GERALDINE DAIRY FACTORY CO.

Temuka Leader, Issue 1614, 30 July 1887, Page 3

GERALDINE DAIRY FACTORY CO.

The annual general meeting of the shareholders of the above company was held in the Rood Board Office yesterday afternoon. There was a fair number of shareholders present, Mr W. Postlethwaite, Chairman of Directors, occupied the chair. MINUTIS. The minutes of the last annual meeting were read and confirmed.

directors’ retort. The annual report of the directors was rtad by the Chairman as follows • “ GkNTLEMBN,— Ifc ia with p'easuro yaur Board of Directors lay before you thair animal report and balance-sheet. It • is to be regretted that, through co fault of oure, the balance-eheet is not in all respects what we should wish, but a* you are all awaie it has been au exceptional year for the disposing of our produce in «fie Australian markets, which has caused 418 to bold a great quantity of cheese of .this year’s make, and which we are no.v whipping to England as onr only outlet.

From letters from our London agent we have every reason to believe we shall realise considerably over the value placed an the balance-sheet. Your attention is drawn to the marked saving under the head of “Charges,” On referring to the balance-sheet placed in your hands for the year ending 31st July, 1886, you will find it stood at £875 6s BJ, and comparing the balance-sheat now in your hands under the same heading it stands at £IBO 5s Id, showing a reduction to the extent of £195 In 7d, »nd on referring to salaries under this head you will find a confidorable saving from the balance-sheet of i 1886. You will notice it sot down at ( £357 8a fid, whereas this year it stands at £266 ss, showing a further saving of £9l 3s fid, or a total saving under these two headings of £306 5s Id. There is another item to which the attention of the shareholders is especially drawn, viz. : That the cheese on hand last year was valued at 7d per lb, whereas tins season’s cheese on band your Directors have thought it prudent to value at 4£d per lb. It may naturally be asked, Why was the English market not resorted to earlier ? Because it was not until tbe New Zetland dairy factories combined together that the Shipping Companies would offer a reasonable rate of freight. Tour Directors applied months ago for space from the New Zealand Shipping Company as well as Shaw Savijle Company. The forraor asked per lb freight, and the latter Company declined to fit up a cool chamber. So it cau readily be seen that the freight offered was prohibitive. Arrangements now made we consider satisfactory, Tilt., £d per lb, and trust, now that a new line of steamers commence running in September, that we shall have no farther difficulty under this head.' There is another portion of the balance-sheet to which your Directors wish to call the shareholders’ attention, the “ Bank overdraft.” Last year it stood at £1613 38s lid, but then there was only cheese in stock to the value of £lB 19s 2d, and outstanding accounts for cheese £370 11s SJ, I or as a whole £489 10s 7d. In this year’s balance-sheet the overdraft stands at £3865 4s lOd, but it must be borne in mind that owing, as has been stated before, to tbe great depression in the cheese markets, cheese in stock valued at the low price of 4|d, stands at £955 osßd, but bad it been valued at last season's price it would have shown a farther increase as assets of £533 11s 3d, or as a whole of £1566 Ha 6d, and than add outstanding cheese accounts, £222 6s lid, total £l7lO 18s sd, so that instead of tbe overdraft being £2865 4s lOd it would have stood at £1155 6s sd. Your Directors have thought it wise to set forth these calculations go that the shareholders can realise what would have been the financial position of the Company had tbe cheese market not been laboring under such great depression. Your Directors considered it desirable to change the cheese maker, owing to circumstances not necessary to bs placed in this report, and Mr Ford, the second in charge, was placed as head of the works. Your Directors are pleased to state that he gave entire satisfaction, but regret to say that owing to his return to England bis valuable services will bo lost to the factory. Provided your Directors can find a fair outlet for the cheese they have every confidence in the future success of the Company, and 'they are the more anxious for the success of the cheese maoufaotoiy as such an industry in the neighborhood is a boon to the district at large. The following Directors retire according to the Act : Messrs Mundell, 3J, H, Postlsthwaite, and Wm. Upton Slack, and are eligible for re-election. Before drawing this report to a close tbe Directors wish to express their thanks and approval of the able and efficient way the Secretary has performed his duties during the past year.—Yours, etc,, “Wm. Postlethwaitb, “Chairman.” » The adoption of the report and b&lance-sheet was moved by the Chairman, seconded by Mr Allan and carried unanimously, RETIRING DIRECTORS. An election to fill the vacancy caused by tbe retiring of Messrs J. Mundell, R. H. Postlethwaite, and W, U. Slack, was then held. All three , gentlemen were elegible for re-election# but on account of bis having gone to England, Mr Postlethwaite did not stand, Messrs W. U, Slack, J. Mundell, and K, Rrophy were elected to fill the vacancies. AUDITOR. Mr E. 11. Templer was re-elected auditor for the ensuing year. DATE OF MEETING. After some unimportant conversation, it was decided to hold tbe next annual meeting at the Road Board Office on the last Friday in July, 1888. A vote of thanks to the Directors terminated the meeting.