DAIRYING INDUSTRY.

Waikato Argus, Volume XI, Issue 1048, 14 September 1901, Page 2

DAIRYING INDUSTRY.

MEETING AT CAMBRIDGE WEST A meeting of the Pukeknra, Maungataulari, and Karapiro milk suppliers was held in the Cambridge West Hall last evening. Mr John Fisher was agsin voted to the ■ hair, and pointed out that they had met to receive the report of the delegates (Messrs Allen aud Fisher), appointed at the last meetins to attend the meeting at Hamilton on Wednesday. Mr Tucker said that free discussion had taken place at Mr Sprage’s meeting on the question of the allocation of shares, aud the admission of employees to the share list had been fully considered. Personally he was opposed to the employees being allowed to partici - pate in the profits. They should be satisfied with 8 per cent. The suppliers had tlie greatest stake and all the responsibility and what profit there was in it should go to them. With regard to the voting power of shareholders he was opposed to the • one share one vote ’ system as laid down in Mr Spragg’s proposal. The large shareholders had too great a power, and some modification should be made. He also thought that the shareholders should deal with the question of the election of directors after the company was floated. He sta'ed that Mr Spragg had assured them that he could get fully Jd per lb. more for his output than any other butter in the Waikato, and said he had had r.n offer of from Victoria. Mr Edward Allen said that the first question that had been dealt with at Mr Spragg's meeting was the valuation. Mr Sprang had made some sort of an affidavit that his valuation was correct or well within the mark, and a committee of four gentleman was appointed to examine the documents submitted by him and teport to the meeting at a later hour. This committee, after having examined the books, etc., reported that they were satisfied with the values put down by Mr Spragg, and that there was a good asset for £40,000. With regard to the offer Mr Spragg stated he had received from Victoria for his butter, it seemed strange to him (Mr Allen) that Victoria, which exported half a million pounds more butter annually than all New Zealand, should come to us for their supplies, especially as Mr Spragg had stipulated that any rales to our Victorian neighbours should not be for export, aud also considering that butter was a dutiable article. He found, however, on enquiry that no sale had actually been made although it was stated at the meeting that the season’s sales at the price stated would mean a profit of many thousands of pounds to the suppliers. The Hamilton meeting was enthusiastically in favour of Mr Spragg’s proposals, and when asked why he and others at Pukekura did not tall in with the majority he had told them that he considered they could do better by joining the Cambridge Cooperative Dairy Company. Many of the suppliers had expressed themselves against the admission of the employees to the company. The general feeling was that adequate salaries should be paid and the matter should end there. Many also objected to the 8 per cent, interest stated in Mr Spragg’s prospectus on the ground that people would milk for a time and then give up the milking and sell their shares for the sake of the large interest. Eight per cent was good interest and shareholders should he satisfied. Mr Spragg had expressed his disappointment at the opposition shown at Pukekura and seemed to look upon it as a persona! matter; but lie had pointed out that it was entirely a matter of business and in no way a neisonal matter against Mr Spragg. 1c was a free country and they were all at liberty to do the best in their own interests.

In answer to questions, Mr Tucker stated that a certain value was attached to the New Zealand Dairy Association’s brand. The Anchor brand was known in nearly every market in England and would always command a sale. Ou the motion of the Chairman, a hearty vote of thanks was accorded to Messrs Allen and Tucker for attending the Hamilton meeting and for their report. Mr Seabrooke moved—That the suppliers accept Mr Spragg’a terms. •'i'Mr Blackwood seconded.

Mr Tucker heartily supported the resolution. He did not think they could do better. The business was well established and known to he doing well, The Outnbri ge Company might bo all right but it had to be established and proved. Mr Allen ;Mr Tucker is wrong. The Cambridge Company is established 1 It is a gob'g concern, just as much so as Mr Spragg’s, not so large certains, but producing first class results, besides it is a local affair and deserves our support and further the suppliers will be in touch with its working, which will not be the case with Mr Spragg's Company. Mr F. Hicks moved as an amendment < that the suppliers do not join Mr Spragg’s company.’ Mr E. Allen seconded the motion, and in doing so pointed out that there were some really good men at the head of the local affair, who intended to ‘ make it go.’ The Spragg Company would be a most expensive affair to work, and the expenses of directors alone would ran iuto a large sum annually. In answer to Mr J. Fitzgerald, the Chairman stated that suppliers for this season would not be obliged to take up shares. The New Zealand Dairy Association or their successor would carry out all present engagements. Upon a show of hands being taken for the amendment, the votes were five for and seven against.

The original motion was declared carrried.

The Chairman said that he hoped there would be no division among the, suppliers, as such division would of necessity reduce the profits, and he hoped some feasible means would be adopted to enable the whole of the supp'iers to hold together. Personally he recognised many good features in Mr Spragg’s prospectus, and many that he did not at all agree with. He was sorry Mr Spragg had not made his company mote of a co-operative concern than he had. Every supplier should be a shareholder, »nd no man should be allowed to take up more shares than he was entitled to by actual supply. However, he had left the matter in their hands to settle as to which party they would join, and he intended to go with the majority and avoid a split. Mr F. Hicks pointed out that although the majority of voters were for joining Mr Spragg’s company, the minority vote represented the largest number of cows, and he considered that this should have some weight. It was finally decided that each supplier should use his own judgment as to future action, and the meeting terminated with a vote of thanks to Mr Fisher for hit impartial and able conduct of the three meetings held on the subject,