NORNIANBY DAIRY COMPANY.

Taranaki Daily News, 11 August 1921, Page 2

NORNIANBY DAIRY COMPANY.

ANNUAL MEETING. The twenty-seventh annual general meeting of the Normanby Co-op. Dairy Factory Cm, Ltd., was held in the Normanby Town Hall on Monday. Mr. C. J. Preston presided over an attendance of thirty-five shareholders. ANNUAL REPORT. The annual report read as follows: Owing to lack of plant we were unable to take advantage of the high price paid by the Government for butter; nevertheless the season has been a most successful one, and when final returns are received we are sure that all suppliers will be well satisfied. Statistics: Lbs of milk received, 11,936,825 ; llis of butter-fat, 464.776; average test, 3.89; number of suppliers, 55; lbs of cheese made, 4,236,911; lbs of milk to lib cheese, 9.65; lbs of cheese from lib butter-fat, 2.66; cost of manufacture, 1,21 d; cost of manufacture (including depreciation), 1.36 d; wtey butter made, 33.3791 b. CHAIRMAN'S ADDRESS.

The chairman, in moving the adoption df the annual report and balance-sheet, said: The pay-out per lb of butter-fat will be the 4 highest in the history of the company when all the cheese is sold and the balance of the money is paid out. The markets for tte past season have varied a good deal, and the relative prices for both butter and cheese have changed more than in former years. This gave the butter producers a. lead on prices during the middle and latter part of the season. Although the company were not fortunate enough to be in the position of making either butter or cheese, like some of the neighboring companies, still your directors gave the matter a great deal of consideration, and after talking over the advantages and disadvantages decided that it would not be wise to go in for an expenditure of £3OOO in January and instal a butter plant In the old building. After due consideration and no firm offers being unade, your directors decided to send the cheese Home on open consignment through Messrs. Lovell and Christmas, Ltd. The quantity of cheese manufactured is about 24 tons less than the previous year, and although our spring supply showed an increase there was a falling off in the autumn. quality of the produce has been well maintained, but there was a vast improvement shown after the Government inspection of the milking machines. Tills brings up the question of the suppliers delivering a better class of milk, as the quality of our produce is going to play an important part in the prices of our produce at Home, and not only that, but it allows our managers to make an increase of yield in cheese.” After a lengthy discussion on various items in the balance-sheet the motion was carried. GENERAL. The chairman mentioned that a bonus of 2d would be paid that day, and also that if the market remained at the present level they would be able to make a total payment of about 2s 3d. In reply to questions, the chairman mentioned that the company had not been able to accept any definite offer to sell last season’s output. Mr. Clement pointed out that their repairs bill was extremely light.. The chairman agreed, and said they were fortunate in having a manager who was both a fitter and an engineer. They were the only company which did not have to pay for outside labor in this connection. TAXATION. A shareholder brought up the question of taxation, and stated that it seemed to him to be most unfair that ttey should be taxed as a company and also as individuals. The chairman pointed out that this was not so, and explained that the company was taxed on the money they held back and not

on what was paid out to the shareholders. Mr. Gane pointed out that where the company paid a tax on the high scale the amount taxable, if distributed amongst the shareholders of the company, would be taxable on a lower scale. The chairman stated that practically every centre had entered protests, and the National Dairy Association was making the matter one of their strong points. INCREASE IN NOMINAL CAPITAL. Tile chairman stated that te had given notice of motion at a previous directors’ meeting to increase the nominal capital of the company by 4000 shares of £1 each. The proposal was carried. GENERAL. A motion that directors’ fees be increased to one guinea for every meeting attended, and an amendment that the fees be increased .to 15s, were before the meeting. The motion, on being put, was carried by a small margin. It was decided that interest at the rate of 4 per cent, be paid on fully paid-up capital. ! The chairman gave notice of motion to limit the voting power as follows:—s to 19 slaves, 1 vote; 20 to 39 shares, 2 votes; 40 to. 09 shares, 3 votes; 70 to 99 shares, 4 votes; 100 shares or over, 5 votes. It was decided that the companj’ buy veils at the same pr/ce as was being paid by the New Zealand Rennet Company. A poll resulted in the re-election of the two retiring directors, Messrs. H. J. Crocker and G. W. Gane. The meeting then sat as an extraordinary general meeting to consider two notices of motion. The first, moved by Mr. Gibson, was to the effect that the share basis be altered from 831 b of butter-fat to 601 b of butter-fat. Tli© chairman strongly supported the motion, and on being put to the meeting, it was carried. The second notice of motion that the number of directors be increased to seven was lost.—Star.