DAIRYING INDUSTRY.

Taranaki Daily News, 30 July 1920, Page 6

DAIRYING INDUSTRY.

THE RAHOTU COMPANY. The annual meeting of the Eahotu Coop. Dairy Company, Ltd., was held at the factory yesterday, about 30 shareholders being present. THE ANNUAL REPORT. ' The annual report stated: ''On closing the books for the year there is (after providing £2lB 4s 8d for depreciation of the company's factory and plant, and £173 17s 8d for interest on shares); a credit balance of £7,301 12s on profit and loss account. Your directors propose a payment at the annual meeting of 4d per lb of butter-fat which will absorb £4,790 17s 4d, and leave £2,510 14s Bd, out of which further payments, equal to 2d per lb ( £2,395 8s 8d) will be made, making a total pay-out for the year of 2s per lb butter-fat, and leaving £lls 6s to be carried forward or otherwise dealt with. Of this 2d per lb, one half-penny per lb will be paid into reserve, as resolved at the last annual meeting. The "White" lorry has satisfactorily carried out all cartage requirements. The working account for this year shows a credit of £406 8s sd, which has been written off the cost of the lorry. During the year your directors have erected a new residence for the first assistant, and have had the other assistants' quarters renovated and improved; improvements and additions to the factory and outbuildings have also been carried out. In moving the adoption of the report and balance-sheet, the, chairman, Mr. W. C. Green, said that the position of the company was so very satisfactory that he need speak but very briefly. He thought that the report would compare very favorably with those of other companies, and the shareholders would undoubtedly be satisfied with-.the results attained. The chairman congratulated the shareholders on a very successful season and formally moved the adoption of the report. ilr. G. R. Tylec seconded, and the motion was carried without further discussion. In regard to the reserve fund, Mr. G. Gibson said that in placing such a large sum (£lo9oKto the reserve fund the company's position has been substantiated in the matter of bank advances. He said that some suppliers complained that in placing so large a sum on the reserve fund, a dead loss to those leaving the company resulted, but in his point of view the man who sold his farm reaped the benefit of the reserve fund in this manner. The buyers of such farms were prepared to pay a higher price for the land when the financial position of the company was so substantiated. ELECTION OF DIRECTORS. The following directors were elected: Messrs. W. ('. "Green. G. Gibson. W. A. Phillips, A. I-'. Chapman. W. P. Wright, W. H. Buttler. and ("!. E. C. Prosser. GENERAL. Mr. Val. Dufl' was appointed auditor for the ensuing year. In the matter of distributing the balance (£lls tls). it was decided-that the fee of the directors be doubled. The chairman spoke strongly on the necessity of a higher fee for directors. He said that the usual fee of £0 per annum was absolutely inadequate to repay the directors for the trouble and loss of time entailed. The motion was carried unanimously. A hearty vote of thanks was accorded the staff for the very satisfactory manner in which they had carried out the work of the factory. A vote of thanks to the chairman was also carried by acclamation. At a subsequent meeting of the directors, Mr. W. V Green was re-elected chairman.