MANGOREI DAIRY COMPANY.

Taranaki Daily News, Volume LV, Issue 121, 9 October 1912, Page 7

MANGOREI DAIRY COMPANY.

ANNUAL MEETING

There was an attendance of over a hundred suppliers, including several ladies, at the annual meeting of suppliers of the Mangorei Dairy Company, which was held in the Egmont Village Hall on Monday. Mr. A. Morton, chairman of directors, presided, and in presenting the annual report, which has already appeared in the columns of this paper, remarked that the most noticeable feature was the falling-oil' in the season's output, caused by the especially bad spring, which had been unusually severe all over the Dominion, so that all dairy factories suffered more or less. In new districts, of course, the opening up of fresh land to some extent neutralised this, but in an old-established district like the Mangorei, they had no chance of extending their supply, save by the efforts of dividual suppliers, and, of course, tlie bad season affected them considerably. Fortunately, however, the autumn had proved the reverse, and many suppliers had been able to milk fairly largely until late in the winter, otherwise the decrease | would have been much more noticeable. Fortunately, too, as a set-off, prices had been high, though the state of the market did not affect them, as they had already sold at a high figure; still, prices received were very high. Reverting to the bad weather experienced last spring, and to a certain extent this spring, Mr. Morton asked whether it would not be

advisable to make further provision with a view to being prepared for such conditions. Had it not been, lie said, that so many of the suppliers had been unprepared for the cold, wet spring of last year, the production would not'have fallen off so much. If they were prepared with more feed, not only would the supply of milk have been maintained but the cattle would not have got in poor condition. He urged them to be prepared for any contingency next spring by having more feed, in the shape of root crops and hay. The importance, too, of a liberal use of manures was impressed upon them by Mr. Morton. He instanced cases where suppliers had used slag, and despite the bad season found that their supply was in excess of any previous season. Another question, too, was that of individual testing, and he would like to have some expression of opinion as to whether it was advisable to go in for such an association in connection with Mangorei. It should certainly repay them, as it would not be confined to one or two creameries', but

could be spread over .the whole. Their company should provide cows for a large association. He understood that it would cost 2s per cow. If that were so, it was a small amount compared with. the benefits to be derived, as every shareholder would know the worth of his cows and which to keep and which to cull out. Re the TSalance-sheet itself, there was nothing to comment on, as it was not very different from the previous year. There had been a reduction in quantity, but the prices had been higher and had returned each individual supplier a. higher price than ever before. They had paid a shade over liy 2 d per lib, and had also paid interest on share capital, and this should be considered when entering into comparison with other companies. Had they paid out on the but-ter-fat instead of share capital, jt would have equalled ll%d. The two concerns in which they were interested, .viz., the Taranaki Producers' Freezing Works Co. and the Egmont Box Co., were both prosperous. In the former practically all shares were paid up. The Mangorei Company's shares were, and now they were receiving their profits in cash. Rc" sults had shown how wise had been the policy of the Taranaki farmers in taking over the freezing works. The Box Company, too, was in a good position. Visits of Taranaki dairy representatives to the big mill and works at Taihape had been made during the year, and universal satisfaction had been expressed at the way things were being carried oh. The life of the bush was, however,' getting less and less. Three year? ago they estimated that they would use three million feet of timber per year, whereas now they were using nearly five,million. The bush, therefore, would not, last as long as anticipated, but he hoped ere long that the directors would ibe able to secure further areas, which would ensure a continuance of the supply of boxes to the Taranaki dairy factories without their having to pay high prices. He then formally moved the adoption of the balance-sheet, at the same time reading a letter from tne auditor (Mr. Ogier) stating that he had found the books well and economically managed by the directors. (Applause).

INTEREST ON SHARE CAPITAL. Various questions of detail were.submitted arid answered by the chairman.. A question of paying interest on shave capital was brought forward by Mr. Gopperth. senr., who thought. that it was bleeding the company to pay interest on share capital held by men who were not supplying milk, while at the same time they were paying interest on a bank overdraft.

The chairman pointed out that the shareholders mid the matter in their own hands, and could stop the payment of interest if they wished. He himself, however, had on two occasions brought the matter forward and had been defeated. Consequently he was not going to bring it forward again. He said, however, that if they stopped paying interest on share capital they would have to make provision to buy up the dry shares, and instead of paying shareholders 5 per cent, would have to pay the bank 0 or 6V2 per cent. The report and balance-sheet was then adopted. A supplementary report showed the cost of the various creameries per 1001b of butter-fat as follows:—Egmont Village (162.1021 us), 2s S l-sd; Kaimiro (142.38C1b5). 2s 0 2-od; Kent road, (08,OlOlbs), 4s 8 4-sd; Albert road (45,782 lbs), fis oVid; Mangorei (s!L7!)2lbs). lis 7 2-sd; Smart road (43,401 lbs'),'4 j 0 4-sd; and Hurworth (24,7181b5), 5s 8 ; 4-sd. ELECTION-OF DIRECTORS. ; Messrs IT. King and Patterson were appointed scrutineers. For the vacancies caused by the ordinary retirement of Messrs Geo. Marsh and J. R. Rowlands there were six nominations. The two retiring directors were returned for the. ensuing three years, the voting being as follows:—Messrs .). R. Rowlands !)7, Ceo Marsh 06, Jas. Gopperth 50. Geo. Herbert 41, Geo. Colson 38 and F. W. Oldham 2."i For the vacancy caused by the removal of Mr. F. W. Mundt from the district, there were three nominations, an extremely close election resulting in the return of Mr. Geo. Herbert for the balance of the term, viz.. one year. The. polling was: Messrs Geo. Herbert li.">, Goo. Colson 02. -las. Gopperth si). For the position of auditor there were two candidates, viz.. Messrs W. Ogier ftiid C. T. Mills. Mr. Ogier was re-elected at the same remuneration as previously.

• COW-IT.STINC ASSOCIATION. A very desultory discussion took place op this important mutter, in lite course oil discussion it was elicited that several suppliers, including near all those of the Mangorei road creamery, were already i.e.-ting their cows, and had proved t,hi> benefit of such a. progressive step. Ultimately it was resolved, on the motion of Messrs Rowlands and Chatterton, to ask the Government expert to attend a special meeting and deliver an address'

on the question of forming a cow-testing association. DATE OF MEETING.

Mr. J. Williams gave notice to movt that the year end on June 30, and that the annual meeting beheld during the first week in August. This was seconded by Mr. Gopperth. The feeling of the meeting being evidently in favor of the change, the directors will take steps to call the necessary special meetings to give formal effect to it. CONSIGN OR SELL?

In leply to a question, the chairman said that this year they were shipping their butter on open consignment to London. The policy of the directors had always been to consign. Last year prices were so exceptionally high that they felt justified in selling. This year, however, though even a higher price was offering, they felt that the state of the market justified consignment. In support, he pointed out that very few Taranaki factories had sold. All the directors were unanimous in consigning though 12y 4 d had been offered. A voice was heard to remark that selling one year and consigning the next they'might possibly be like the man with the pig, miss the 'bus."

APPRECIATION OF THE STAFF.

On the motion of Messrs Price and Gopperth, a vote of thanks was passed to the manager (Mr. T. Robinson) and staff, the chairman remarking that they had a specially good staff, who were all working in the interests of the company with a view to as economical production as possible. The average for the year, 93.03, was the highest since the inception of the company.

. ELECTION OF CHAIRMAN. Mr. A. Morton was re-elected chairman, and at the conclusion of the meeting the directors and Press representatives were entertained by Mr. and Mrs, Morton at afternoon tea.