KAHUI DAIRY FACTORY.

Taranaki Daily News, 24 August 1915, Page 3

KAHUI DAIRY FACTORY.

ANNUAL MEKJ.TNU, The third annual meeting of the Kaliui Dairy Company was held in tlic Raltotu hall on Monday afternoon, when Mr. T. Willcox, chairman of directors, presided over a good attendance of members, REPORT AND BALANCE-tillliET. In presenting the balance-sheet the following summary and particulars were presented;— Mils received, butter-fal SBull.3Gslbs, average test, 3.977; cheese made (factory weights, leas '2Yi percent, shrinkage), 22,02!!; weight of cheese made to lib butter-fat, 2.042; weight of milk used to lib cheese, 9.515. Throughout the season is per lb of but-ter-fat was advanced against uiiik received, which absorbed £4,430 10s Ud beyond which, after paying all working expenses, there was a balance of £2OO 15s Bd, out of which £149 Ss has been set aside for depreciation, and with the ibalance, £lll 7s Sd, it is proposed to pay .Aug £27 5a 3d, leaving £Bl 2s> 0d to be paid out on butter-fat. During the year a manager's, cottage was built at a cost of £3* l, and additions made to the curing room, costing about £170; also considerable alteration and repairs were effected, All the directors retired .from office, and it would be necessary to elect five directors and also an auditor. The balancc-sihcct showed that chease had been sold to the value of £5457 Ds 2d, and there was cheese on hand valued at £4oo' 2a lid. Total expenses had amounted to £1139 13a 7d.

m»'-lK i"pvii)g;,|t4; adoption, .the chairman /■said ithat it,,was a matter for. regret; that the company, was not able to pay out this year as much as other factories. Unfortunately they had disposed of their output early in- the season. The directors hardly knew how to face the position in the unprecedented crisis that had arisen. Merchants would not make a reasonable offer to purchase large outputs, but their's being a small output (about 100 tons) they were made what they considered at the time a good offer of six and one-eighth pence, so they decided to put the risk on the merchant's shoulders. The directors felt that they were not justified in taking the risk of open consignment. During the year, though most factories had only advanced lOd at the start, they had advauced Is right through and had come out with a small margin. He thought that it was wise to pay suppliers as much as possible within safe limits. In the early part of the season the late manager enlisted, and at very short notice they had to appoint the present manager, Mr. S. Jones, who had given excellent results. The testa had been high and the quantity of cheese per lib of butter-fat bad been very satisfactory. He was confident they would,have the same good results in the future if the suppliers would assist by paying attention to their raw material. He reviewed the balance-sheet at length. Mr. P. Willcox, in seconding, considered that too much depreciation had been written off. He considered that the directory had been unwise in selling their output, and pointed out that Opua bad been able to pay Is Bd. Mr. (?. Candisli considered that the directors had doue remarkably well. The larger factories had practically run after the buyers in the early part of the season, but as it turned out afterwards fortunately, the buyers would not purchase large outputs. Kabul being only a small factory received what he and many others at the time considered a handsome price. M. F. Kothery moved as an amendment that 3 per cent, interest be paid on share capital. Mr. T. Lakeman seconded. The chairman did not believe in encouraging dry shareholders. The plant was not run for profit, but to handle the produce of suppliers. Mr. Candisli considered that they needed the money of the dry shareholders' when they started the factory, and it was onlv right that these shareholders should be recognised. The amendment was carried and the balance-sheet was adopted with that alteration, after n further amendment that only two per cent, interest be paid had been lost. EMJCTIOX OF DIRECTORS. The following directors were elected unopposed:—Messrs W. J. Larking, W. Fleming (re-elected), F. Eothery, 11. Annis and Sliarpe. Mr. If. Baily. was reelected auditor. A vote of thanks was accorded the out-going directors. At a subsequent meeting of directors, Mr. \V. J. Fleming was elected chairman.