WAIKAT0 CHEESE AND BACON FACTORY COMPANY (LIMITED.)

Waikato Times, Volume XXV, Issue 2037, 28 July 1885, Page 2

WAIKATO CHEESE AND BACON FACTORY COMPANY (LIMITED.)

Thk thiid ainiu.il meeting of the shaieholden of the above company was held .it the office, Hamilton Auction Mart, List night. Tlioie was .1 f.ur attendance, .uid the ch.ur w.is occupied by tho chaiiin.iii of directoi-, Mr S. T. .Scddon. The Ch in man opened the proceeding bv ren^ng the advertisement in The Waikato Tunes com uning the meeting HH'Oltr AN'I) miANCF-SHFET. The following repoit and balance-sheet foi the past wa-. lead . — niKKC TOR'S KKPORT. (tENTi.emkx, — lii presenting tho third annual report, tho director.-, regret th.it thcie is a deficiency on theyear's operations of £222 Kin 3d. ThiH loss is chiefly attributed to the fact that there is a difference between tho number of gallons of milk supplied, and pounds of cheese produced, of some 74471b5, which seems to indicate that a gallon of milk will not make a pound of ripe cheese. Last year theio was a diffeienco in consequence of which, the duectoiH decided to tako 10$: lbs of milk to the gallon instead of 10lb->, but owing to the milk not being so rich in quality aH it was last season, the figures befoie us show that it has taken lOlbh 100/,, another year it might take far les->, but in consequence of this uncertainty, the directors ha\c decided to lower the price of milk to 'Md per gallon. Had wo boon paying that price this past wesson, the half-penny per gallon on the amount wo have paid for] would have made a differenco of £235 los <5d ; and interest saved »n <*amo about £23 ; thus giv ing us a profit balance of £35, instead of a loss of £222 odd. Vigs : This bianch Jias returned ni about 3S per cent profit. We have now ahno lot of young store pigs ready for next reason, also a number of good bi ceding sows, so that instead of has ing to buy a l.uge number of pig-, next -.ea^on as in the two previous, we shall require \eiy few, and those on hand being of Mipeuor quality theie. is even reason to expect a veiy much l.uger profit next ye.v. Butter: thn pro duct has returned about 30 pt>r cent pioht, and will we tin<tdo far moie when we get into full work. The little we have done at the end of tho ueason was only with the object of getting milk for the pigs, and to gain knowledge m the efficient working of a very ingenious pieco of machinery, IDp Tj.i\.il's Vatont.) Bacon and h:uns : AYe ha\c .some H7OH)- on hand which is now leady for tho market, and being of a very superior quality, we «hall li'ivc little tiouble m disposing of it. Book debts.— These lime, since the accounts were made up, been pretty well paid, or will during the month, in fact, we have contiacted no bad debt. Accounts owing and bills payable: These aie for the last two qnaiters milk and machinery, and have been paid or will be in duo course. Arrears (in calls : A poition of these have already been paid, some £40 odd due by milk suppliers will of couise be stopped out of money due to them. Stock, machinery, iv'c : These aie all mft rut clans condition. We have made additions to buildings in the shape of smoko hon-e, ifcc The mnchmei y and butter machine : As there hive been *c\et<il attentions and repairs, fee, which aie included in general expenses, the directors havo not allowed anything foi depieciation. You will be pleased to hear that our factoiy continues to turn out cheese of unifoimly high quality and commands a steady sale. Our retiung directors this .year aie Capt. Steele and Mr Isaac Coatee. The formei gentleman otfer-> himself for re-election. S\mih. TiK)>. Hkduon, VJh.iuinaii. IiVLVNCh SIUKC OK nil W\IK\TO l■Hl•^sß and nu'i)\ vvtioin (md.), >ou inn FNDIM, ,11 .\h 30ril, 18.S").

