CAPE EGMONT DAIRY CO.

Taranaki Daily News, 20 August 1917, Page 3

CAPE EGMONT DAIRY CO.

ANNUAL MEETING. Th» twentieth annua! meeting of ill" Capo Egmont Dairy Company was held in tha Pungarehu Public Hull on Saturday, Mr. M*. Fleming, chairman of directors, presiding ov°r a, oood attendance of shareholders, including several ladies. CHAIR il-AN 'S A DSBESS. Tn movi.tg the adoption rf the report (lIK I bal::nee-sheet, whirii ha", already been published. the ehairman congratulated suppliers on having a most successful year. On the whole be thought there ivas" little to growl about. Tliey had sqjkl out early in the. season at !)'/ s d, and later the Government took over the output at 9id, less a payment of IV: P-'" vent, commission to tho company's agents. He pointed out that the milk supply to the factory again showed a decrease, the supply this year being 012.30011) less than the previous year. In faet the returns for the past two or three years showed a steady dwline, the supply in IDM-lo being 1,197,1501b le-.i than that of the previous year. This was probably due to tha dry season. Though the output had tiecreasad the cost of manufacture had increased, salaries having increased; by £B© 12s 5d since 1914. equal to 30 per cent. Requisites had gone up 200 or 300 per cent., rennet having increased seven or eight times. Despite the increased share .capital they were still short of finance. Though written down well, the total of land, buildings, plant, etc., stood at £3872; stores and requisites at £3697 —i a total of £7539, or £3074 more than the share capital. Boxes h:wj. increased by £29, fuel by £ll4. The grade had proved very satisfactory, the average be-, ing 01.12. the factory standing sixth on the list out of 50 factories grading at Moturoa. It had taken .31b more milk and .071b less butter-fat to make eachlb of cheese. He congratulated the store 'manager on showing a very successful year. There was an increased turnover of £IOOO, while the fine profit of £3o!> showed careful management on the part of Mr. W. H. Keasbcrrv, the manager. Mr. F. Aylward seconded. Mr. E. Taylor asked whether it would IV- l ave been possible to pay out a larger bonus instead of paying out 3d and keening a balance of over £3OOO in hand.

The chairman stated the capital was not large enough to permit of that beinx doni:.

Mi W. n. Wright thought the directors should have put the liability of the Box Company's shares, £lOl4 10s, direct, •upon the shareholders, as it tied up too much 01, their small capital. He deprecated paving bonuses out of overdraft. Mr. J. Fleming asked whether the proposal to supply suppliers with ulips showing the quantity of milk delivered each day had been given effect to. The manager (Mr. Guild) stated that this had been carried out until the milk supply became so small that lie had to stop it in order to keep the pasteuriser going. The system proved disappointing,, is slips were "left all over the place. Mr. E. Taylor, who seconded the motion previously, stated that he thought it would have .proved advantageous, but ho saw that hardly one supplier out of ten took the slips home, so he would hi! it. Mo'-'.n,'.er, it would mean the employment of an extra man, as the work on the stage at times would not permit of one man doing it. It v'ould not be worth paying an extra man. Mr. J. Fleming said the resolution was passed and should have been earned out, whatever tho cost. The balance-sheet was adopted. Mr. E. Taylor moved that l%d be paid to suppliers, leaving £l7O to be carried forward. He thought they should pay out as much as possible to the present suppliers. Taranaki farmers were ot a roving disposition, and it was possible that those who built up the reserve fund might not be here to benefit by it in 'the bad years, if such did conic. Mr. J. Doody seconded. The chairman pointed out that when an additional lllW bco " l ,aiJ ol,t Cape Egmont's pay-out for the season would be Is 8 l-3d, and he did not know anv factory along the cekst that had paid out better. If they included the butter-fat tax and increased cost ot stores, they would have teen able to pay out another hy 4 d. Mr. Wright favored paying 1 Ad. 1 orsonallv he would have favored keeping £SOO in reserve. He did notJ av ° l ' l m >" ing interest to the banks. He thought the money paid into the Box Company should be written off each year. Mr. Taylor, after further explanation, withdrewhis motion, and a motion was •carried in favor of paying '%«• Out of the surplus of the fltore account it was resolved to pay a bonus o 0% per cent, on goods purchased, absorbing £2ll 19s Id, and leaving a balance of £BB 3s 6d to be earned to to reserve fund. ' Mr W R. Wright favored goods being sold at a lower price, instead of paying out a bonus at the end of the vear The manager should be recommended to sell at the lowest price compatible with safety. _ Mr. E. Tayl'or favored placing tne surplus towards providing more store room, 4 enabling goods to he purehwed » •larger quantities. He suggested that a section should be obtained on the main road and a store erected there. H strongly urged suppliers to support Bt °Mr. Keasberv pointed out that the store was working without capital Mr W. R. Wright moved that tne manager be instructed when, computing the selling price of stores not to make allowance for payment of a bonus. Mr. E, Taylor seconded. t \ supplier objected on the grounds i flint the general public would gam the advantage, while the shareholders carried tho liabilities. An amendment proposed by Mr. i. Phillips, and seconded by Mr. C. Penwarden, that the matter be left m the j hands of the directors and Mr. Keasbcrrv. was carried. I ' ELECTION OF DIRECTORS,

For the vacancies caused by the retirement of Messrs E. Avhvard and J. Rutherford there were four nominations. Mr. V Avlward declined re-nomination. J lie election resulted: P. Brophy 193, J- Rutherford l'K (elected), E. Taylor 101, and C Pcnwarden CO. Mr. Geo. SV. Rodgers was re-appointed auditor, at a fee of £ 10 10s.

GENERAL, Votes of thanks were accorded to the manager and staff and the stove manager. Mr. W. J. Guild (manager) urged suppliers to continue to take care in the quality of their milk. A vote of thanks was accorded Mr. K Aylward, tho retiring director, far his services during tho past *even •« -tight years.