MOA DAIRY COMPANY.

Taranaki Daily News, 5 August 1918, Page 7

MOA DAIRY COMPANY.

ANNUAL MEETING. The twenty-third annual meeting of suppliers of the Moa Diary Company was held at Inglewood oil Saturday, Mr. T. S. Bowler, chairman of directors, presiding over a good attendance of suppliers. ANNUAL REPORT. The annual report has been published. The balance-sheet showed that butter sold and in stock totalled £58,397 7a 4d. Advances had been made on account of cream £ 17,256 2s 3d, and milk £22,520 10s. The principal items of expenditure were: Wages, £2321 IGs Id; paper, boxes, etc., £I4OB 13s lOd; fuel, i'9l3 IBs 2d; repairs and renewals, £SBS 19s 2d; working expenses, lorry, £402 Gs od, leaving a balance to profit and loss of £1,0,612 18s lid. Against this were \arioug charges, including freezing and storage charges £88!) IPs Od, insurance £305 15s 9d, depreciation £703 Itts, leaving a balance to surplus account of £7728 14s 3d. The casein account showed sales £1530 5s sd. Expenses totalled £375 Bs, and £lll9 Is 2d had been divided among suppliers, leaving £OS 16s balance. The store account showed that sales' totalled £12,589 15s lid, the profit being £llls 15s 7d.

CHAIRMAN'S ADDRESS. In moving the adoption of the report and balance-sheet, the chairman said that, notwithstanding the shortage of shipping due to the war, they had shipped all buiter to the end of March, and had sold practically all the winter butter. They would l>e able to pay out a tonus to suppliers on the 20th of this month of 25-8 d for the months of September and March, both inclusive, and 4 5-8 d for April and May. It was hoped to soon receive from the Government the 50 per cent, of net profits from the sale of export butter, which should enable nearly a further 2d to be paid out. During the past year the company bad to take up an additional 91 £lO shares in the Taranaki iProducers' Freezing Works, to enable them to erect further further storage for cheese at their works at Moturosi. Five pounds per share had been called up on the 91 shares;, and the directors had decided to pay this sum, amounting .to £455, out of the profits of last season. The balance would be paid out of accrued profits and interest on shares.

The New Zealand Casein Company had advised that when the casein was sold the company's share of 50 per cent, of the net profits would enable them to pay out altogether over 2Jd per pound on butter-fat to casein suppliers. The overrun had increased from 1G.87 last year to 18.43 this year, and the average test from 3.94 to 4.02. Most of the items of expenditure showed an increase on last year's figures, due solely to war conditions. With reference to the question of dried milk, a meeting of delegates from the various factories in Taranaki had been held at Hawera to consider this question, and a report of that meeting was to hand now. The store had made £llOO profit last year, which spoke volumes for its manager, who deserved great credit. ■Mr. J. O. Taylor seconded.

THE DISCUSSION. Mr. D. Todd said that when the store was started tlio idea was to sell at a low price, and not to make big profits. Keeping lip the prices meant that the other stores also followed tlieir lead. He thought that it would liave been better to make half the profits and sell cheaper. Ho also wished to know whether the men in the store had received any increased salary The chairman stated that the men had received 5 per cent, war bonu3, and the manager of the store had recently received an increase of £1 per week. The factory manager and secretary had received £ls bonus for the past year. Mr. Baldwin considered that the store manager should have had a bonus for last year. The chairman stated that the directors received no bonus. They attended sometimes four meetings for Ss per month.

Mr. Todd: They're nobody. Mr. Todd went on to say that a number of those who purchased goods were not shareholders, and he lliought that £f>oo should bo divided among shareholders and the balance placed to reserve. Mr. Yeates favored making a rebate of T> per cent, to shareholders on all goods purchased. To ease the finaaccs, shareholders could be given a credit note for the amount instead of cash.

I Mr. Fagan did not consider that they j had received value for the payment | made for agricultural instruction. At [Faitui they only had one meeting. A Lincoln Road supplier stated that they had not had any visit. Mr. Egarr (Dudley Road.'/ said that he had been opposed to the agricultural instruction, but fhev had received three visits in his district, and suppliers were very well satisfied; in fact, he thought the visits had been very valuable. Mr. Baldwin thought that it was suppliers own fault if they did not receive any visits from Mr. Browne, who was always willing to attend at any time, whether to give demonstrations by day or lectures by night. The chairman stated that Mr. Browne had left the matter of arranging meetings to the directors, who left it to the individual directors m each district. Discussion took place over the lorry, Mr. Hopson questioning if it paid better than the horses, Mr. Baldwin considered that if the lorry had been itemised shareholders would have been convinced that it would pay to get another Some of the shareholders thought that there should be more detailed information given on the balance-sheet, but the chairman explained that it gave more particulars than the majority of bal-ance-sheets. The report was adopted.

THE STORE. Mr. Yeates then moved in tlic direction of allowing shareholders a rebate of 5 per cent., such rebate to be in the shape of a credit note or p.n., redeemable at the end of 12 months, save in the case of holders leaving the district, when it would be redeemable at once. Mr. H. J. Codd seconded. Some suppliers suggested that the credit notes should be available to purchase stores at once. Mr. Lysons considered it would be a great mistake to interfere with the pro-' j fits, in case that there should be a drop in prices. j The manager (Mr. .Preo) stated, that goods had been taken into stock at in.'

voice price, and the stock .liad increased in value since stocktaking. Mr. Egarr strongly favored, giving shareholders a-rebate. Tlio store had not originally been started to compete villi other stores in the town. A cash ii'iule had, however, developed with nonshareholders, and it was not fair that shareholders who put their money into the store should not have some advantage.

The resolution was carried. It was resolved to vote tho store manager (Mr. Preo) a bonus of £ls, suppliers speaking in high terms of his work. ELECTION OF DIRECTORS. For the seven vacancies on the directorate there were 10 candidates. Of the retiring directors, Mr. J. O. Taylor did not seek le-election, and tlie new aspirants were:—Messrs S. S. Fagan, G. K. Henwood, D. Todd, T. A. Weston. The election resulted: T. S. Bowler 4C2, R. T. Williams 304, 8. S. Pagan 290, H. .J. Codd 288, G. Clough 276, D. Todd 273, G. E. Henwood 257 (elected), M. M'Mahon 250, J. StaclrarskL 256, T. A. 'Weston 243. Mr. T. C. Nicholla was re-elected auditor. GENERAL.

Mr. Yeates moved that the cliairraan 3 * honorarium be £SO, with a bonus ot £25 for extra work during the past year, and that the directors be voted £lO per year each. Mr. Egarr seconded the resolution, liieh was carried.

The report of the proceedings of the iiiceting held recently at Hawera regarding dried milk was read, and a letter from the National Dairy Association dealing with the same question was also read, and, at the request of the chairman, Mr. J. S. Connett, who is a member of the committee set up to obtain information, addressed the meeting, and at the conclusion was accorded a vote of thanks. Votes of thanks were accorded the manager and staff. New scales are to be procured for the main factory. At a subsequent meeting, Mr. T, S. I Bowler was reelected chairman of directors.