CAPE EGMONT DAIRY COMPANY.

Taranaki Daily News, 20 August 1915, Page 7

CAPE EGMONT DAIRY COMPANY.

ANNUAL MEETING. The eighteenth annual meeting of the Cape Egmonfc Dairy Company was held at Pungarehu yesterday, when Mr. M. Fleming, chairman of directors, presided over a good attendance of shareholders, including several ladies. REPORT AND BALANCE-SHEET. In moving the adoption of the annual report, which has already been published, the chairman congratulated suppliers on the record attendance, which pioved that Uiey were taking a live interest in the aifairs of the company.' There was not much out of the ordinary to chronicle in the vorking of the factory. They showed a good surpluo, which it was hoped to augment by at least £SOO or £6OO when the final returns came to hand. The season had practically been an ordinary one, the average had been the same, and the over-run had also been the same. The supply had not been so large, having gone hack 335,891 lbs. Millc made into butter had increased by 135,352 lbs, and that into cheese had decreased by 471,243 lbs. In regard to the store, the business had been satisfactory, showing a large increase in turnover of £6OO or £7OO. The stock was larger than last year by £397 15s lOd. The pfofits were very small, but the store was "not run to show a profit, but for the convenience of suppliers. Mr. Rutherford seconded the adoption, which was carried without discussion. THE SURPLUS.

The chairman referred to the question of dealing with the surplus of £6,100. Out of this, lie stated, they had already paid 2d, They might, as'ho intimated, have--a-n additional" £OOO-' of- 3 £700,.-to =]^ty'Jciat : 'wlieif OieH- 'fih&l'aecSunt sales came to hand. Already the portion disposed of showed an increase of £SOO over the amount it was valued at. He moved that 5 per cent, interest should be paid on share capital, and that the balance should be distributed aa a bonus to suppliers of butterfat. Mr. T. Harvey seconded. In reply to questions, the chairman stated that present indications were for a, further pay-out of 2d. The cheese that left on July 12 would reach Home on a falling market. It was quite probable that a penny bonus, wlich absorbed over £I7OO, would be paid out next year. One thousand nine hundred and ninetytwo orates of cheese had been' estimated in the balance-sheet, and of these 1300 had been sold, realising, as stated, £SOO or 000 more than estimated. There were yet 692 crates to dispose of.

The motion was carried. THE STORE SURPLUS. The chairman moved that of the store surplus a rebate of 5 per rent, should be made to all shareholders s,nd shire milkers on purchases made at the store other than net goods. ,This would absorb £l5O. The balance should be carried forward. It was only right that those who patronised the storo should get the benefit of any profit. If they carried forward the reserve from year to year tliev were building up a property for people who never went near the store.

Mr. Gilliooley seconded. Some discussion ensued over the stor?. Mr. Wright pointed out that the small profits were due to the rise in the price of numerous small articles that could, not be passed on to the purchasers. Mr. ,T. said that a good deal ol' shareholders' money had gone into the store. He did not think sufficient depreciation had been written off. He thought, too, that some better system cf buying should be adopted. Mr. L«tt also commented on the fact that goods could be purchased cheaper in New Plymouth than at the store. This, he considered, was due (o the buying. The chairman pointed out that this might be so in some instances. The manager of the store pointed out that he was not in a position to anticipate a rise in the market by buying largely. He stated that some items had risen as much as 50 per cent. The resolution was carried. BAD FLAVORED CHEESE. Some discussion ensued over the bad flavors in the cheese. It was pointed out that pasteurising would take out any food flavors, but would not remove filth flavors, .The manager stated that many of the milking machines were not kept as clean as they should be.

Mr. Lett asked whether suppliers would be allowed to feed their stock on 1 white turnips. The manager pouted out that where turnips were fed judiciously there was no trouble. Some people, he added, carted out enough turnips at once to do , their cattle for a week. , Mr. Brophy asked if it was not a fact that the manager had manufactured butter instead of cheese in May because he could not manufacture cheese owing to the flavor. The chairman said they had been advised to make the change by the buyers. Cheese, however, had gone up immediately after. It was fortunate that they had made butter for that period, as otherwise they would have had an additional quantity of cheese to forward ■Home on a declining market. '■' The manager pointed out that one 'reason for the change was the fact that several of the shareholders wished to supply every other day. "... PROSPECTS FOR NEXT SEASON. ' Referring to the prospects for next season, the chairman said Hint buyers .were v?.ry sanguine factories should for\v.ard on open . consignment, the Market, he considered, was very problematical. It might be good, and it might 'iiot. He did not think that it would be very low,. He understood that most of the factories were arranging to forward oh open consignment. Pungaroliu, however, would not make their arrangements Until September, when the market may have developed. : : ELECTION OF DIRECTORS. .Messrs M. . Fleming and J. Rutherford were re-elected directors unopposed. The former, in returning thanks, remarked . that he had been, a director ever since the factory was started, and had always been returned unopposed. ! Mr. O. W. Rogers was re-elected auditor. WINTER MILKING. Some discussion ensued over running the factory iu the winter. Mr. Brophy considered' that the twelve months' expenses should be taken out of the nine summer months, as at present winter suppliers did not get the benefit they should. The chairman considered that they would he in pocket if they completely eloßed the factory for two months in the winter and still paid their manager and lirsfc assistant, GENERAL. A vote of thanks was accorded the manager (Mr. Guild) and stall, and the store manager (Mr. Keasberry). Mr. Lett suggested that cheeks should be given to suppliers each morning.—No action taken. CHAIRMAN OF DIRECTORS. : ' At a subsequent meeting of directors, Mr. SI Fleming re-elected chairman.