£-r>-m 1.-1 n Tin 1 accounts of tlio Waikato Chee«<- and Bacon Factoiv Company (Limited), consisting of tlio Piofit ami Loss Account, Halnnci'-shoct, Statement of Assets and Liabilities for the year ending June 30th, I.XHS, have been audited by uh, and aftet carefully examining and compaima: with the MHiclicrs and books of the Company, wo hcicby ceitify to their correctness. Tlio Cliiiu mail, 111 niovinp tin* adoption of tin 1 import, said: -Uentli'int'ii, — Tlio balance shoot now before you is, I think, thn fomth of its kind that has been laid before the public in Waikato this <mason, and I am norry to say they are all unsatisfactory, inasmuch a« they fail to show a return upon the money invested. No doubt different causes h.i\e operated adversely in diftVicnt factories, arising in pait from the fact that we are all beginnera, and do not thoroughly understand the buMiicwi. These shortcomings would soon disappear if the management of each dairy company would give itsffllowH its benefit of c\peiience gained each year, remembering that not only the interests of their propnetory was in their hands, but also the agricultural interests generally. I think 1 may claim that our balance-sheeti are the least unsatisfactory of the number, inasmuch as they show that had this comjmny paid tho same piiceu (is other dairies

for it* milk supply, v'w , 3\d instead of {d. it would have paid its way from the beginning. Their statement may satisfy shareholders who .aie milk-supplier*, but otheis may blame tho directors for not lowcimgthc price to 3\d at the beginning of the second season. 1 will tell you why they thought differently. When thin factory was stuted a conti.ict was made by cei tain pai ties, whereby they agreed to supply so ui.iny gallons of milk per diem for the fiist two \(\us at \d pet gallon, ntheiwise the factoiy could not h.iye staited, and the company agreed to piy that price. Another icason w;is th.it the I'lnglisli-Anieiicin dairy authorities *tate th.it a gallon of milk will make a pound of choe«e, the New Zealand Inspector of Dawn's nukes the same asset tion, <md Capt. Runciman the same both before and aftei his \isit to AiniMica But Capt Runcim in pointed out the fact that we had only taken lOlbs foi the gallon, wlieieas the Impel lal gallon weighed ION), 30/. Thus accounting foi inn fust veal's loss, we de<idedto take full weight, lOlbs 10/. But now comes the most unsatisfactory pait of the business Although the weight of milk supplied has been increased, the net pioduct of cheest turned out has decreased. This, fact is quite as unsatisfactory to the duectois as to the shaieholdeis. ] bug to assuie you, gentlemen, that the dnectors have given the business of the company gieat attention, especially Capt. .Steele, who has given up much tune to it. Gentle men, I no.v inose the adoption of the report and balance sheet foi the past yeai. Mi A Piumose seconded the motion. In reply to Mr H. Steele, the chairman "aid the gallon would be taken to be 1010 40/Cs. when the price wa< lowered. Mr J. J. Barugh .said he had been one of those who had at the fust opposed the ieduction in the price of the milk, but he was now leady to accept it. At the reduced price it would bo \eiy profitable to those who had to employ labour, but "till thcic weie so very few mdiihtiies that paid, and the price of farm pioduce was s ( > low that he should continue to supply. There was something \eiy unsatisfactory about tho falling off in the quality of the milk. It took si\ ounces moie to make a pound of cheese this ye.v than last, and the company had lost about 3, 1 tons by it. Mi A. Campbell, speaking as a mm. snpphei, said he was satisfied with the results. It was neoeis.uy at tho start to give the supplier an inducement to go into the business. Captain Huricnnan said, with reference to some leniaiks winch had fallen fiom the than man that a gallon of milk Would, produce a pound of cheese a month old. In Aincticachee.se was sold at that age, but in this countiy it was necessary that it should be matuied, and hence tho loss Mr (Jen. Kdgecumbe believed that tho Kukulua Factoiy had turned out a pound of matuied cheese to the gallon. Either the«rassin that district