LEPPERTON DAIRY COMPANY.
TWENTY-FIFTH ANNUAL MEETING. The twenty-fifth annual meeting of the Lepperton Dairy Co. was held in the Lepperton Hall on Friday night, Mr. 11. B. Leppcr, chairmak of directors, presiding over a fair attendance of share holders. REPORT AND BALANCE SHEET. The report as already published was taken as road. The balance sheet showed tile veaiM revenue to have been £17.40:1 lis 4d. The principal items of expenditure wero wages £317 12s 4d. requisites £421) lis, repairs .tSi) 7s 2d, export charges £lo2(> IDs M. butter-fat lew £53.-) 10, 3d, depreciation £327 lis '(id. The sum of i'-itoUll 7s 5d was paid out to suppliers and there was a balance of £4S-SJ IDs 3d to be disposed of. In moving the adoption of the annual report the chairman stated that the past season had been the best the factory had ever had from the point of view of pay-ont. He was not going to congratulate suppliers on the high prices as lie saw other companies had done. lie could not do so, however, as he rcolhierl that it was simply on account of war times that the high prices were ruling. "Can we," he said, "rejoice at receiving a few more pennies and our boys (Ire at the front? How many of our boys had made the supreme sacrifice, and how many more of our boys will come home dependent on us? If we were as we were in olden times with a Sow pennies less and normal conditions, all would be better pleased!" A voice: We would be better oft'! Continuing, the chairman stated that ali the countries in the world were depleted of stock, and, as a result, all produce would be high for many a long day; in fact, he thought that it would "be fifteen or 21) years before things would go back to normal, and they were safe to get high prices, providing they could get their produce to England. They had to thank the British Navy for enabling their produce to go home, and even with that assistance, they were not sure that it would get away. Recently a meeting of those interested in butter was held to consider a proposal to sell the output to the National Government. He could not understand why they should ask the Government to buy their butter. They had their representatives in the House who should point out to those in authority the need for securing boats to take their produce Home. He understood, however, that the Imperial Government was now negotiating for the butter. Now that they were receiving high prices for their produce it was up to them to give whatever they could to help to contribute to those wdio were fighting for them. "Let us hope," he added, "that in no distant time Prussian militarism will be crushed." ' The past season had been a very trying one for all shareholders on account of scarcity of food and water. It was, however, harder for the manager, who tried hard to obtain assistance but failed, and Mrs. Roberts, at considerable personal inconvenience, came to his assistance and was worthy of the host thanks of the suppliers. The manager had again turned out a good article. He was usually either first or second in the grade list at Moturoa, this year being first with the fine average of 93.88. He referred to the iniquitous butter-fat tax, and to the extra work caused the secretary. At the commencement of the season the directors were dubious as to what the pay out would be. They received an advance of Is .Id from their agents (Messrs Collet and Co.), and decided to advance Is to suppliers. The local sales had proved of great assistance, jji enabling them to finance over difficult times. Later in the season a bonus of 4d was paid, making a payment throughout the whole season of Is 4d. That evening a further payment of 2l<{ for the season would be made. They had received £86(4 from the Government as compensation for the difference between their local and export sales, and this with tho surplus from two shipments yet to come would probably enable a further penny to bo paid out. (Applause). Referring to an allegation made at a meeting recently that some companies wero trying to thieve suppliers from other companies, he denied this absolutely as far as Lepperton iwas concerned, stating that he had never asked any supplier of another company to leave his own factory and join Lepperton prior to Lepperton deciding on cheese. At that time he invited all the district to attend a public meeting called to discuss the cheese question. Good progress was being made with the erection of the dual plant, land having been purchased from Mrs. Hunt and tho Crown. It was first decided to build in concrete and wood on the score of tho expense of obtaining gravel. Later, however, it was ascertained that the graved could be obtained much cheaper, and it was decided to construct the building in concrete, thus making a saving in insurance and maintenance. The directors had decided to install an electric plant at a cost of £IBO, as the buildings were some distance apart. lie understood that several did not like the idea of signing a joint and several, but he pointed out that he and Mr. Munro had every confidence and had at the wish of the public meeting signed for £ISOO worth of machinery, which later they handed over to the Lepperton Company, which saved between £IOO and £2OO over the transaction. This should disabuse shareholders of any fear regarding the joint and several. Mr. 11. N. Blackball seconded and the motion was carried without discussion. ELECTION OF DIRECTORS. Wben nominations for the three vacancies on the directorate were called Mr. Blackball asked whether it was proposed to allow suppliers/ to sit on the directorate who had not signed the joint