OPUNAKE DAIRY COMPANY.

Taranaki Daily News, 4 September 1916, Page 7

OPUNAKE DAIRY COMPANY.

ANNUA!, M KirriXCJ. 'The seventeenth annual mooting of the Opunake Dairy Company was held at Opunake on Saturday, when tlicve was a fair attendance of shareholders. Mr. M. Hickey was elected chairman in the absence, of the chairman of directors (Mr. J. M. Hiekey). who has sold Ids farm, and who in forwarding his resignation, stated he wished to place on record Ms appreciation of the courtesy and good fellowship that had always existed" between his co-directors anil himself during the ten years he had occupied the chair. REPORT AND BALANCE-SHEET. The chairman moved the adoption of the annual report and balance-sheet, which has been, already published— Seconded by Mr. F. Carter. Mr. O'Brien wanted in explanation as to why the overdraft, which usually Vtood at over £2OOO, was this year only £239. He considered it was unfair and inconvenient to have made such large deductions, unless the bank liad called up the money. ! Mr. J. C. Hickey considered this was I pood finance. Mr. Newman, ihe auditor, pointed out that had the surplus of £3IBO been dealt with the overdraft would bave been much larger. He pointed out that at present the company was in credit at ihe bank, but after the payment of the bonus there would be a' considerable overdraft. Mr. O'Brien maintained that the overdraft had been reduced so as to improve the position of dry shareholders at the txpense of suppliers. He also asked for particulars of the report wade by the engineers who had inspected the machinery at the main factory, as he understood it was of a condemnatory nature, especially as regarded the freezing room. The chairman stated that the present manager was quite satisfied with the plant, but required a new pasteuriser, which was on order. After further discussion .of various items the report was adopted. SURPLUS. The chairman moved theft the surplus (if £3182 Is 3d be dealt with as follows: One per cent, to be paid on subscribed capital (£39 Is 3d), a further payment to be made to suppliers on butter-fat ( £2405 17s sd), depreciation £SOO, leaving £237 2s 7d to carry forward. Mr. O. Hanlon, in seconding, protested against the payment of interest on share capital. When be joined the factory he took up shares for his own benefit, and did not expect any interest 'vhen he gave up supplying. He also doubted whether sufficient depreciation had been written off so as to replace the plant if necessary. This was carried.

' Mr. O'Brien mo red that the engineer's report on the plant tie read to the meeting. Mr. o'Ha.nlon seconded this, and it was lost on a show of hands, the chairman refusing to accept an amendment that fthe suppliers have confidence in the directors having carried out any recommendations made therein. ELECTION OE! DIRECTORS. There was considerable competition for seats on the directorate. For one director to represent Iliaia road creamery there were four nominations, and the slection resulted: F. Carter SG (re-elect-ed), J. De Castro 50, W. Wan 47, F. W. Rowlands 5, Mr. J. Lusk was elected unopposed as representative for the Kina Road creamery. For the five remaining :ieats on the directorate there were ten nominations, the election resulting as follows:—D. 1). O'Sullivan 127, E. G. Bavliss 124, Morto Hickey 110, L. Luckin 90, R. J. Campbell 87 (elected), W. Wan 73, E. C. Middleton 72, E. J. O'Hanilon 7d, J. De Castro 62, A. Lawn 49. Mr. H. Newman was appointed auditor r.t £lO. ;.'",) GENERAL, 'An informal discussion took place over the proposed amalgamation of bapon ! factories in South Taranaki, but no action was taken. __ Considerable, and at times heated, discussion took place over the question of a bonus to tli£ late manager (Mr. A. Langton), and iinally it was decided that the bonus be £2O, amendments that the amount be £1 and £2o being lost. At a subsequent meeting of directors Mr. M. Hickey was elected chairman.