OAONUI DAIRY COMPANY.

Taranaki Daily News, 9 October 1916, Page 7

OAONUI DAIRY COMPANY.

ANNUAL MEETING. Tli? annual meeting of the Oaomflf Dairy Company was held at Oaonui on Saturday, .Mr. J. 0. O'Rorke, ehairnuin of directors, presiding over a good attendance of suppliers. REPORT AND BALANCE-SHEET. The twentieth annual report showed that 1?,:)55,n571b5. of milk were received, flSfl,77C!l)B. being manufactured into butter, producing 43,11 libs, of commercial butter, giving the result of lib. butter to 22.!)51bs of milk. The average test was 3.74 and the over-run 1(1.3. The. remaining 12,30(1,21 libs, of milk were manufactured into cheese, giving the result of lib. cheese to 9,f>2lbs. of milk, and 2.7 lbs. of cheese to lib. of butterfat. Average test 3.,53. Payments for the year averaged Ud and there was u surplus of ,£10.307 .Jfls Id to be dealt with, which with payments already made represented a value of 18.84J for butter-fat for the whole year. The position would have been considerably better, but fo,- the losses occasioned by the tot?.! destruction by fire of the main factory, on the 2otl March last. The balance-sheet showed that elieesd sales and insurance claims totalled £39,45? 16 ?d, cheese on hand £4IOO, creamery and factory butter sales .€3851! 18s od, butter on hand £ll Is (id. This, with last, year's balance of £5320, and sundries, amounted to .€32.257 14s Id. Tae expenditure included milk advances £29,502 (is lOd, salaries £IO9O 12s, cartage £1124 15s ild, stores and requisites £1272 13s 4d, bows and crates £7lB 8s fld, fuel £(>7o 4s Cd, export charges £333 15s 2d, amount written off (estimated loss of building and plant) £733 lis 3d;' The assets showed that the property was valued at £3707 (bein? £0645 lis fid less fire insurance claiin £2205, and estimated loss on plant and buildings). New building and plant showed £08(1 13s Id. The company held 1107 shares in the Egmont Box Company, of which £948 12s was paid up.

CHAIRMAN'S ADDRESS.

In moving the adoption of the report and balance-sheet, the chairman paid the ■season had been the most successful siiiee t'lo inception of the company. Were it not for the disastrous fire that Mused the destruction of the factory, the origin of which was a mystery, the company would have been in a position to pay a bonus. The directors, however, lost no time in taking steps to erect a substantial and up-to-date factory. They visited various Taranaki factories and considering Ngaere the most up-to-date, had instructed Mr. C. i\ Baker to draw plans 011 the same lines, with alterations and modification* su«2(-*tfci! by Messrs. Bowers and Gillajflmn, Kntiore and Oaonui managers, the res'ilt be : ng that tliey now had a factory which was as compete, substantial &n:l well equipped a.-, any in the .'v.'rth Ttlniul. After co.-is'don; ion the d-r'.uor- decided to erect -'.v. factory by day labor, though they recognised that owing to the'war it would be an uphill faille to procure sufficient labor. Members of the Native race had worked as well and as freely as Europeans, and everything went through without a hitch, Mr. Me Alien y, the supervisor, carrying out his work in a thorough practical manner that gave them 110 reason to regret his appointment. Mr. Callaghan, the manager, bad, with the directors' permission, effected var'ous improvements. The directors had fortunately secured their machinery at the commencement, and so avoided any delay in its installation. The-share-holders should consider the advisability of having an opening ceremony to which lie would suggest that Mr. Cnildie, Dairy Commissioner, be invited and asked to address them relative to the formation of a cow-testing association 011 similar lines to that at Kanpokonui Mr. Jas. Young seconded. DISCUSSION.

Mr. Malcolm thought that the shareholder? should have been called together and taken into the directors' confidence as to how it was proposed to pay for the new factory. The chairman said that it was useless calling shareholders together until they had information as to cost.—lt was proposed that day to wipe off a failamount in depreciation and shareholders would not be called on to take up any additional shares unless their milk supply increased. In accordance with the bank's request to reduce their overdraft 51 certain amount would be written off cadi month.

Tn reply to Mr Malcolm, the chairman said he thought that all shareholders should be asked to pay up their shares in ful l ,- otherwise the shares would be forfeited. Regarding dry shareholders, lie suggested that the company should buy these up at each, and, if the holders did not sell, reduce the interest to 1 per cent, per share capital. Avttr Mr. Malcolm had explained that his reason for resigning from the directorate was due to the marketing of t'e output last year, tiie report and balaiiee-siicct were adopted. DISPOSAL OF THE BALANCE. Mr. \bung moved that the balance of £10,: IH7 l!)s Id be dealt with as follows: That 5 per cent, be paid on shai;e capital, absorbing £25(1 17s <>d, that a 30 per cent, further payment be made on butter-fat. supplied during the season ( £!)s<l9 14s), and that £IOOO be written off. and .£llO 7s 8d he carried forward. This was seconded by Mr. Fleming and carried after some discussion, ELECTION OF DIRECTORS. The following directors were elected unopposed: Arawhata. Mr. W. 11. Wilson; main .factory, ,J. C. O'Rorke. For the Ave vacancies to complete the directorate there were eight nominations. The ballot resulted: R. L. Eus. taee '2OO, Jordan 2."G, .1. Young 225. -1. Fleming 221 i, 11. R Hill ISO (elected) t Ti. !'. Malcolm US, J. Coombe 14S, and P. Cook 12:!. Mr. G. \V. Rogers was re-elected auditor. GENERAL. A letter was read from Mr. .T. P. Conn.ett, president of the Taranaki A. and P. Association, asking the continued support of the Oaonui suppliers to the Association.—Received. The directors were appointed a committee to arrange an opening ceremony when the factory is completed. A hearty vote of thanks was accorded the retiring directors, the chairman and the staff. . • CHAIRMAN OF DIRECTORS. At a subsequent meeting of directors, Mr. J. 0. O'Rorke was re-elected chairman. s