KAIMATA DAIRY COMPANY.

Taranaki Daily News, 11 August 1915, Page 3

KAIMATA DAIRY COMPANY.

: ANKUAL MEETING. j The annual meeting of the Ivaimata Dairy Co. was held at Kaiinata 011 Moilday night, when Mr. C. E. Doibsou, chairman of directors, presided over an attendance of about forty shareholders. In moving the adoption of the third annual report, which has already been published, the chairman stated that it was with some diffidence that lie presented it to the shareholders. They iuul sold last year's output for export at GVi:l per lib. At the time they thought this was rather good business, l>ut unfortunately it had proved very coetlv to suppliers, resulting in a loss of 4d ptr ib butter-fat through not forwarding on open consignment. Defending the actum of the directors, lie pointed out that the first year they declined an offer of U 9-lGd and on open consignment it realised s'»d. The second year it realised j%d, after they had turned down an offer of O'/iJ. Therefore when oy s d was offered last year they unanimously decided to dispose of the output, and the majority of the sliareholders at the time considered that they had done good business, especially as when New Zealand cheese went on this market the price generally cams down. However, as they knew, high prices never previously anticipated ruled. The directors, while losing equally with the other shareholders, regretted it the more, as they felt that they had bejn placed in a position oi responsibility ana had perhaps not done the'r best in t.'is shareholders' interests. Traversing the increased expenditure as "hoivn in tbe balance-sheet, he stated that the increase in wages ( £so) was due to tbo fact that the factory was slightly under, staffed the previous year, and, moreover, the pasteuriser which h.adbeen installed required extra attention. This also accounted for the increased cos; of fuel (£GO), but pasteurisation luul proved its value by takinsr out the iood flavors from a portion of the supply, and as a result it was satisfactory to note that Kaimata graded on t.'ie list of cheese factories at Moturoa. The increased cost of requisites accounted for an additional £sl. The fact tint Ibey were unable to g?t their prodiu-o away regularly, but had been compolle.l to hold it in the freezing works, amounted for the increase in hisarance anl also kept up the overdraft. The directors had written off more tor deputation than previously, as they consUewd it was a wise policy to make giod provision for depreciation. Mr. Geo. Ca/pper, in seconding, said that when the cheese was sold for (i'/L.d suppliers were gitan to understand that, this would realise to them Is 3d per ib for butter-fat, whereas it had only realised ls'2l-id.

The chairman stated that the expenses had been heavier, anl, moreover, the test was higher than the previous year, beins 3.ft, as against 3.8. In reply to Mr. 0. OM, the secretary stated Hint the company's liability to the bank this year would be £2216, a' against £2434 the previous year. Mr. P, Burkliardt suggested that the working expenses would he reduced if three larger vats were installed instead of the four vats at present. After further discussion the report was adopted.

ELECTION OF DIRECTORS. The whole seven directors retired, hut under the new articles of: Association on'y Messrs ,T. Dobson, R. 0. Powell- and I''. Braccgirdle were eligible for election. 'Mr. Powell declined nomination, and tile following directorate was returned unopposed:—Messrs J. Dobson, P. Braces'irdle, F. Davidson, A. E. Harwell, Jas. Dunwoodie, C. Old and Geo. Capper. Mr. M. Hopson was re-elected auditor.

Sir. Davidson considered that Shareholders should reconsider the articles of association dealing with the election of directors. It was a wrong principle, and any company that adopted it was only courting disaster. Good directors were hard to get, and once they got them they should do their best to keep them. It was wrong to put in a majority of new directors each year, and not to have the opportunity of retaining men who had done good service in the past. Four of the present directors, including the chairman, were under the articles debarred from standing again. This, he considered, was an oversight of tfie mover, and he thought should be taken to rescind it. Mr. Davidson stated that he would give notice for a special meeting* to be called to reconsider the matter.

A SIXKINf! FUND. The chairman stated that it was necessary for shareholders to consider some scheme for wiping off their liability to the hank. At the present rate of depreciation it would be many years before they were cleared. lie 'therefore moved that it be a recommendation to the directors to deduct from .suppliers a farthing .per lb butter-fat to be placed to the working account for the purpose of creating a sinking fund to he devoted to reducing the overdraft at the bank. This was seconded by Mr. C. Old, who pointed out that 'this would produce on last year's figures £192. The motion was carried unanimously. VOTES OF TIIAXKS.

On tlhe motion of .Messrs Old and Capper, a hearty vote of thanks was accorded to the Aairman and the retiring directors. Speakers were eulogistic of the good work done by the chairman and regret was expressed that he was 1111aMe by the articles to occupy the seat this year. The chairman briefly returned thanks. Appreciative votes of thanks were accorded the secretary (»Mr.-iPercival), the manager (Mr. Lacey) and staff. At a subsequent meeting of directors Mr. Geo. Ca.pper was elected chairman. SUPPLIERS FRATERXISE. At the conclusion of the business of the meeting, tables were prepared and the shareholders spent a pleasant hour or two at a social gathering. 111'. 0. Capper, the newly elected chairman, presided, and, after a light repast, in which Kaimata eiieese played an important part, a short toast list was iliscussed, interspersed with songs Throughout the evening the friendly spirit of co-operation, "share and share alike," \vaa much in evidence. Messrs' 0, H. Buckeridge, R. C. Powell, Barton, and G. Mackie contributed to the nMsic.il programme.