LEPPERTON DAIRY COMPANY.

Taranaki Daily News, 17 August 1915, Page 8

LEPPERTON DAIRY COMPANY.

ANA'UAL AILL'i'ING. The twenty-third annual meeting of the Lcpperlon Dairy Company was held in the Lepperton Public liall last night, when Mr. Harper Lepper, chairman of directors, presided over a good attendance of members. In moving the adoption of the annual report, which has already been published, the chairman stated that this years butter export had brought far and away better returns than they had ever received before, although they had had higher charges to pay in putting the butter on the market. These high prices were owing to the war. Indeed, in the middle of the season, there seemed ro bo very grave doubts if their butter would, get away at all, but their thanks were due to the British Navy for clearing the seas of the enemy. The butter had been ably handled by Collet and Co. op consignment. If an offer of 12Jd had been obtainable, the directors, he thought, would have sold. Fortunately, however, they did not sell, and were now in a position to pay out a bonus and interest amounting to l.flOCd, making a total pay-out of IS."Kiel, which they must admit was exceptionally good. On account of the drought, they had not made as much butter as lust year by about three-quarters of a ton, but when they read of how other parts of New Zealand had suffered k" the drought, they must admit they had a lot to be thankful for. The test this year was higher by .IS than last year, but their over-run \vas on the low side. He, however, thought that the manager might have read the tests on the high side. The grade at Moturoa had been very high, the manager obtaining lirst average grade over the butter going through Moturoa. The repairs were much heavier this year, owing to the fact that the wheel pit had been repaired under the supervision of the manager. The dam also was repaired, a new skim milk stand had been erected, and the Homsby engine had been covered with corrugated iron. All this had been done by the manager. Repairs had, therefore, cost £l2l 5s Od. The road to the factory had also been repaired, but this would come into next year's balanci--«heet. In conclusion, he stated that, c nsidering the state of the world and tlip season, the return had been very goad. This year they were disposing of as much butter locally as possible.

Mr. J. Cloke seconded. Mr. W. N. Ackland stated that the improvements effected at the factory reflected great credit on the manager, who had faithfully carried them out, though much of the work was outside his province as manager. The chairman stated that, despite the financial conditions caused by the war, they had only paid £+ 9s Td interest on overdraft to the bank. Interest they had received on the Box Company's shares caused this account to show a credit.

Mr. H. X. Blackball, referring to the fact that 10 per cent, depreciation was allowed on the old buildings and u per cent, on the now, considered that the buildings should have been depreciated right out and .a sinking fund created to rebuild. The present buildings were neither a credit to the company nor a convenience to the manager. The secretary pointed out that the buildings, which were valued at £I2OO in 1902, were depreciated to £4OO.

Mr. Atkinson considered thati sufficient depreciation was allowed. Some discussion ensued over the payment of interest to non-suppliers. Mr, Blackball considered that non-suppliers' shares should be bought in so as to save payment of interest.

The chairman considered that it was better to pay non-suppliers 5 per cent than to pay the bank fi or 7 per cent. During the course of further discussion it was pointed out that, as nearly all the factory shares were allotted, it would soon be necessary for the factory to purchase shares from some of the nonsuppliers, and this would reduce the payment of interest 111 reply to a question, the chairman stated that the factory road would b'j repaired. 7he report was adopted. ELECTION.

Messrs H. Lepper and Vv. N. AcVland, the retiring directors, were re-elected unopposed, m bribers express.ng Ilia opinion thai the time was not opportune for a change in the directorate. Mr. M. l T opson was le-elected auditor. THE CHEESE (Jt.'ESTION. Mr. Blackball asked '.vheilifi- th> directors had taken into consideration ilia question of installing a dual plant, its they promised last year. * I The chairman stated that they had not done much in the matter. Nearly every supplier that he had spoken to preferred butter to cheese. He had .il,-o asked agents, who had better outside knowledge, and all of them had advised that they should not make any change at present, as it >vould not be long before cheese was down to its old price, whereas butter would not for a long time be below Is. Mr. Blackball said that this did not satisfy him. He had hoped that the directors would have placed before them a lucid account as to the relative values of cheese and butter from their point of view. Calculating cheese as returning Is fid, he estimated that Lepporton supliers would have received an additional .C2O-1C this season. Quite enough, he considered, to have paid for a cheese factory and have allowed suppliers to be paid out Is 2d per lb, as was the ease this year. They would then have had a dual plant, and if butter was the best proposition they could have manufactured it. If cheese was the best, tlien manufacture cheese. As it was, they were not in a position to take advantage of the best market. He deprecated their policy of non-advancement. Cheese, lie considered, would always be better than butter. He therefore moved that it be a Recommendation to the directors to gather all particulars in reference to cheese, and if they deem it advisable call a general meeting of suppliers In discuss the matter. They were not out for inn, lie said, but to get as much per acre from their land as possible.

The chairman pointed out that a cheese l'aclory would probably cost iuOUO. In order to finance it, it would I* necessary to sign a joint and several, ami lie was afraid this would bo a difficulty, as shareholders had a great objection to signing tlicse. A desultory discussion took place as to the value of whey as a food element. Over this there was some diversity of opinion, the majority of speakers not favoring it much. Finally the motion was seconded by Mr. W. N. Aekland, and carried. GENERAL. A hearty vote of thanks was accorded to the directors, and also to the manager (Mr. W. Roberts) for the work done (hiring the past year. In moving the resolution, it was stated that in Mr. Roberts they had not only a first-class butter maker, but a carpenter, joiner, tinsmith, painter, etc. In fact, lie thought they were working a willing horse too hard. It was also decided to recommend the directors to pay the secretary £1 per supplier. CHAIRMAN OP DIRECTORS. At a subsequent meeting of directors, Mr. H. B. Lepper was re-elected chairman.