MIDHIRST DAIRY COMPANY.
ANNUAL MEETING. J here was an excellent attendance of 111(3m.bor.s (probably 180) at the animal meeting in the Midliirst Hall on Monday. The chairman of directors (Mr. .Skedgwell) presided.
REPORT AND BALANCE-SHEET. _Thc jeport showed that during 191017 40,710,9221 bs of milk were received, the average test being 4.1, and 1,675.554 lbs of butterfat, making 1,908,049 lbs of butter. The overrun was 10.72, and last year 17.47. The quantity of milk received was 2,965,0071bs less than the previous season. The balance-sheet showed a surplus of £10,503 10s Bd, and the bonus in view, 2y s d on all fat from September to May (inclusive). The chairman said the'prospects had not improved much since the last annual meeting. They had in store 7430 boxes of butter and over this they had received an advance of Is 3d per 'lb. There was a prospect of getting 50,000 boxes away shortly, and boats were due in August, but it would mean only a little of this would be Midliirst butter. He thought that whether they tackled cheese or butter, the suppliers should hang together. A big concern could handle the industry better than a small one. He admitted they had made a mistake and loss in selling when they should lmve consigned. The directors had not tied up the suppliers regarding the new season's output. Mr. Hooper inquired the cost of manufacture. The secretary: An increase of 18 per cent.
Mr. Richmond said there had been a lot of dissatisfaction, and suppliers had been treated like a lot of schoolboys. He wanted to know where their butter went. Mr. Massev had stated that ships had been diverted to Australia. The Home markets showed that, butter was fetching 200/- per cwt„ equal to 1/0 per lb, and they had their stock held up. The over-run* showed a bad leakage, and there appeared bad management. There was also too much secrecy amongst the directors. Mr. Richmond: The directors waste too much time talking at street corners. Had the company made any promises regarding future output. The chairman replied in the negative. Mr. Richmond stated that Midhirst itnd Stratford factories had tendered for « butler supply to the Government, and their factory had been under-bid. Tli. l secretary: Mr. lliehmond has slated me. The balance sheet is not a bogus one. The speaker has endeavored to cast a slur upon me. He had been ten years with the company, and was prepared to stand by the result of any resolution Mr. Richmond could have Hie courage io propose. Mr, Cuthbert: The directors had made mistakes, but., like a man on the racecourse, they had backed their fancy. If they had new faces on the directorate it would be like getting better beer out of the same barrel.
The chairman assured suppliers that Mr. Nathan had no control of the output of next season. Regarding the Government tender, they had put in a price at Is !>3d, and Stratford was successful at Is s Mid.
The chairman, in reply to Mr. Kendrick, said they hoped to get 1 ofi.OOT boxes away, but he doubted whether they would get this away bv Christ mas. He believed they should have accepted Mr. Nathan's offer nt Is 3d. Mr. Pitt said the directors had tackled too many things. They had discussed casein, giaxo, sugar of milk, and cheese during the past, three months. It would have been better to have gone in for one thing and stuck to it. He thought the directors were deserving of a vote of censure for allowing these proposals to go before the suppliers.
Mr. MclSride was not satisfied wilV the matter of writing off depreeiat-Mii etc. If they wanted a motor lorry, it should come' out of capital account, and renewals should be placed to the working account. The secretary: Their methods were similar to those adopted in other factories throughout Taranaki.
Mr. Forbes raised the question of a new supplier taking up shares and then finding the factory or creamery closed down or destroyed by fire. Would he get anything back? The chairman stated that a new man coming in could rely on receiving fair treatment. They had to pay (is 8d each share. Mr. Mcßride asked how the finances stood, and the value of shares. The secretary: There are 13,000 shares, on which £12,533 had been paid up. Mr. Hooper asked the position of tho factory as regards grading of butter. The secretary: Speaking from memory, the factory's average was 92.87 throughout the season, and the position
Mr. We.ston said the profits on the stores were lower than previously. The secretary: The profit (lie'tf) was £3!) Wages had cost £l-i5, cartage C'7s, and £OO set aside for new set of tyres (motor lorry). Tn answer to a question, the chairman said they had lost about £2OOO by selling instead of consigning. All'. Hancock said they had made mislakes before, and should have been more ■ an! ions.
r l iie report and balance-sheet were (lien adopted. PROPOSED PROHIBITION OF MONEY GRANTS. Mr. .T, M"Bride, pursuant to notice, moved: " I hat after paying the expenses ■if manufacturing and marketing butter, dm balance remaining lie paid in full in buttcrfat."—Seconded by Mr. Wesion.
