N.Z. RENNET COMPANY.

Taranaki Daily News, 23 June 1922, Page 7

N.Z. RENNET COMPANY.

THE ANNUAL MEETING. (From Our Special Reporter.) Palmerston N., June 21. The annual meeting of the N.Z. Rennet Company was held at Palmerston Nortn on Tuesday, when Mr. H. D. Forsyth (Eltham), chairman of directors, presided over an attendance of about fifty representatives of shareholding companies. The report showed that for the year ending April 30, 1922, a total of 54,811 veils had been manufactured by the company. Four hundred and four kegs of rennet had been manufactured, and there were still 30,000 veils to be made up. The whole ct the rennet manufactured had been disposed of to the dairy companies, who had expressed themselves pleased with its quality. The directors were of opinion that the company still justified its .existence, for it had not only been the means of causing considerable reductions in the price of the imported article, but by the purchasing >f veils and the retailing of rennet in New Zealand, a great amount of money was prevented from leaving the country. In moving the adoption of the report and balance sheet, the chairman said that they regretted not having a better statement to place before them. The main reason was because they had been trading on a falling market, having purchased the veils at a high price, and disposing of the finished article at a lower rate. He detailed items on the balance sheet showing a deficit of £1552 during the past year. Until the last year they were paying 2/6 per veil, and thii year they had paid 1/6, but if were to carry on at all they would have to procure their veils at a much lower rate. They had also to remember that rennet was not required to such a large extent owing to so many factories having turned to* 1 butter during part of the season. They had purchased 9000 veils from Australia at a cost of 1/6 each, and had since secured 16,000 to 20,000 veils, at 6d, which would, put th?ra in a much better position next year. He considered the company should carry on, as it had served its purpose in keeping down the price of rennet, and had also enabled dairy farmers to make use of what would otherwise have been wasted. Mr. J. Marx (Mangatoki) seconded. Mr. J. R. Corrigan said that all recognised the directors had done their best, and had only suffered like all other trading concerns. He thought the company should be carried on for another year, and if it was then found that the company could not purchase veils at a payable price they should wind the company up The report and balance sheet were adopted. The election of directors resulted:— Messrs. J. S. McKay (Inaha) and P. Lawson ( Mangamaire) were re-elected unopposed, and Mr. J. R. Corrigan (Hawera) was recommended to fill the vacancy caused by the resignation of Mr. E. Allen (Cambridge ). Mr. Edwin Parrott was re-elected auditor.