OKATO DAIRY COMPANY.

Taranaki Daily News, 29 July 1915, Page 7

OKATO DAIRY COMPANY.

TKNT.I ANN'VAIj MKKTiN;.:. The -tenth a-nnual meeting of the Okato IXiirv Company was livid in flic Okato I i,(! 1 yesilerd'ay, when Mr. Newton King; presided over an attendance of over (;:( sharcholdc s. 'i In.' annual report congratulated shareholders (l:il a. record year. Till' quantity (it (butter made anil the price l>;ii<l i'dr better fat (both exceeded any previous vca.r. Milk and cream had | i.ecr. received as .follow: -Kaihilii, 122,- ! i"> : —111 > cream and 3,77.-I.i l.'vib milk; average 'test. 3.U3. bistter fat IUI,7'SU. I'iuiiho Ti.n-l'l,S47'i!l> iinilk, 3.1) te*i, 1 15,5021 ib butter fiiit; T-vlth Uoad. 4.410,tid51-b milk, -test, '175.2721b "1 >uti( r fat; O.vford, 2.015,0921b milk, 3.91 tost, 78,TWffl» butter fat, and (i72,s'7Uib butter htid been made, the over-irun being 10.17 ,per cent. In (\,w(inlance. with motion passed by the special woting »f Hharehoklers, the (iiiet'tims hn..! accepted tenders fur cheese faci'orios a.nd plant at Kaihilii, leith and Pivir'ho. and would be. ready to start cheese making early in- Hie spring. Oxford Road slitireholdors had formed a. separate company. Hie directors had de ided that it was necessary to write down the value of the creameries owing to the change from 'butter to cheese mailing. After writing oIT .011OG for depreciation, the .profit and loss account showed a. credit 'balance of e.MMIi IDs Bd. Titic directors recommended a- further payment of '2(l per lb of butter fat supplied (luring the vear. absenting £4702 l»s PL and tile balance to be carreil forward. -Suji.jjlicrs would then have received nearly .1 -;/ t d per l,)j of Imtter fa.t for the. year. Owing to a number of «jinrplmtdcr* ceasing to snpp'y, it •liili'hit lie advisable to revise the amoimt offered for repurchase of shares-, also to consider the advi-soibiliity of calling up 'the ;-liri;ve .'. apitnl of non-suppliers. Owing to the Oxford Road shareholders ' forming a. separate comr.iany, Air. Hay- ' lock resigned from t'he directorate, and •Mr. W. .Bimn.le. was appointed to fill the j vacancy. I Following is summary of quantities and averages lompared. with season end- J ed Maiy 31, lffl4. tile la-titer being in' parentheses:—Xumlier of 'suppliers, 73 (03): milk received, 13,2411,10011) (13,-| R'.i.!)7Btb): cream received, 122324%' (74.83231!)]: butter fat. 5W357M)'(M0,-' (S4lb); Imtter made, <>72,:>7Gl!> ('<mo,lWo ' lb); average test, 3J93 per cent. (3.541 , 'j)( i- cent.): over-run. 10.17 per cent. M.lil ipor cent.): average price net for hutter, 13.11(1 (11.81<1); cost of manufacture ;vnd pn,t)ting f.ojb.. including all expenses. I.lod (1.28(1); average price per tb of butter fat received l)v suppliers, lS.iiSd (12.00(1); average grade—export see son, 03.1 S ({13.28). I Tn moving the adoption of tlie report,' tlie chairman stated that t'he .season luid been ;i record. Owing to tilie war, very high prices had Ibeen received, and, j although there had been a>n increnise I ill the ontiput. yet this would have been '

I funlier increased had the season <been ! a auore favoraWc one. and the su'pplv | not fallen off so early. He stated that, I likr tlie ro-it of tlhe Gutter factories, | they had had no itroirble in regard to j the shipment of their produce. Cheese factories Ikml net, been so fortunate, hav- . in;.' 'had more trouble, and in some cases i there was conge-tiou yet. He hoped that. Okato would he equally as fortunate next year <is it had been this. Considering all the circumstances, foe considered that, the shipping companies had catered for them a« well as they possibly could. Referring to the decision not. to inSta.l .cheese .plants, he said !he regretted thut tlie chance had caused the severance of the Oxford Road suppliers. Some of them had been connected with tlie factory since its inception. and had always worked in harmony with the directors, Who felt the lost, .but could only wish them good luck in their new venture. (.Applause,) Referring to the liberal provision for depreciation. he said that this was necessary on account of -the change to cheese, and al~o because the directors considered that while abnormal prices were being paid out it was wise to .put their ■house in ordca l . The .factory was in a good financial position and the pros-