Mr. Mcßride sairl his object was to nut a stop to promiscuous handing out "f gifts for patriotic purposes. The Government should undertake these matters, nnd save the farmers from being stuck up in the streets to give anvthing and everything. Besides this, the Education Department would probably be along soon asking for something f ( .»- their agricultural experts. The A." and P. Association was also desirous of getting a donation, and the model dairy farm promoters wanted money. He wanted it distinctly understood that the eompnnr was not goin? to hand out ■subsidies to all. Tlip directors had no right to vote awav another mail's lnonev
Thc chairman said thev bad watched these gifts ver,- closely. They had nivcij £(100 to the patriotic funds, but fl>»>r contribution to the A. and P. Association was very small. Mesas Sangstcr, Limiell, 'r'itt, nml Richmond also spoke. The motion was lost by PS to " CHEESE. The chairman stated I"--, been turned down by'iln : Zealand and New Sonfh 1 • • ing for a grant of nvme l'i'ildin. n s nnd niaelr" ii:.Miu(!i.e;.nv» The Uniai. 1
ever, had agreed to finance up to £35,000, or an extra .-£SOOO, provided the , suppliers signed a joint and several, and toe whole of the assets of tin: company were placed with the bank for a term of years, and a charge of 0 per cent, made on the money borrowed, Mr. Sangster explained at length t.he methods tho directors would probably adopt in accepting the bank's terms, which, he said, were very favorable. Mr. Petersen said they should lose no sleep over signing a joint and several, kither they should go in for cheese or turn it down and break up the company.
Mr. Shottcr suggested deferring the matter, as they might be able to find finance in other directions. Had they approached the bank for £25,000 'they would have had the amount advanced, but £35,000 to , £40,000 was too big. Mr. Morison said he believed the reason why tin 1 bank had turned down Midhirst was because the suppliers themselves were not unanimous in making any decision. If they had unanimously gone in for cheese, instead of discussing so many other ideas, they would have convinced the bank of their sincerity. He always favored cheese. He moved: ''That it is the wish of this meeting that the directors continue to make every effort to arrange finances on the best terms, and place the question definitely before the suppliers at an early meeting."—Seconded by Mr. Pollock. ■Mr. Linnell moved: "That the directors be recommended to go forward and accept the present financial proposals regarding the erection of buildings for the manufacture of cheese."—Seconded by Mr. Pollock.
Mr. Morison withdrew his motion, and Mr. Linnell's amendment was lost.
COMBINED FACTORIES. Mr. Cuthbert moved: That the directors should get into communication with other factories with the aim of all amalgamating, and thus bringing the industry under one control." Mr. Richmond seconded pro forma. After sonic discussion the motion was carried, the voting being 73 for and 42 against. ' .
HONORARIUM. : - Mr. Rogers moved: "That the'.cljair;-, man's honorarium be increased.from-,650' lo C 1 on." At tlici. latfer figm'c :it< was) a small item compared with the .work' required.—Mr. Mcßridetxseconded.t:' i
Mr. Richmond moved an ameudmentij ''That, in view of the directors admitting they hail lost C3OOO ojSitlie butter tljo! hoiiorarium should: be mluced ,bjF,!;CIQ,"j —Mr. Cuthbert scaondfltl .pro formft. I Mr. Morison thought if. they, for cheese the Butu/of. ,£2oo' a yewi would bo nearer, tlic! nijai'k. „ '
After a little,-furtlifv., discussipn : hothj motions were withdrawn, ! . Mr. T. 11. l'cnu was re-elected auditor. THE DIRECTORATE, . ' The result <>f the voting for five directors was us follows M.' Davis 44!), L Buskin 430. R. McK. Morison 425, H Harrison 35". If. A. Rumball 343 (elected!. R. TI. Susans 281, G. S. Ferausson 277. -T. Mcßrde 202. J. Weston 220. W. Rogers 200. W. MoAsev 103, W. 11. Rut-le-'1"" 172, nurl 3. V. Latham !2C. Those Heeled briefly returned thanks, Mr. Morton '.tilting it was pos-ihle the <: i''■ -1 <ii i ehce-c-iiiaking would be put lieVr* !!ie suppliers. The meeting then adjourned.
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Taranaki Daily News, 24 July 1917, Page 2
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1,556MIDHIRST DAIRY COMPANY. Taranaki Daily News, 24 July 1917, Page 2
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