GERALDINE DAIRY AND BACONCURING CO., LIMITED.

Temuka Leader, Issue 1212, 2 August 1884, Page 3

GERALDINE DAIRY AND BACONCURING CO., LIMITED.

The annual meeting of shareholders in the above Company was held in the’Road Board Offica, Geraldine, at 2 p.m., yesterday. There were twenty-four present. Dr Fish, .Chairman of Directors, occupied the chair, The ■Secretary (Mr "W. Coltman) read the appearing in the Geraldine Guardian convening the mseting. minutes. The minutes of the previous general meeting of the shareholders were read and confirmed. . The Chairman then read the following REPORT. (t First annual report of the Directors of the Geraldine Dairy and Bacon-curing Company (Limited). “ The Directors have ranch pleasure in reporting to the shareholders the very satisfactory progress which has been . made during the past year towards establishing the working of a dairy factory in this district. “Shortly after their election they completed the negotiations for the purchase of a site for the factory, and secured 20 , acres of land in a suitable position at ill per acre, with the option of purchasing 52 additional adjoining acres, within three years, at the same price. “ On considering plans for a building, it was decided to adopt that one drawn out by the Government Architect of a factory for 400 cows, but to build in stone instead of wood, the former material ■being close by, and kindly offered to the Company by the Geraldine 'Road Board

free of expense. MrAnnand was appointed to draw out the working plans and specifications for a stone buildings and a .Clerk of Works was engaged to superintend the erection. . ; • “ Subsequently plans and specifications for the Manager's house, to be built of wood, were drawn , out by the present Secretary of the Company, Thus the services of an architect in each case were dispensed wish, and a very considerable saving to the Company effected. Ihe Directors also wish to with thanks, the services of the present Secretory, to whose zeal and energy much of the auccess of the Company is due. Tenders were called for the factory, also for the Manager’s house and 'the shelving and fitting of the cheese room. The building of the factory was let to Mr Sibley, and the Manager's house and cheese room fittings to Mr Henderson. The former baa been completed, and the other works will be out of the contractor’s bands in a few’days. All the work has been - well carried out, and h; s given great satisfaction to the Directors and to Mr Bowron, who inspected the building early in July. The Directors are also indebted to Mr Bowron for advice given during the progress of the work. “All the machinery has been purchased from England Suitable for making cheese on the Cheddar system, which system the Directors, after much consideration, have resolved to adopt. A Manager has been engaged in England, and, is »xpected to Arrive here in September. He is a thoroughly competent man, having been 11 years manager for cheese factories at Home. “ A change took place in (he Board ot Directors in January. Mr Ward resigned the office of?- Secretary, and Mr Coltman his seat on the The latter was appointed Secretary, and WT' t?f~S)ack, Esq , was elected a director in his place. Mr Huskisson was appointed to audit the accounts, and a balance-sheet has been forwarded to each shareholder. “ The Dir&itors think the expenditure incurred will compare very favorably with those of any other Dairy Company. It will be noticed that the whole of the expenses of floating the Company, selling shares, all legal costs, and all working expenses for the past year, including Secretary’s salary, Manager'* passage money, insurance, printing, and the purchase of all books, came to less than £2OO ; and the whole cost of the factory and all its fitting*, the Manager’s house, including wages of the Clerk of Works, and sums paid for drawing out plans and specifications, came to £1450 8s 2d. “The Bank overdraft of £lO7l 5s 8d may appear large, but if will be seen that if tho whole value of the 521 shares now sold is called nn we shall have £l7Bl 15s still to come in. You will see by the balance-sheet that all our liabilities are £1396 17s 2d, and the sum to be called up on shares with arrears, and interest comes to £1789 17s 10d, thus' leaving a credit balance of £393 Os Bd, whilst we have disposed of little more than half our shares. But, however, the Directors wish to call the attention of the shareholders to the fact that interest has to be paid on the P,.ink overdraft and therefore they are oblig ■ ’ !<■ c' nrge interest on all arrears, and they take this opportunity to impress upon the shareholders the desirability of paying their calls as soon as they, become due, thus preventing any loss to the Company. . _ “It will be necessary at this meeting to elect three directors, in the place of Messrs Slack, Mundell and B-. H. Postleth waite, who retire according (o Hie Articles of the Association but are eligible for re-election, It will also be necessary to appoint an auditor and fix the remuneration to be paid to him, and likewise to name the time and place tor holding the next annual meeting. “ The Director* hope that everything will be iu readiness to commence work early in October, and feel assured that the Company, when once in thorough working order, will prove a great advantage to the whole district." The Chairman, in moving the adoption of the report, said he was sure that all the directors had, during their term of office, worked honestly and earnestly for the welfare of the Company. Mr Shiers seconded the adoption of the report. The Chairman said the balance-sheet had been printed and distributed amongst the shareholders. Mr Kelman asked if it would hot have been better if the Directors had advertised for the office of Secretary. He believed it would have been undertaken by many at a less amount. Messrs R. H. Postletb waite, W. Moore, and Mundell spoke in highly eulogistic terms as to the able manner in which Mr Coltrnan had performed his duties, and eachinstead of speaking of (heobtainingof any one at a lesser rate, they considered the shareholders should pass a hearty vote of thanks to Mr Coltman for a deal of outside work which he had performed. Several other shareholders expressed themselves highly satisfied with the salary paid to the Secretary. Mr Coltman spoke na to what lie had done on behalf of the" Company! In reply to Mr Shaw, Mr R. H. Por-tle-thwaite said thatj the Secretaries of the Dairy Companies of Asburton and Tlmuka received £IOO per annum. Mr W. Postletbwaite remarked he was sorry that such a discussion had cropped up.* He quite endorsed the remarks of the previous speakers in regard to Mr Ooitman. The Directors acted very wisely and well in their choice, and there was another thing—they could not get an office, such as they had, under £ls to £lB per annum, and taking that amount from the sum paid to Mr Cotlman, that would leave but a small balance as Secretary’s salary. The sulrject then dropped. After a few further remarks, the Chairman put the resolution, which was carried unanimously. Election of Directors. Mr W. Poatlethwaite proposed that the three retiring Directors, Messrs Slack, Mundell, and R. H. Poatlethwaite be reelected. As an amendment, it was proposed by Mr Kelman, and seconded by Mr McShane —“That Mr Shaw ha a Director.” Mr VV. Postletb waite stated that after the meeting, as he was about to leave for England, he should resign his position as one of the Directors, and thus make room for Mr Shaw. Under these circumstances Mr Kelman, with the consent of the seconder, withdrew his amendment. The three retiring Directors were than re-elected.

THE AUDITOBSHIP. Mr Mundell proposed, Mr Eckford seconded, and it was unanimously resolved—“ That Mr A. Fisher be appointed auditor. The fee to be fixeo at two giuneas MISCELLANEOUS. On the motion of MrL. Grant, seconded by Mr Mundell, it was resolved that the next annual meeting pf the shareholders be held in the Geraldine Road Board office on Friday, July 31st, 1884. Proposed by Mr Kelland, seconded by Mr Slack, and carried—“ That the balancesheet be advertised in the Geraldine Guardian, one insertion.” Mr R. H. £ostlethwaite proposed, Mr Taylor seconded, and it was unanimously carried— “ That a hearty vote of thanks be accorded to the Secretary for the able manner in which he has performed his duties.”

Mr Mundell proposed, and it was carried by acclamation —“That a hearty vote of thanks bo given to Dr Fish, Chairman of Directors.” A vote of thanks was also passed to the other Directors. Mr Fish and Mr CoUman briefly thanked the shareholders. The meeting then terminated.