MANGATOKI DAIRY COMPANY.

Taranaki Daily News, 30 August 1915, Page 6

MANGATOKI DAIRY COMPANY.

ANNUAL MEETING. ) Tlie fifteentli annual meeting of shareholders was hold at the Public Hall, Jlangatoki, on Thursday, Mr. Jacob lle-x (chairman of directors) presiding. There was an attendance of about eighty shareholders. In moving the adoption of the report and balance-sheet, the chairman remarked that, when speaking twelve months ago, he referred to the frightful war which had just then commenced, there was no doubt that no one in the Southern Hemisphere anticipated experiencing anything like what they had gone through With regard to money matters, it was a miracle that the dir- ; eetors could put before them a balance- j sheet such a3 the present one was, and | it was entirely du 1 to the naval supre- j macv of Orc.if 'tiin that people in New , Ken land v>r- Or (> participate in the! abroniM) p:>. ; ••.il'W had brought. ! The comp.< ><; V t.u: :a ! had been a little ahead of l.r--t ; und I ho directors !.. d writ'en ill' ft'-; for depreciation! considering the i:iv-i i:> -rood year an opportune lime to pni;ir pretty well. The balance-sheet was an imperfect one, be- ' cause all the necessary figures were not available, and every company had to i make estimates; but he was glad to be i able to tell them that the company was ] to-day actually £2500 better off than J appeared on the balance-sheet.' If the present meeting could have been held a j fortnight later this information would have been to hand and would have been incorporated in the balance-sheet. In | regard to the £3500 available for further distribution, (he matter was left in his : hands for adjustment, and it was propos- ] ed to treat wit it as indicated in the report. The pay-outs during the year had been as follows: —July Is Id, August Is ii, September Is •Id, October Is 4d, November Is 4d, "December Is 7d, January Is 7d, February Is 7d, March Is 7d, April Is Id, May Is Id, June Is Id. Cheese at the beginning of the season brought 75s Gd: later on one shipment reached 100s, and quite a number 935, and it was 1 somewhat difficult to adjust the balance now available for distribution. The dir- ■ eetors had always adopted the policy of paying out only the amount they received. The company's subscribed capital had largely increased during the year —a jump of over f>ooo shares and subscribed capital of over £OOO. The paidup capital on June 30 was £10,403 5s 7d, and when they considered thai, the com- ! pany's turnover was between £BO,OOO and £OO,OOO, and that during the fifteen years the company had been in existence they had called on share-holders for only £IO,OOO or £II,OOO, tliev would realise that the directors had made matters as : easy as possible during the whole time. The land account had never been appreciated: it remained exactly as it had always been. In regard to the cartage account, £5lB 7s 3d, he would mention that the motor waggon had saved about £IOO as against the amount paid for cartage last year. And they should realise. too, that with the price of horse feed, etc., horses could not have done the work at anything like the price they had done it for previously. Included in the cost was the price of a new set of tyres about £lso—and £2OO had been written off the waggon for depreciation. In charges account, £-1183 13s sd. was included boxes and crates CI2M 17s 3d, freezing charges £Bl3 12s 7d, firewood £B3O Ms lid, salt, rennet, etc. £Ol7 ISs. caps and bandages £175 7s, fodder and grazing £3O !>s lOd, cheese packing £155 7s Pd. and various sundry items. Speaking as a supplier of the company, he (the chairman) was more than satisfied with the year's operations, and he had carefully compared Mangatoki's figures with thoso of other companies. During the year a certain amount of money might have been saved in one particular direction, but he did not think any shareholder would condemn the directors for havjng had money cabled out at a little extra cost, and then paying it out t-0 aubacribera &» nosn ae it wan received,

During the year they commenced pas-| teurising at Mahoe, and pasteurisers were now installed in each factory. Their experience so far was that they were paying their way, and would be advantageous so long as suppliers buught reasonably good quality milk. They would assist in removing feed-flavour from milk, but they could not deal with dirty milk. WAR-TAX. The chairman reminded the meeting that last year it was decided to vote V; per cent., deducted from their milk cheques, for patriotic purposes, and that there was now a sum of £3OO accumulated. It was understood at last meeting that the directors would formulate and submit to this meeting proposals for its disposal, but it was not possible that they could submit, at this stage, any definite scJiemo. The chairman reviewed the position of the various funds voluntarily subscribed throughout the Dominion and to the fact that no definite scheme had as yet been decided upon as to bow they should be administered. It was resolved that the money in hand be held for the present, and until sucli time as the directors call the shareholders together to decide upon its disposal. It was also decided that the deduction should apply to the whole of the past season's output. BACON COMPANY. Messrs Forsyth and Powdrcll, representing Tanmaki Bacon Company, addressed the meeting in support of the Bacon Company's proposal to subscribe fresh share capital in order to allow them an opportunity of enlarging their scope of operations in the direction of embarking upon the bonelessbeef business and manure works so as to be able to utilise to their fullest advantage their present labor, plant and buildings. Mr. Astburv said that when this proposal was first mooted to the directors by Mr. Powdreli thoy were not inclined to agree, but after the arguments brought forward ivcre fully considered, they came to the conclusion that it was necessary to adopt the wider scheme in order to meet the unfair competition the Bacon Company had been subjected to. —After discussion, the chairman moved that the Mangatoki Company take up the additional shales i asked, provided that the majority of other dairy companies came in also. The motion was carried by a substantial majority of votes. j ELECTION OF DTTtECTOTIS. Tiie retiring directors, Messrs T. R. Anderson. J. Marx and A. 0. Pease, offered themselves for re-election. In addition, Mr. C. E. McGuinness was nominated. A ballot was taken and the poll resulted as follows:—Anderson 75ti, Marx fit", Pease 508, and MiiGuimicss •2!)7. The first, three were declared duly elected. Mr. U. IParrott was re-elected auditor.—Star.