BUTTER AND CHEESE.

Taranaki Daily News, 26 August 1922, Page 7

BUTTER AND CHEESE.

PRODUCERS’ FREEZING COMPANY, THE ANNUAL MEETING. The twenty-first annual meeting of share* holders of the Taranaki Producers’ Freezing Co., Ltd., was held at New Plymouth yesterday afternoon, when Mr. A. Morton (chairman of directors) presided over a fair attendance. Moving tlje adoption’, of the report and balance sheet, (already published), the chairman remarked that the result of the year’s work was very satisfactory and a matter for congratulation. They had experienced a good deal o? difficulty in the shipping arrangements, and produce had sometimes to be kept .in the stores fqr two and threa jnogiths. Shipping rate? were not yet back to riormal, but he expected better conditions as time went on and also better service. Shipping* companies had. 1 ext perienced many expenses, but showed an inclination to meet producers on a more favorable ’binds. The objex-ts aimed at were regular dates of despatch and regular arrivals at the other end. Supplies reaching England irregularly had at times a very detrimental effect. Large stocks of cheese had been shipped, but they must try to get an increased number of direct shipments from New Plymouth. Produce had-been shipped in 34 steamex‘s, ten of which, had sailed from New Plyirfouth. This was the largest number Ln the history of the company, and he hoped it would gb on increasing. As an example of the more reasonable attitude adopted by shipping companies, he mentioned that there had been an •allocation of 5000 boxes of produce for the qailic. Some difficulty had been experienced id getting these to Wellington, more especially as the small boat trading to Patea was not available. However, the Kaikoura was due In New Plymouth, and. the shipping company generously offered to transfer the shipment. Notwithstanding the fact, that the company had been carrying large stocks, the produce had left in excellent condition. This was due to regular inspection by officers of the company. If there waM an increase in production this season the storage space would be adequate. Turning to the balance sheet, Mr. Morton said it was with pleasure he noted a marked reduction in costs. There had not been congestion, but large stocks had been handled and the year showed a substantial increase in business. Last season 153,210 boxes of butter and 121,632 crates of cheese had been handled, compared with 201,133 boxes of butter and 146,237 crates of. cheese this season. Although an efficient staff was maintained, econotny had also been considered. Electricity had proved much superior to steam and less expensive. Receipts for butter and cheese had not been no great this year, and consequently the profits were not as high as last year. Owing to the tremendous increase in individual shareholders’ produce, the time was rapidly approaching when the unallotted shares would not be sufficient. Capital paid up was quite enough, so the directors had to find some means of remedying the one without? increasing the other. This, he thought, .would be successfully accomplished by a redistribution of existing shares on a pro rata basis. Less depreciation had been writeen off, because their assets were in

excess of that shown on the books. Twelve months ago, it had been suggested that a reduction be made in-charges for freezing. However, it was felt that as shareholders received back a fair proportion at the end of a year’s working, the charges would not be altered. He then formally moved the adoption of the report and balance sheet, which was seconded by Mr. H. M. Purdie. Mr. V. Harkness asked if the extra shares to be distributed would be a compulsory charge upon the various shareholding dairy companies. Mr. Morton replied that the directors were not calling up new capital, and he anticipated no difficulty in getting the shares taken up. Mr. F. Ranford suggested that in the event of any new dairy companies requiring shares they be taken from preesnt shareholders at whatever their value happened to be. Mr. C. .1. Belcher hoped that for the current year directors would use their influence to reduce congestion of cheese and give cheese factories a fairer deal. In reply the chairman said that large space was offered for shipments to the West of England ports, but shareholders did not take full advantage. The fault rested, perhaps, more with the agent than the qpmpanies who made cheese. Mr. V. Harkness remarked that shrinkage in cheese was less when ■ placed direct In a Home boat than when handled by coastal steamers. % The motion was then carried. ELECTION OF DIRECTORS. The two retiring directors, Messrs. W. A. O’Neill and C. J. Belcher, were re-elected unopposed to the directorate. Mr. S. Renne’l was reappointed auditor nt the usual remuneration. The chairman was granted the usual honorarium of £5O per year. Mr. Morton moved a hearty vote of thanks to the secretary, the manager and staff, which was carried by acclamation.

NOTICE OF MOTION. The Okato and Punlho Co-operative Dairy Co., Ltd., gave notice pf intention to move the following rcslutions.: (1) That Article 13, reading as follows, “Subject to such dividends (if any) as may be from time to time declared on tlje share capital of the company, and also to such amount (if any) as may from t|me to time be set aside for a reserve fund, the whole of the net profits of the company sluill be divided amongst and paid to the contributors of produce to the company (such contributors being also sharehold rs) in proportion to the quantity of produce actually contributed to or put through the company . . . be amended by deleting the words “to the quantity of produce actually contributed to or put through the company” and substituting therefor "to the total amount of storage and other charges actually paid by each shareholder to the company." (2) That the above resolution apply to the 1921-22 operations of the company. In support of the motion, Mr. J. Wooldridge said the rebate should be in proportion to the amount paid up. This could not be done previously because .of the articles of • the association. His own company (Okato) had paid £734, equal to 33s per ton. Butter did not pay as much, and he thought the resolution would give a more equitable distribution over both butter and cheese. Mr. G. Clifford seconded. Mr. F. Ranford said ,h“ would support, the motion if the word “freezing” be substituted for the word “other.” ■ The chairman said that, hitherto cheese had not paid for handling, and the profits had been made chiefly through butter. Nowadays the two were more evenly balanced. Mr. V. Harkness agreed with the motion, pointing out that there had been a heavy subsidy from the Government for butter. Mr. C. J. Belcher also thought the motion fair and equitable. Mr. W. Green suggested reducing charges, but the chairman said he had already made it clear that this could not be done. The first motion was then carried, both mover and seconder agreeing to the suggested alteration. The second motion was withdrawn. An extraordinary general meeting will be called at an early date to confirm the resoluAt a subsequent meeting of directors, Mr. tion. A. Morton was re-elected chairman.