pert,' for the futinxi were good. i Mr. A. Corbett seconded. | The report was adopted alniost -without enrolment, though the chairman invited <liiswiissiio,n. pointing out that tliis | was tli-e only ow-aision in the. yew on I'whi.clh shareholders 'had a. chance " to J have a slio.fc a.t" the directors. ELECTION OK DIRECTORS. The clcainman stated that it would he necessary to elect four directors, 'Messrs. .W. -T. (Jrtiy and J. J. .Caretretiring by rotation; Mr. W. Bisinie also i retiring, as he ihad -been elected bv the directors to fill a vacancy, and 3lr. .1. Weo-ldtSdge had forwarded his resignation. At 'the request of some shareholders, Mr. Woohlridgo withdrew his resignation. I Six no.miimtioiif were received for thirec vacancies. Mr. .1. (lan-cia was api pointed wnctiuecr, The election l'osnltj cd: Messrs. W*. .1. llrav 14S, \V. Binnie j 144. A. 0. .lleti v v H(i, J, .T. Carey 10M. I I/. A. 1 lit trier Sfl and A. C. Knight. 7il. The first three- were declared elected. ' A!". E. P. Webster was re-elected auditor :• t. the same remuneration as previously. .Sl'-RRKXDKR VAU'K 01' S!HAWKS.

Tlie rha.innan stated that, a-t 'iiresoiit the company was naving ]'Ai ii,| siu--l-ciiiirreil shares. When (.hey were inanufactm i.ug cheese they would have to r l '- ecn-trrvt (heir share capital basis. Mr. 4'. Andrew.-, objected to lis (Id l.i :ng iMid. He pointed out that the rii-t (,r the new i-hee.se factories had to W jcii! i:i two years. At the end c,i a '.ear. when hi- had'only paid 10s. a shareholder jniijht leave and receive 12s il.! fur his shares. ITt- chairir.au poinle-.! out thai shares w. i-e i.ii'y paid pro rata to the amount. t -Mi. Wi.--.!.is.>ill that. i-.mMilcrinn ••i.ii'panv. he wru'lil liuivr that the surrender value !l" His. .Tiiis w.:- SI- l.v Mr. ('. Andrew;. A!-'. V-,. Cray more.l a-i a,a amei!.:li.'en: t: i! nii - ha re, -i ( . ,auvvasc.l init il '.Si. Hinl U'-at. the surrender value' he !'v, 1:> ; lid. Ti.i- wa ; -e!-,l ;,y Mr. <\ Crrai. | Tiie cliair'iian i-ut (la J '• r -ad 'a a; :-n ;--lvau(-i-e later, i Kl'i'il 1MUI; l-'ACTiIKV. -I. \i iniidriii:;e morel in a'-riir-•laa.-e v.i'll Mnl ice ~f ui'it ion (hat. (he li./i "f the cheese !a,.tory at l.cif-li I Hi :-i i'-e pi i |>ro:-ceilcd \vi( ! i. lie jio:11 - V!t that la- had brought furwar I i t: I i - noli-'c c,f mnl am ii, (lie oetteouie ; "f a. .petition that had hcea pre--ented. Wl-eii (he erection of a. chee-e fiK-toi-y at, l.eii'a Si;i 1 was ai'tllnriacl (here were I tv.'ea'ya -e - 1 i alier-. Since (lien, several tad joined Oakura, Vhil-.t oti.er.; had

