THE TEMUKA BUTTER, CHEESE, AND BACON-CURING FACTORY COMPANY, LIMITED,

Temuka Leader, Issue 1383, 25 August 1885, Page 2

THE TEMUKA BUTTER, CHEESE, AND BACON-CURING FACTORY COMPANY, LIMITED,

The annual meeting of the shareholders in the above Company was held last Saturday night in the Wallmgford Hotel. Mr James Guild, Chairman of Directors, occupied the chair, and there were about 30 shareholders present. The minutes on the last annual meeting hiving beef read and passed, the Chairman then read the following annual report: "Annual report of the Temuka Butter Cheese and B icon-Curing Factory Company, Limited, lor the year oiling 31st July, 1885. " To the Shareholders. "Gentlemen,— 1 have the pleasure of placing before you the balance-sheet for the p.ist year. As many of us are nut accustomed to book-keeping by doub u

entry, it a-111 lie necessary lo direct your attention to an item in the balance-sheet of the previous ye:ir. You will remember that a considerable quantity of cheese was on hand, and was valued at oil per lb, amounting to £1147 Os sd. At the general meeting last year, account sales that had just come to hand were shown, giving the net result of a shipment is 3§d, this being part of the lot mentioned—this, and similar instances, having the effect of reducing the £1147 Os 5d to £930 8s Bd. Could this result have been forsoen the debtor balance of the year ending July, 1884, would have been set down as £OB6 5?, instead of £469 13s 3d. It was plain to the Directors that unless active measures were at once taken to bring the price of milk within the margin allowed by the decreased value of cheese, it could only result in ruin to the industry. A meeting of the farmers supplying milk was at once called and the facts of the case laid before them, and it is with pleasure that your Directors have torecord an immediate and willing agreement to the unavoidable reduction. Another item in the balance-sheet is " profit from pig'V £36 16s Id ; you will also see in the assets " pigs on hands," £l9 10p, so that in reality the profit from this branch j is £56 6s Id, but your Directors are of j opinion that there is still room for considerable improvement. Shareholders who do not trouble to analyse the balancesheet will be naturally anxious to know what is the result of the year's working of the Company. For the information of these gentlemen it may be stated that after all expenditure for the year (including interest and discount) has been charged against the Company, and all | sales of cheese, and cheese on hand, have been credited, there remains to the Company a net profit of £153 4s Bd. This amount would be equivalent to a dividend of 5 per cent., but the Directors do not think it advisable to declare a dividend until all calls are paid and the Company is in a better financial position. It may be thought that this is not much to show for twelve months work:still it is satisfactory when it is remembered that dairy factories are reelly co-operative concerns for the benefit of the local farming community, and this result has been attained by the provision of an outlet for milk and consequent circulation of ready money. Your Directors beg to remind you that the price of cheese at present is exceedingly low, in sympathy with other agricultural produce, and it is questionable if the majority of farmers could show a dividend of 5 per cent, upon their year's working. You will observe that additions have been made to the buildings to the extent of £3OB 9s sd, and that the loan, for which the Directors are personally liable, has been reduced to £2OOO, against which there is a cash credit (,f £B3O 7a 3d, also c'reese on hand £370 7s 7d. This, with calls dun from shareholders, would, if the latter were paid with promptitude, enable the Directors to make a very large reduction in the guarantee, while it may be borne in miud that the land and buildings have not been encutnbored m any way. During last season we received 95,041 gallons of milk, from which 101,470 lbs cheese have been made, which has been disposed of to a first-class Australian firm, at a fixed ca&h price at the port of shipment, thereby avoiding the risk of shipping to foreign ports and selling at a varying market price. "It will be nece?sary for the shareholders to elect three Directors iu place of Messrs Grant, Gray and Cain, who retire by rotation but who are eligible for re-election, and also in the place of Mr R. H. Postlethwaite, who has resigned in consequence of pressure of private business. Au auditor will also have to be elected." The balance-sheet was then read, and from it we make the following extracts : —Receiots : To balance in Bank of N.Z. on 31st'July, 1884, £73 10a lOd ; capital subscribed, £640 14s 3d ; profit from pigs £36 16s Id ; sales of cheese, £2BBB 15< 1 ; renewal of loan, £2000; total, £5639 16s 6d. Expenditure :By building account, £3OB 9s 5d ; interest and dis- ' count, £137 17s 8d ; salaries, £291 7s 7d ; milk purchase, £1391 13s 6d ; printing and stationery, £.B 8s 3d ; charges (including freight and agency £56 Is 2d, coals £79 19s 7d, boxes £63 6s 6d, etc., etc.,) £371 12s lOd ; loan repaid, £2300 ; and cash on hand at Bank of N.Z , £B3O 7s 3d ; total, £5639 16s 6d. The statement of assets and liabilities is as follows: Liabilites: Capital, £5000; loan, £2OOO ; sundry accounts, £6O; total, £7060. Assets : Shares not called up, £IB9O ; unpaid calls, £568 16s Id ; cheese sold but not paid for, £49 10s; land, £551; buildings, dairy fittings, etc, £2247 3s 9d ; cheese on hand, £370 7s 7d ; 39 pigs, £l9 10s ; rennett, £2O ; cash in Bank of N.Z., £BSO 7d 3d ; total, £6546 14s Bd. Debit balance, £513 5s 41. Mr Clinch asked how the difference between the amount set down for building account, £3OB 9a sd, and £lO5, the amount of the tender for the buildings, had been arrived at. The Chairman said the difference had been expended on piggeries and fences. The Chairman then moved the adoption of the report and balance-"heet. The motion was seconded by Mr Clinch. Mr Bateman drew atteution to the large amount set down for unpaid calls. The Chairman said £IOO had been received since the beginning of the month. Mr Ackroyd pointed out that the shareholders were getting cheese at the factory at wholesale price, and they were supplying it to persons who were not shaieholders at all. This was doing an injiry to storekeepers who were supporting the factory. The Chairman said the matter would be considered by the Directors. The Secretary said that no oheesc had been sold at less than 6^d. Mr Ackroyd said he believed the Secre tary's statement. Mr Bateman suggested the of Westport coal in preference to Newcastle, as three bags of it went farther than four of Newcastle. '. The report and balance-sheet were then adopted. On the motion of Mr Quinn, seconded by Mr Blyih, the retiring Directors were re-elected. ' On the motion of Mr Mathews, Mr Rout was unanimously elected auditor for the ensuing year. On the motion of Mr Wool bead, seconded by Mr Frew, a vote of thanks was pi'S-ed to the 1 'iro-tora for the way in which they h.id woiked for the past twelve months. Mr On Id ipplii'd on behalf of the Directors, and the meeting terminated.

