GERALDINE DAIRY FACTORY.

Temuka Leader, Issue 1797, 2 October 1888, Page 3

GERALDINE DAIRY FACTORY.

The adjourned annual meeting of shareholders in this company was held in the Road Board office, Geraldine, yesterday. There was a fair attendance of shareholders. Mr W. Postlethwaite, chairman of directors, occupied the chair, and read the circular calling the meeting. The circular stated that the meeting was for the purpose of considering the financial position of the company and the suggestion of the directors—that the latter having given their personal guarantee to the bank for £2OOO, the shareholders should now come forward and assist them to bear the burden, In return for such assistance the director* proposed to give those shareholders coming forward two fully paid up preferential shares for every one they possessed. The directors did not expect all the shareholders to come forward in the manner proposed, as some had left the district. He pointed out to those present that since the last meeting they had succeeded in selling the whole of the cheese in stock, about two tous, at an advanct on the price they then thought obtainable. He also stated that they had received by foreign post an enquiry for cheese, which he thought was a sign that the demand for cheese was increasing. The directors thought it was only a matter of time for the industry to be a payable one. He instanced the fro»en mutton

and other industries which had required a little time to get known in the London markets. The directors had decided that in future the cb< ese should be sold in the colony so that they might know how they stood at the end of the season.

Mr Maslin said he thought the position of the directors was a most unenviable one. On looking round the room, he saw very few of the milk suppliers present. These were the people most interested. The chairman said that since the last meeting Mr Mundell snd himself had been round seeing the milk suppliers, and they had bsen promised some 224 cows to start with next season. These were forthcoming at present, and others would come in. If the farmers allowed an industry like the prenenttobelostfor the want of a little pluck and enterprise, they would never get a chance of such an industry again. Mr Cameron said he thought it would be better to turn the feed into beef and mutton rather than sell milk at per gallon. Mr Moore said the same thing was being said all over New Zealand, but still it was being done. When the present factory started people said they could not supply milk at 4d, but last year they had taken 3d, The fact of Mr Meadows coming out to New Zealand with a larg6 sum of money to buy up New Zealand dairy produce showed that it was making a name for itself in England. Their cheese had brought the highest price in the London market just when the English cheese was in the market. He thought the time had come whan a further trial would enable the factory to be carried on successfully. If the shareholders allowed it to drop now they would be throwing away a valuable chance. Mr Mundell said that the milk suppliers to whom they had spoken had expressed their pleasure at the prospect of the factory being still carried on. If they were compelled to make butter from their milk and sell it the market would be glutted. After some discussion on the subject, Mr Mundell proposed, Mr Cunningham seconded, and it was carried unanimously—" That, considering the unsatisfactory state of the financial position of the company, all legal steps be taken to wind up the company voluntarily." [A full report will appear in our next issue.]