KAPONGA DAIRY COMPANY.

Taranaki Daily News, 17 September 1918, Page 7

KAPONGA DAIRY COMPANY.

lANNUAL MEETING. There were SO shareholders present at the annual meeting of the Kapouga! Dairy Company, held on Monday, Mr. • .'orge Death, chairman of directors, presiding. The first business was to confirm the alteration of the articles of association passed at an extraordinary general meeting held on August 20, 1918. Mr. J. L, Weir, the company's solicitor, explained the position. Mr. Weir stated the best policy for the meeting was to confirm the suggested alterations as embodied in the new article!. The company could then, at some future meeting, amend or alter any rule as they desired. If they objected to any rule that day, it meant that the whole lot of the rules were valueless. The percentage of butter-fat to share was a stumMing-block for a time, and a motion was proposed by Messsrs Bentley and Mellow that the question of revising the butter-fat basis for shares be held over till the r.ojt annual meeting. Tills was followed by an amendment—- ' That the bntter-fat basis he considered at a meeting t»bo bed o>,October 7"— moved by Messrs Webby and "Dagg. The amendment was lo3t, and the motion carried. A motion confirming the alterations of the articles of association as suggested by Mr. Weir was carriedANNUAL [REPORT. The report stated that the company had had a very successful year, but had sustained a severe loss in the death of the late secretary (Mr. J- B. IBennie), who had Ibeen secretary since its inception 20 yea.rs ago. The directors had paid him full salary duriDg his illness. Mr. Forster was selected out of 00 applicants to fill the position- During the year a new concrete curing room had been erected and the old room utilised as a cool store. These additions cost the company £3IOO, and interest £lB6. The saving in storage on cheese alone was £550. The Kapouga factory was now a grading store, and the cooler will hold nearly half the season's output, on which an advance of £fi per crata is made immediately the cheese is six; months old The engine room had been shifted an.4 tlio new boiler installed, while other improvements had been effected at a cost of £18(10. Pasteurisers had been installed at every factory. Out of 57 factoiieF shipping through Mo/urod, Kaponga last season jumped from twenty-seventh to sixth place, Riverlea thirty-second to twentieth, and Rowan twenty-third to fifteenth. The output had increased by over 31 tons on the previous season, re- , presenting a turnover of £IOO,OOO, the highest the company has reached. Total payment to suppliers was 21d per pound ! bntter-fai, which, with rebates, will be 1 increased by £d. Rennett had increased from July, 1-914, to July, 1918, by «78 per cent., salt 343 per cent, crates, boxes, firewood, and coal, etc., had also gone up considerably. Last yoar the Government paid the insurance, but tliis year the company will have to pay f.o-b. on ocean steamers. Depreciation was shovn at £GS)3 1 -Or; 4d, a small amount, but the reserve fund is £"y-500, the latter bom/? Teally a redemption account, and if this were deducted from buildings and plant pro rata, it would bring them down to a sound present-dav value. Repairs and maintenance, *£l7oo, appeared large, but' in the past a lot of renewals had been charged to plant aecarat. Regret was expressed at MrSoilness' resignation, he having proved a capable servant in every way, and had joined the Government as grader at Patea. Mr. W. Hislop. from Hawke's Bay, was appointed to fill the vacancy.

The statistics showed that during the year 24,i»9.f1 , 5Mb of milk were received and 939.3741b of butter-fat; average test, 3.82; 24,003,0031b of milk for cheese yielded 918,91f11b of butter-fat, the test being 3.82. The profit and loss account Showed wages paid out were £4BfH 10s 3d. cartage and freight £1790, requisites £3339 Is, boxes and crates £1431 18s 3d, firewood £BB7 19s 3d. The pavment for milk totalled £15,817 18s 3d, "balance for last year, and for cheese £®,BSO 14s 9d, whey butter £8382 I3s 7d, and creamery butter £I3BB 4s 2d.

In reply to -Mr. Mellow, the chairman stated that the water-race was working not exactly right, the pressure not being what it might be. Mr. Wright questioned an amount, £253 l.fl-- sd, being transferred from the reserve fund to the profit and loss account The secretary stated that this amount was placed on the books in 1903. and was a book entry. The auditor had sanctioned placing the amount thusMr. Wright objected, and maintained it had no right there. He moved—"That this amount be written off the liabilities of the company."—-Carried The report and balance-sheet wore then adopted. ' AUDITOR. Mr. 11. A. Lennon, Hawera.-was elected auditor at a fee of 20 guineas. DIRECTORS. Messrs Tait, Malone (retiring diree- ' tors), Bentley, and J. Webby were noliiinated for the two vacancieu on the directorate. All the candidates addressed the meeting prior to the election. The voting resulted: —Tait 209, Malone 170 'elected), Webby 136, Bentley 131. All the candidates then returned thanks for the support accorded them. SUGAR OF MILTC. With legarad to sugar of milk, the chairman stated there was nothing definite to report. They had an approximate estimate of the cost of 'buildings, plant, etc., also the probable turnover, but the question of a ready market was nroblematical. If they got the necessary coal, the position wa3 as folloivs:— In the flush of the season the whey amounts to 116,0001b per day, which would represent slightly over a foil of sugar per day for nine months. This would amount to 135 tons, which, at Is p n r pound, equals £15,120. By-pro-ducts were estimated at another £IOOO. Against this, wages and requisites would absorb £30(10, coal £7OOO, interest £I2OO, depreciation £1700; total. £I2,WO —a net profit of £3200. Selling at Is Cd per the net profit would be £10,700, and if fortunate to secure 2s per pound, the profit would be £ 18,000. Milk sugar in London was bringing "s per pound. The estimated ! cost of plant is £!G,IjPO, and concrete : building £2oo*l, motor-lorry with tank for carrying whey from branches £IOOO fif.nlling £20,000. This would necessitate separate capital, say, £23,000 in "1 shares, £15,000 of which would he >Hed up in 12 months. After some discussion, It was decided

that the directors gather more information and, if necessary, call another meeting. Mr. S. A. Mann, pursuant to notice, moved —"I'hat the company pay interest on all paid-up share capital." This wag seconded by Mr. Gamlin. Mr. Dagg moved an amendment—"That the company decides not to pay interest on shares, hut to put aside £.300 per annum to purchasa dry shares." This was withdrawn. Mr. Guy then moved—"That until such time as the directors formulate some scheme Jo buy- shares foack from suppliers, the company do not trade with them-" Mr. 'Robertson seconded. The amendment was lost and the motion carriedHONORARIUM. The honorarium of directors was fixed at the samo as last year. Votes of thanks to the staff for the work during the year, and also to the ladies of the Red Cross for providing the luncheon, were recorded. TE POPO DAIRY COMPANY. The annual meeting of the Te Popo Dairy Company was held on Saturday, the chairman (Mr. G. C. Knox) priding. The annual report, as follows, was adopted: The payments for butterfat have been at the rate of Is 5d per lb, and the £415 Is lid to credit of working account will give another 2 5-Bd, making Is 7 5-Sd, a satisfactory result of the season's working, adequate allowance having been made for depreciation of buildings and plant. Cheese-making: Lbs milk, 944,524; test, 3.92; lbs fat, 37,070; lbs cheese factory weight, 92,808; lbs milk to lib cheese, 10.18; lbs cheese to lib butterfat, 2.51. The retiring director (Mr. W. M. Knox) was re-elected, as was also Mr. G. Knox (chairman). Mr. A. Coleman | was re-appointed auditor. It was decided |to donate £5 to the Red Cross Country Copper Trail Fund.