MOUNT PEEL ROAD BOARD. The ordinary monthly meeting of the Board wan held in the Road Boad Office, Peel Forest, on Friday, the 21st August. Members Present—Messrs C. Q. Tripp, A. Hawdon, and G. J. Dennistoun. Mr C. G Tripp was elected Chairman pro tern. MINUTES. The minutes of the former meeting were read and confirmed. TENDERS. Tenders for Contract No. 33 were considered, viz. .-—Patrick Burke £6O ; Thos. Corkery, £4B ; Maurice Lawlor, £37 10s (accepted). CORRESPONDENCE. The following correspondence was read and considered : From the Chief Surveyor, Christchurch, forwarding an account for plotting up the Boad Board map.—The account was passed for payment. From Mr A. Dunnett, Manager of Sherwood Downs Station, requesting the sanction of the Board to his application for a slaughterhouse license.—Resolved : " That the approval of the Board be granted." From Mr C. R. Shaw, in reference to plans of roads to be closed, and requesting further instructions in reference to the road on Tripp's Downs.—The Clerk was directed to supply the information asked for. [ From the Poundkeeper, calling attention to the filthy state of the pound.—Resolved : "That proceedings be taken against any persons found committing or causing a nuisance in the pound Bhod or yards, and that a notic« to that effect be posted up on the pound." From Mr J. D. Hamilton, of Chyton, requesting the Board to effect repairs on the Clayton road, and to extend the stockbridge over the north river.—The Overseer was directed to see Mr Hamilton and report at next meeting. From Captain Sutter at?d Mr W. Eolleston, in reference to stockbridge over the Rangitata. From the Geraldine County Council, | informing the Board that the roads, r shown upon several plans submitted to the Council have been duly closed as required by law, and forwarding certificates to that effect. From Messrs Meason and Marchant, informing the Board that they have entered into par'nership as Civil Engineers and requesting a share of the Board's support.—The Clerk was directed to reply stating that should the Board require professional work they will be glad to engage their services. MISCELLANEOUS. Resolved—" That as little day labor as possible be employed and that all works wherever practicable be let by tender ; also, that the wages for day v/ork be six shillings per day." Mr Blair had an interview with the Board requesting to be released of his contract for breaking metal, as the stonecrusher had again broken down.—Resolved : "That ha complete his contract before next Board day." ACCOUNTS. Accounts to the amount of £292 9s were passed for payment. The Board then adjourned.