ROYAL OAK DAIRY CO.

Taranaki Daily News, 26 July 1921, Page 5

ROYAL OAK DAIRY CO.

THE ANNUAL MEETING. The annual .meeting of the Royal Oak Dairy Company was held in the Omata «<»n last night, the chairman of directors (Mr. E. li. j Bayly) presiding o\or an attendance of . about thirty-flve shareholders. I The third animal report stated: Tour d!reci tore have pleasure In congratulating the 1 ohareboidem on rhe sub an. tai xncreaao lu 1 the supply of milk to the tactory. The ouan- . , tity of fu>'Li received and the flgUMa relating l to averagej and production are ai.|'«ndeu hereto, and comparing same with- the two ’ previous -eaa t, the rearlts are < onsidered ; .ery satisfactory. From August i :t>2o, e Ju. 30, 1921, the sum of two shlVlng per pound <>f butter-fai supplied been - to milk suppliers. Owing to the cheese be- , ing alrpped very .a«, your directors aro - | unable to make a statement aa to th v fla<l j results, and the total A.yimenlt to suppliers • , for butter fat will not be kaowu 'till aft<*jr i ' the final account sales are recalved. Ninety tons of cheese was sold at Is 2 S-l«d per lb. j Lo.b., and the balance on open conslgmoent. I As the results of the Hoxie market have been I made known irom time to time, the selling of a portion of the output tas proved & vise one. j Owing to tho increased price of butter | boxes and crates and the question of supi ply, your directors considered ft most Imt portant that the company should become ! shareholders in the Egmout Box Company, j Ltd., and with this end 'n view applied Tor ; the necessary shares. Owing to the increased . 1 supply of milk for the previous season, it ' was necessary to apply for a further 21 j shares in the Taranaki Producers’ Freezing Works Company, Ltd. To meet the calls on - the shares as they become due, your directors deemed it advisable to create reserve - funds for that purpose. 7 After writing tho sum of £351 2s 9d off 3 the plant and buildings by way of depreda--3 | Hon nnd providing th. rum of £124 4s for reserve account, there remains a credit bal* ance in the profit and loss account amount** ing to £l2" 7s 3d. The question of further • ■ payments to suppliers for season’s but* ■ ; ter-fat will have to be left In the hands of. <■ the diiectora tr dea. with when the final ? I account sales are received. i I A statement attached tn the report gave . ( the following particulars r.s to the working or i ? J ’he factory. A comparison with the previous | season (lu20) is g cn within pareocheee* wj r 1 Number of suppliers, (S 9 44; mtia reed ed* ■ (3,611,9681bM 4,306,'f111b5. ; butter-fat, (IfiQLd ; 2C-61bs.) 130,8241h5.; chew y made, (393,1 : 0721b5.) 437,4521b5.; lbs. milk per lb. of - j cheese, (9.141b5.) 9.211b5.; Its. cU-aie per lb. *I of butter-fat, (2.511ba.» 2.G81b5.; awwe t«»t, 1 (4.15) 4.16; average price per li>. butter- | ! fat, (24%d) 24d In advance: average grade i cheese, (90) 90.41: ertam received, <82«% libs.; whey butter mauc, 13,5201b5.; creamtry butter made, 36421b5. According to the balance-sheet CIAM® 19s lid was paid to suppliers, and the principal * items of expenditure were: Wages 15s ■ Id; salt, rennet and fnctoiy £T92 1 I L4s Id; cheese crates and boxes, £730, I I Cheese sales, advances and stock were shown ; lat £21,047 18s 2d, while butter ss.es and . J stock were set down at £1823 18* lid. ’ > . CHAtIUIAN'S AI.DI.ESS. i I The chairman moved the adoption of the i j report, and congratulated the ahu*ebo:Jere ■ on the increase in the suppl)’, which amount;ed to just on 38 tons While the. sharehoid- ! .era had had no trouble, the directors ex- , J perienced a trying year, the difficulties be- , j Jng greater than on any previous occasion I since the existence of the company. At one 1 ' time t waa thought th it the company would ! | be limited to Is per lb. butter-fat, but forj tunately this itate of affairs was not react 'd. i . The quality of the output during the season i had bee' good, and reflecte d much credit on > j betb the suppliers and the manager (Ur. E. t | Penwardeh). As far as the management, ras . ; concerned, i.hu directors bad experienced no ] trouble whatever. i Referring tn the disposal o r the output. I Mr. Bayly said the portion which was sold proved to have made a goed price, «s the i market had 'alien a good deal later. Bo b<*I lleyed the company would be able to pay jut a further sum in the near future. The cheese and butter shown in the baiaueJ- ( sheet as stock had been taken at a low valuation, and ho believed they were on the ’ safe idde A matter which t*.v shareholders ! would have to consider would be ttu qaesi tion of ineraastn * the stnxe capital of the j company. They were Incurring a certain | amount of capital expenditure, every year, nnd during tho seasou just ppsa. ed had spent . £3OO. It seemed the.capital subscribed was ’ not enough at present He suggested that I the standard ba lOOlbs. buiter-fat per shays i instead of 1501bs. jtt present. The prospects * fur the com’.ng s. sou at present, he said, Ihad assumed a brighter aspect than appearanc.s indicated a few weeks back. The motion for die adoption of the report was seconded by Mr. S Vickers. i Replying to Mr. J. Andrews, Mr. Vidkers i said that butter received preference over < cheese in shipment because it was Government purchase. I The chairman said th!' and other | -iad had effect and the season had been one of the worst experienced as far • I as the cheese busmres was concerned. • After a little discussion, on items in the • balance-ateet, the repul and baxcuce-sheet I were adop 4 i,d. | QUESTION OF SHARE CAPITAL j The chairman mentioned that the directors desired to know the opinion of shareholdwe on the question of increasing the share capital. Personally, he was in favor of doing sc, i and ho thought that tho amount should have I been made larger than it had been at. the | Inception of the company. Mr. T. Kurth said there was nn doubt ! the share capital was too low. At. the lui ceptlon of the company, however, no one had j contemplated that their business would grow . at such a rate as to Increase 100 per tent, in , three years. j Afr. Vickers pointed out that it was due i to the success of the company that the question of increasing the share capital had been , raised. It was essential that they should j keep pace with the growth of the company’s i business. i It was subsequently decided, on the mo- | tion of Messrs. 0. Huse and A. R. Bayly. that It be a recommendation to tho directors j to increase the share capitaL snd that ths I proportion of butter-fat be reduced. GENERAL. Tho matter of making further payments to suppliers was left in the hands of the directorate. Out of four nominations the retiring memI bers, Messrs. G. Hanover and F. D. Morris, I were appointed to fill the vacancies on the : directorate. ) The chairman was voted an honorarium of i £5O, and complimentary reference was made I to Mr. Bayly’s work on behalf of the company j during ths past year. i The directors’ fees were fixed at the same j amount as last year, namely 10s per mset- ■ ing. Resolutions were carried thanking the chairi man, directors, and staff, and the secretary (Mr. A. J. Tunbridge), for their services during tte past year. Mr. J. S. S. Medley was re-appointed auditor. . i