DAIRYING.

Taranaki Daily News, 15 July 1921, Page 6

DAIRYING.

THE PATUA COMPANY! ANNUAL MEETING. At the annual meeting of the Patna Dairy Company yesterday the ehairman oi directors (Mr. W. Honeyfield.; presided over a very large attendwieq oi shareholders. Speaking to the adoption of the report (already published) the chairman congratulated ohareholders on the results of the year just closed. The average payment for the season, he said, was not so high as that of some companies who sold the whole of their output of cheese, but was, generally speaking, fairly good. After considerable negotiations with the firm, who had handled their output since the formation of the company, they disposed of-One-half at Is 29-W, and. the remainder was to be shipped on open consignment. T-fre firm, mentioned, like many other old established produce houses, were very sanguine regarding the results of consigning, and' believed they would beat sales in price. This opinion was also held by many of the larger cheese companies in New Zealand, and consequently the bulk of the cheese from the Dominion was shipped on consignment. The directors might have Deen able to effect a sale of ths whole of the output at a elightly loweo price than is 29-10 d, but in view of the fact that at the statutory meeting of shareholders a resolution was passedrecommending the directors to always adopt the consigning policy, in connection with the disposal of the output, they decided to adopt what they considered a safe course, selling half at the price mentioned, and consigning the remainder.

They all knew what had happened to the cheese market since and before the first shipment was got aw|iy, the hopes regarding the efficacy of consignment were apparently doomed to disappointment. In the meantime butter’ companies had made a very satisfactory deal with the Imperial Government, who had decided to extend rhe contract for another year. During the first week in December the directors resolved to turn over from the manufacture of cheese to butter, and this had«since proved to be the right move.

Continuing, the chairman referred to difficulties in connection with shipping and the consequent increase in shrinkage through over-storage. He said everything had now been got away from the stores with the exception of a small quantity of contract cheese, which was to be shipped by the Kia Ora at. New Plymouth early next week. It was impossible to make a reliable forecast as to next season’s prospects, but as to output it seemed that butter manufacture would be the most favorable proposition. Owing to the serious drought that was being experienced in England and Europe both butter and cheese might yet realise big prices during the next; two or three months.

The report and balance-sheet were adopted after a general discussion. There were seven nominations for the five vacancies on the directorate, and the following were elected: Messrs. W. Honeyfield, J. 11. Bagley and R. 11. Gatenby (retiring directors), S. J. Candish and W. Cochrane. Mr. E. P. Webster was re-appointed auditor. It was decided to rescind the resolution passed at the statutory meeting of the company some years ago recommending the directors to adopt a consigning policy in dealing with the out-

put, as while this was not binding it was felt that by rescinding the resolution the directorate would be free of any restrictions whatever. .

A very hearty vote of thanks was passed to the directors and secretary (Mr. E. Garner) for their services during the past season, and the satisfactory way in which they had administered the affairs of the company.