number be limited to seven. Messrs W. G. Shoemark, W. Chatterton, P. Wells (retiring directors). W. F. iMaindt, W. G. iStanton and C'.. E. Gledhill | were nominated for the vacancies. Mr. R. Price was also nominated but refused to stand, as lie considered the younger men should now take a hand. Messrs Inman and Brown were appointed scrutineers. The voting was as follows: W. G. Shoeniar-k *ls, W. Cliatterton 87, W. G. Stanton 70, P. Wells 07, W. F. •Mundt 04, C. E. Gledhill 53. The three former were declared elected and the business was proceeded with. Later the scrutineers discovered a mistake had been made and that Messrs Stanton and P. Wells had 70 votes each. The chairman pave his casting vote in favor of Mr. | Wells, the retiring director, so that the j directorate remains as before. Mr. ;S'tanton gracefully acquiesced. Mr. -T. C. Da vies was re-elected auditor at a remuneration of £lio 10s. DIRECTORS' REMUNERATION. Mi'. Baxter moved that the chairman's honorarium for last year be increased from .€M> to £25, and that he be voted £25 per annum in future. —Mr. Sanders seconded. Mr. Price said' in olden days they had worked for honor and glory. It was better to leave matters as they were. The mover should give notice to discuss this next meeting. It 'had been sprung on them too suddenly. Mr. John Reeve, as a former director, said he could appreciate Mr. Morton's services as chairman. (Mr. J. Hall said in Mr. Morton they had a chairman of whom they might 'be proud. He had the business of the company at 'his finger's end, and was thoroughly master of the situation. He considered the amount proposed too small. For five years as chairman Mr. Morton

never got a penny and for ten years the paltry sum of £.lO a year had been paid. When compared witli what other companies voted their chairmen, he considered it an absolute disgrace. He .hoped the motion would 'be carried unanimously. This was done. It was resolved that the directors be paid 10s for each monthly meeting. DIRECTORS' POWERS. Mr. Mupdt asked if there were any foundation for the report that they were about to take in Hillsborough as a creamery;.. The clgiirman stated that as far as he knew ,ttjeve was none. Hillsborough had 1 nquii:e"(l , ftix what terms they could be taken in,, as he and another director ■vern aibserit from last meeting the matter liad,npt been discussed. If it could be sho\vj.}.' t]iat it would pay he had no objection, Mi;, moved that the directors be ljikjuestjad to take over no more creameries without the consent of the shareWilliams seconded. 'Tiq.'chairman thought that as the directors managed the 'business it would be wiser to leave it in their tends. They w°»|# do nothing unless they felt it was g<Ms business. Mt. Mundt: Was .Smart road and Hurworth .good 'business? The chairman considered members were of opinion that the motion was equivalent to wanit of confidence, in the direotors. The motion, on being put, was lost. A motion by Mr. Baxter, seconded by Mr. J.. D. Burkett, that tlhis factory issue to suppliers a monthly card for milk supply was also lost.