and several. Personally he thought they should not have men managing their affairs who had no finani/tal interest in the concern. Mr. Hellier stated that he had not signed the joint and several. He had suggested at the meeting that they should have carried tho liability themselves instead of leaning on tlie bank. He thought that a sound district like Lepperton should: have been prepared to increase its capital from £2OOO to £(5000 and pay cash at the rate of £2 for every share held. He also favored deducting Id per lb butter-fat to pay joff their liabilities instead of shirking their responsibilities and leaving them to the future. He considered that they had hud three good years and should make provision for the lean years by wiping the debt out. Personally, he did not mind whether he was placed on the diiectoi. or not. The chairman understood that Mr. Hellier was agreeable to pay bis proportionate share, but he pointed out that the joint and several was the fairest way pf dUfctiJiutißß the liability. Moreover,
if they made the sinking fund too heavyit would be hard on those new suppliers who had purchased land and cattle at high prices and who felt the 'high cost of living. Mr. Hellier favored the scheme adopted by Okato and Bell Block of paying off their factories in two or three years. ■Mr. Blackball said that he had no thought of hurting Mr. Hellier's feelings when bringing up the question, but he wished the chairman to state whether he was prepared to accept on the directorate a supplier who would not sign the joint and several. The <-hairman\_ stated that he understood Air. Hellier, who was a very capable director, intended later to sign the joint and several. Mr. Hellier stated that he was prepared to abide by the feeling of the | meeting whether he should stand, but I the chairman stated that the voting j would show. Nominations were then received as follows: Messrs D. B. MeKee, J. F. Munro, E. Hellier (retiring directors), J. Cloko ! and F. E. Taylor. The election resulted jas follows: J. Cloke 01, E. Hellier 41, F. E. Taylor 30 elected; D. B. MeKee 29,' J. F. Munro 18. Mr. Geo. Pullen was re-elected auditor at a fee of £4. In returning thanks Mr. Hellier stated that whether he signed the joint and several or not, be would always lookafter the interests of suppliers. PENALISING NON-GUARANTORS Mr. F. E. Taylor moved in accordance with notice of motion that any supplier not signing the bank guarantee be paid id per. lb butter-fat less than the supplier who is a guarantor, tho amount to be, placed to a sinking fund to reduce the liability under the guarantee. Mr. Stimpson seconded. Mr. D. B. MeKee considered they should first decide whether they would receive the milk from a shareholder who did not guarantee. The chairman stated this could not b» done. Mr. J. Munro suggested that the %d should be utilised to pay off foe overdraft. Mr. Taylor stated that his idea was to penalise the man who would not guarantee. Mr. Hellier considered that it would not be wise to pass the resolution. For various reasons he -was not prepared to sign at present. The supplier who did not sign the guarantee was not increasing the cost of manufacture but rather decreasing it and also adding to the amount that would be deducted from the linking fund. Such a motion, moreover, would tend to diminish the supply, and caution was necessary. He had not favored changing to cheese. Thev were told at the public meeting that a large number of new suppliers would join the cheese factory, but they had not materalised and in addition they had lost one fairly substantial supplier who had given up dairying. The Second Division ballot had also to be taken into consideration, as there was no telling what its effect might be. The chairman agreed with Mr. Hellier regarding tho necessity for increased supply, but he considered that all should share the responsibility. Mr. Hellier moved that the matter be held over until the next annual general meeting. If there was any further decrease he considered the cheese factory might prove a white elephant. The chairman pointed out that it was a, dual plant. Mr. W. N. Ackland seconded. The amendment was lost, and the motion was carried by 12 to 1. GENERAL. The chairman stated that they had been trying to give their manager (Mr. W. Roberts) a holiday but owing to the fact that it would take a man a month to become familiar with the machinery and they had been unable to obtain a man, he had been unable to get away for the third year in succession. They had also appointed a cheese maker who would take up his duties on October 1. A resolution that future annual meetings bo held in the day time was lost. The secretary was voted a bonus of £lO 10s for the extra work entailed, during the year. A hearty vote of thanks was accorded the retiring directors for their services in the past. The secretary stated that the company was in a fine financial condition. At the time the new factory was undertaken the capital was practically equal (to their capital expenditure. The chairman and directors were given a hearty vote of thanks for their work in the iaferests of the company. The cnairman was voted an honorarium of £ls 15s, which included a bonus of £o os. It was resolved to vote the directors os per meeting, as from the commencement of last season.
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Taranaki Daily News, 10 September 1917, Page 3
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1,935LEPPERTON DAIRY COMPANY. Taranaki Daily News, 10 September 1917, Page 3
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