GERALDINE DAIRY FACTORY COMPANY.

Temuka Leader, Issue 1373, 1 August 1885, Page 3

GERALDINE DAIRY FACTORY COMPANY.

The annual meeting of shareholders of the above Company was held in the Road Board Office, Geraldine, yesterday, about 35 being present. Dr Fish, Chairman of Directors, presided, and explained the nature of the meeting. It would be the duty of the shareholders to elect three new Directors in the room of himself and Messrs Shaw and B. Skinner, who retire by ballot. The Chairman then read the Directors’ annual report as follows ; directors’ report. “Your Directors, in presenting to you their animal report, feel that they are fairly justified in congratulating the shareholders on the result of the working of the Company during the past Syear, although this opinion must be somewhat modified by circumstances altogether beyond our control which have arisen, and particulars of which hare only been fully communicated to us during the last few days. Our first cheese sent to London's described by experts as the best ever received from New Zealand, and fully equal to first-class English Cheddar, The price realised, also, is highly satisfactory, especially when we consider the depressed state of the cheese market in England at the time of sale. Our next shipment by the Rimutaku, arrived im London in a bad condition, owing, it is believed, to defective working of the eool chamber in which it was packed. It is now stated that in future the Shipping Company will not provide a cool chamber for the shipment of cheese to England, Should this be the case our Home trade will no doubt be seriously affected. We have also sent cheese to Australia which, although not prepared in the form most suitable for the Australian markets, was yet sold at a remunerative price. The Bank overdraft of £2395 10s fid (for which the directors are personally responsible) may at first sight appear large, but on examining the balance-sheet it will be seen that property owned by the Company fully covers the liability and leaves a coneiderable balance in hand. The pigs have not paid so well as was expected. This is due mainly to want of shelter during the early part of the season, and to the recent fall in value of this class of stock. It is obvious that during the first year’s working of a new industry much expense is unavoidable which will not again be needed. During the year 94,236 gallons of milk have been received at the factory, for which £1567 9s 6d have been paid in cash, although the factory did not start work till late in November. The circulation of such a sum in the district must be beneficial to all classes. Last year the cells overdue amounted to £479 5s ; this year the amount is reduced to £233, as shown bn the balance-sheet. This may be regarded as very satisfactory. In accordance with the articles of the Association three directors—Messrs Skinner, Shaw, and Dr Fish —retire from the directory. It will be the duty of the shareholders to elect three Directors in their place, the above-named gentlemen being eligible for re-election. The shareholders will also have to elect an auditor for the ensuing year.” The Chairmen explained that the Directors 3id not think it necessary to show the profit and loss account fully in the balance-sheet. The Secretary would read an abstract which would give them all information. He then read the Auditor’s report on the books and the management of them. Perhaps the books had not been kept on a proper system, but this was not a serious (drawback, and could be remedied in future, ' Mr Coliman, the Secretary, then made a brief explanation of the points mentioned by Mr Davidson, the Auditor. The profit and loss account, as read by the Secretary, showed a total balance to credit of £159 5s 9d. The Chairman then made a few remarks upon several points. As regarded tendering, they did not think it necessary to do so openly. TLe Secretary always endeavored to get the work done as cheaply as possible. Some people also seemed to think that there was too much of the Scotch element on the Directorate. This he thought was a very puerile ground of complaint. If anyone had anything to gay on this point, or any other, he hoped they would speak it out at once. (Hear, hear.) He would now move the adoption of the report The motion was seconded by Mr i. Sberratt.

Mr Waite asked if it was a general thing that all work should be tendered for. The Secretary said that unless it was a very small thing he always made enquiries at several places as to the price of the article. Mr Waite thought that tenders should be invited for everything that was required. The Chairman said it was not necessary to advertise for tenders for a few yards of calico. Mr Cunningham said the auditor had remarked that a proper set of books were not kept. He hoped the Directors would act on the auditor’s suggestion. The Secretary said this would be done. Mr A. (Sherratt said the question aroge, in regard to teadering, whether it was right that a Director should tender for work or goods. The Secretary said lie was not aware that th# Directors did get the monopoly of the tendering. He always went to other storekeepers as well. Mr Pearpoint said iheDirectorshad acted fairly to him. He always got a chance of tendering for goods. He did not, however, like the system of allowing a Director to take a man’s wages. . The Secretary said he was very gird this had been brought up. He hoped anyone who had anything to say would not hold back. An order was only brought to him once by a Director to pay a man’s wages over to him. He (Mr Coltman) saw the man, and lie was willing that the order should be paid. Mr Pearpoint said he was only referring to the principle, and not speaking personally. He Imped in future the Direc tors would always pay a man his wages, and not recognise any order. (Hear, hear.) , > Mr Dunlop, as the matter seemed to refer to him, made an explanation. Mr Cunningham thought they should have published the profit and loss account with the balance-sheet. The Secretary said they were a private Company and need not publish everything fot the public, if the shareholders wanted to see the profit and loss account, they could see it any day by coming to him. It was not likely a tradesman would show his books to the public.