' ".gn lied tnc.r intention oif taking their niiik -to Kuttihi. thus leaving i.iily m-"> e-i eight .suppliers at Keith Koa.l. It would not he a- big hardship for all oi' tho;o (n cetiie In Kaihilii, and l;e though;, liiai, under tile altered condrlions share, i:(■!■: e:■ -i should have an oapwrluuiiy of re.'l a-ddering the iinatter. Mr. A. i;. Kilight pro foriea. 'i lit' vC-.-rrt i.ry pointed out that the tii.rtcc!! i-inpliers now attache 1 to l.i 'til Uoad -1i■:I 121,0771b of butter a.', la-t season. Mr. \\'(Kildri.d;;e said that this iu.lnd- '•! Mi"-'' wlio intended to Kaihilii. Tlie elia.irnian stated that the iliivc- . ((■•■ .111(1 nr.inage'' had the right to say ' to which branch a supplier should take hi/, milk. M.r. A. -('oriiett .fhoug'at l.eith Koad would il-c run at a .As the sii])p!y at t'he 11.u»?.i of t'ae season would only amount to a. vat. and a. half, iie did not see Irow ,it could he c.them ise. The chairman considered that tie notice of motion was wrong in p' inci:"'. When the. qiie-ition of butter v. cheese want (li-.-'cu.-'sed. tlie latter was <arrie;i by a very iiari'ow nuijority, on the di-tiiiL-t .irnder-ta.r.ding that factories we-'e erected at ivaihiihi., Pi'nilio and l.eith Road. Had' it been dc.-ided at that time to leave out tilie lasit-nanied, he felt certain the s p'roposa.l would not have been carried. After they lmd been committed to orwt a. factory at Lcitli Koad. they lmd received a memorandum from live of the siupplicrs who wished to supply Kiaihi'hi instead. 'Kney had, hewever. arranged the bank guarantee, ordered plant, and so fcrtlh. and it -was too laite then to inake «ny alteration. | Moieover. if the directors wished to I break faith witih those who wished to : supply l.eith Road, tilie latter had a. legal lvj'lit to lake their names olf the guar- j aniee. a,rid that would mean the whole I thing would have to be gone over arain. I There wa.s no time for that. The direc- I tois either liml to go ahead or mi-s | till riheese .season. He did not think 'hat rlharcholdcrs wo.u'd desi're to go hack on a, distinct promise. My. (irant. sa'd that, lie bad ailvoeMed I'avng the factory under \>ne roof at iv.'.'.llihi. I hit for Lciit'i Tload the cheese fa.'to.rv ]irono=<'(l wouW net have been carried. If Leith Road vva.s elo'sed, c'o=e tilie lot. and go into liquidation. The chairman said, ,in renlv to a | onestion, that other factories had spe-i- , fled which ibrancli a, shareholder should s'lipnlv at, .but. he did not infer that Okato would take that step. He said it nn's'lut at times ean.se inconvenience it" several suppliers transferred their milk snddenlv from one branch to another. Mr. Orav thought" that those l.eith Uoad siip.nlier-.' who wished to -imply at Kaihilii should bave intimated their intuition ait. the meeting which was convened to dk"u~-,s the cheese question. Thev coi'M then have severed, as Oxford .Road had done. The ,'iompanv had beep committed to certain evpenditare. contracts let, .plant order, and so forth and thev must fulfil their obligation if thev had a.ny eommereial moi-alitv. He further enumerated the steps taken in tlir matter. Mr. Corhett said had lie hut known the Tu.taraiilnwka people were "0 : n? to leave tlie.m lie would never have favor-

Ed cheese. The Tatara ; i:r«il;a ncoi>'c had voted for chees-e, and then deserted them. 5Pr. Rinnie said tlhat was due t.o o'<nt.o's de-lav in signing the banlt guarantee. Tata r amiaka people were nnxionfl to heenme cheese s\mi>lievs, but through , We delav they joined;fPatea. Tlie chairman endorsed tins. ■Mr. AJsli:. of Ta.tturaima.ka. said theihad iconio to Oka.to again and a".ain. a"d , a«ked that a cheese factorv should be erected near them. The directors said they won-ld wait n.n<l .see. w'ha.t Oa'-ura, did for them, as Oakura had met their needs by erection. an up-to-date ehcese factorv s»<t Tiniaru. in'their district. They <had joined Onfaira, as tlie majority were row suppliers of Oka.to. Mr. li. T. Booker said the question hinged on 'whether Leit.h Road would pav on tlho present sm*ply. 'Mr. Henry said that there would still be 500 cows. 'Mr. Wooldridge said that there was , that .number at Oxford, 'where tlhere was ' better water supply and cheaper wood, yet no one advoca.te<l a cheese factory being erected there. The chairman said the conditions .had , altered. If thiey Brake faitih, where! ' would they end? |j Mr. Hunter said tlhat if they found