The Chairman said they did not think it necessary to publish everything. It was not far to go down to the Secretary’s Office and see. Mr Cunningham would like to have the opinion of the shareholders on this point. He had nothing to say against the Directors. They had done their duty and worked hard to show a profit for the shareholders. The Secretary said it was on the Auditor's opinion that they did not think it necessary to publish the profit and loss account. Mr Pearpoint said it was always done with other Companies. Mr A. Sherratt thought it was only for the information of the shareholders. They need not publish it for the information of everyone. The Chairman said they were going to publish it but for the Auditor’s suggestion. If the shareholders wished it they were willing to publish it. As a suggestion to the Directors, Mr Cunningham moved—“ That in future the profit and loss account be published with the balance-sheet.” Mr Pearpoint seconded the motion, and it was carried unanimously. Mr Feltnan asked what was the Secretary’s present salary, and what he was to get next year ? The Secretary read a minute to the effect that the Secretary get a bonus of £lO 10s, and that he be given a salary of £SO for the next year. Mr Kelman said it would be a much better way to let the Manager do the Secretary’s work. The Manager (Mr Twigg) said he could do the Secretary’s work with the assistance of an extra man in the factory. In answer to a shareholder, the Chairman said the Secretary’s salary had been £35 a year. Mr Webster thought Mr Coltraan would not he overpaid with £SO a year. Mr Waite agreed with the previous speaker. Mr Coltman had displayed great energy and was not overpaid. Mr Sherratt said the Secretary was now really only getting £4O a year. He provided an office which was worth £lO a year. In reply to Mr Kelman, Mr Twigg said he and Mr Coltman had always worked together. Mr Postlethwaite said they would lose more than £lO a year if they had not a good Secretary. The Directors knew what it was to have a Secretary who did not need always running after. Mr Coltman said that he had neglected his own business to look after the factory , A bonus of £9O would not recoup him for the loss ot his own business. He thought they were quite justified in giving him £lO. (Hear, hear). Mr Sherratt moved, and it was carried unanimously —“ That the action of the Directors in giving the Secretary a bonus of £lO be approved.” Mr Cunningham said there was one matter he would like to refer to. He thought they should show their approval of the manner in which Mr Postleth waita had looked after the interests of the Company in London. The meeting were unanimous iu their expression of approval of Mr Postlethwaite’s efforts on behalf of the Company. Mr R. H. Postlelhwaite briefly returned thanks on behalf of his father.

Mr Pearpoint asked whether any steps were going to be taken in regard to the shipment of cheese which was damaged on the passage Home ia the s.s. Rimutaka.

The Secretary explained what steps were being taken, lliey did not wish to publish any information on this head, as it was likely the case would be taken into Court. Mr Shiers thought they should send cheese Home in smaller shipments. The Chairman said the condition of the Rimutaka’s cargo of cheese proved that they could not send cheese Home as ordinary cargo. He then put the motion to the meeting that the'report be adopted, and it was carried unanimously. Mr Pearpoint moved a hearty rote of thanks to the retiring Directors, which was carried unanimously. Mr Cunningham moved—“ That Mr TV. Davidson be re-elected Auditoi at a fee of £4 4s, and receive £2 2a extra for what he had done.” Seconded by Mr Kelman. Mr Pearpoint moved Davidson be re-elected at a fee of £4 4s, and receive nothing extra for last year.” This was seconded by Mr Webster. Mr McShane further moved—“ That Mr C. E, faherratt be appointed Auditor at a salary of £2 25." This was also seconded, Mr Peurpoint’s amendment, that Mr Davidson be re-elected at a salary of £4 4s, Was carried. The Chairman then explained that they would now have to elect their Directors. He then vacated the chair, which Mr W. Moore, as deputy-Chairman, then took. Mr John Allan then moved—“ That the retiring Directors be re-elected.” Mr Waite seconded the motion. Mr Cunningham said the shareholders should take the opportunity of changing the directorate. He would propose that Mr A. Sherratt be elected a Director. Mr Flouting seconded the motion. Mr Webster would like to hoar the can didate’s opinions. What would he be in favor of giving fot milk 1 Mr Sherratt said he bad not thought about the price of milk. He would go in for making the factory pay, or else they should close it up. H« thought they need not pay 9 per cent for the money they borrowed. They should cut down all their expenditure as low as possible. Dr Pish said he would be in favor of keeping up the price of milk. In the first place the factory was started for the chief benefit of the farmers, and through them the whole district was benefited. The oilier candidates were not present, and the ballot was then taken (Mr Hughes acting as scrutineer), and resulted as follows; Dr Fish, 164 votes ; R, Skinner, 144 ; D. Shaw, 124; and A. Sherratt, 63. The Chairman declared the first three duly e'ected. Dr Fish briefly returned thanks. The date of the next annual meeting was fixed fot the last Friday in July, 1886. The meeting (hen (erminaled.