the ,!( •:•,' wor.lt! nr.!. pav they wnal l I ell ■r' i;. ill- , ' i.rince.l il:at it I Weald rot |ia.y. So why si art'.' Mr. Vwaihtridge -aM iie wa> not ii'i-pc-e l 1 0 1 oil a !li.ad aH.'i'i'! in r. i; -llg;:i' )' I'' I till! 'l. la: 1 ,! • i: IM lie pull ;> at I'i li s Hill, where there was li-.-t-I l'-r .-.'i.'i-i' a-'nl ! . ' I t i 1 ''::;!:;':'.'. lie cubin:t!cd !igu.'c-. te. -il..>w i':at/ tlie :-a t- : la i ■ 1' -ft 'v, i e\ ;■!• ha\ e more til:.a oiii' vat and a 'hah', in fact, only during live .moiitih'S would there one full vat. So why s-.eml Cl.'WO or Cl-KIl) for them V it would pay to s-ab-ddise tiio-e -who lived over three miles from tile Kai-tnh.:. facia ' at an estimated ca?-t of ,CB:>. He thought that when half/ tlu supply had been lo>t it v.-.ts quite right to come back to I.he .shareholder*, lie had never -agn-.d a guarai.'ee In build a factory on l.eith iio.td. Thev WiViiteil til drive the Dover Koad people hack to bolster u,|) a, deadhead. At l.eith Road the drainae'e had to i>e sprayed over the paddock. lle„ thought, they should lind out. .w'aat it was going ' to cost to ran lrf-N.lt Road, and the sup- j pliers should say whether it sJio-.-.-'l go ' on or not. 'I he chairman said, as a dry shareholder, he never v'ot'ed. (in a show of hands the proposal was lost by to o. IdNANCI-. In accordance >with noti- <■ of motion, Air. AVooldridge mo-vtal that the s'harelioldc !'s Iho tjnostiou: of ii!;.' oil* tih<! -new factory in two years. He thought 50 per cent, each year too severe. lie pointed out that, whereas last year the overdraft was ;C2(KKI. this voir it. ,wa.s .CM. They also lmd ,C1441i unpaid capital. If thev paid the factory oil' in two' years, it would mean they would 'have aiilSO/to .tIJOUO in the bank doing no good to anyone. This iva» seconded.

Mr. King- pointed out that here, aga;.:i. thev would ibreak faitii. T'lu- two years wa.s a. ccmipromrso with Mr. (Irant, iviio wanted the paid by cheque at oiK-e. hili- ju ices wovp ivSnonnal it was <ulvi.saiile to pay the. is, trirv oil'. If they re'-nled. he wouhl ia- ohe tirst to reconsider the matter. it was only right that factories should pay as much as they could to ,ge.t clear while prices were good, a-s -no one knew what might follow this. Any thinki'ng person must reason out that after tile war there would be had times coming, as far as money wa*-. r-.nucor.ned, at all events, and thewe factories that ware out of debt would .be ill the best, position. Be suggested I'liat, the matter should be ile"ft to the directors, and if the factory paid Is 10il next, year the bull,' would he paid ofi. If onlv Is .1-1, the shareholders would he called together a,gain. Tlie motion iva.s ae, wrdingly withdrawn. oiuDixr; _Ani,R. Air. Hunter said tlrat he would like to vce a system of grading milk. lie did not see why the man who supplied swiH'f, milk to make a. sweet article should have to take a.n inferior pHee because another supplied inferior milk. He moved that it be a recommendation to the director,s.

iMr.ißimnie thought the manager should be told only to ta'ke good mi-lik. Mr. fi.rant thought that the manager should send home all milfc not ' first grade.

Tlie chairman, with other -moitlVrs. a freed tha.t. -the. mn.nagcr 'Should be wole arbiter aad send home anv milk thn.» was not tot grade. Mo "referred to th<> fact that Oka.to was one ot the highest grading factories in Tarana.ki. ■ The motion was loat. OKXER.iL.. On the 'motion of (<Vaat imd ooldi'idgc, ft wais decided to give the stall' a .fortnight's pay as a 'bonus. The directors' honorarium was lixed at the same as last year. lAt a. meeting of directors subsequent ly, Mt. Xcwton King was 're-elected elm toman and Ma'. W. .T. Oav depintvcli airman.