was better (No, no), or the management was bettor. Mi Swarhnck did not think the financial position was fully appreciated. With £2,500 in land and buildings, they were pa> ing X and !) v on the great bulk of the capital employed. They weie woiking the concern on a few hundreds, when they ought to ha\e a capital of ,i couple of thousands. They should inciease the capital, and accept a i eduction in the puce of milk, or the factoiy could not goon. They should fitiaiu c\ery nei\e to get e\eiy farthing out of the concern. The difference between the los> and profit was \eiy small. Capt. Steele said the balance-sheet was unsatisfacti.iv to the duet tors, but he did not considoi it altogether such. £18815 for milk, £"1.17 fot coals and stoic, £K« for c.uting hid gone into genei.d cii dilation. The amount foi the buttei was small, but it had tinned out bettei than they thought. If the milk was weak vi checse-L'ning qualities, it wan all light foi butter. Thenwas no pump wink in that. (Laughtei.) He tiaced a gieit deal of the loss to the pigs. They had bought bad pigs, but they had either to tin m\ the whey away or buy the pigs. He thought now that it would h.i\e been hottei to hue tin own it aw \y. But this had been to a gu-at extent lemedied. The\ hid pigs of a hoft«r cl iss " boaubng out," which they would bin in again in the spiing, and he belie\ed they would turn out noil He believed tint the suppheis should iehe\e the nmi pioduceis of some of their shaies. He did not include storekeepers in this. He agreed with Mi Sw.irbiiek that they were woiknur "ii insufficient cipitiil. He had \isited the factoiy constantly and could sa\ that the management was all that could be desired. He had alw.Us thought 4d little enough to pay foi the milk, .md lest it should be said tliathe h id a, selfish aim m view he would say this, that when the smallei shareholder supplied a sufficient quantity of milk, he would cp ise. In conclusion, he would icimrk that though the veai's opeiatioiis were j appaiently uiisatisfactoiy, jet on the wUule they weic i«»i>.<<iu\blv successful. Mi (ten. Kdgecuiube ,iud Mi Campbell paid .i high tubute to the mannei in which the books and accounts of the company had been kept. Mr Knov said he felt constiamn 1 to niti mate that though he was the secietarv, the clei il d woiK bul ile\ ohed upon Mi (J. H C.utei, to whom all the ciedit was flue. The Chaiintau, lefeiimg to Mi Sw.nbnek's lein.uks, agieed th it the capital had been too -.mall at the beginning, and the\ must lemedy the e\il The motion was then jnit and canied. \nrn or m whs. Votes of thanks weie passed to Mr Kno\ foi the Use of his offices, and to the letirnig iliiectors, and to the acting-secietai v of thetompany. Mi C.utei. Mi Kno\, in n tuinim,' th.inks, said the faitorv had done a gieat deal of good to the distiict in mmv ways. If he nevei got a penm in dnidends, he w.is satisfied as a business man that he had iecei\ed considerable bmeht, with otheis, fiomthe establish ment of this and otlsei cheese factoi ies. He thought his co-diiectoin, who attended the meetings without pay and at great inconvenience to thenisehes, deseived most of the pialse. TheChanman letuined thanks for tlm diiectois. Mr Cuter also retuined thanks. Cai>t Runeiinan said he had ])ie]>ared a com-i.irative stntement showing the piohts accruing on each cow . The liguie-. weica little moil' satisfaetoi v than List \eai. T'le ( "ban man said the thanks of the cum pany weie due to .several gentlemen who had gi\en laboui giatintouslj in vaiious ways. rr.Kcitov ok dikktous, fee Capt Steele ami Mi W. Dey weie elected dnictois. Me-sis (!. Edgeeninbe and A. Campbell were ie elected auditors. It was ie-ol\ed t>» hold th" next annual meeting on Tn»sd iv, the 27th of .Inly, IKSIi The meeting dosed with a vote of thanks to tile ehan

T)n. £ <-. d. £ s. d. To Cheese Account— .it 4d) 1881) 3 7 Co.il-> and stores 157 17 (5 C.utmg & freight 133 it 2 —— 2177 10 3 To Buttei Account— Milk (1,r.32,' gl*.) 2"» 10 11 St >ros 3 ."> 0 C.utuig & fi eight I II 0 — 30 411 T<> Pigs Account — Pigs 22.") 12 8 .St<uoH 02 4 » Cm tuijj te fi eight 41) 1 6 333 IS 11 W.igcs . . 272 I) 0 Interest and Ratos HJJ) 8 <i lu->uiancu 1(5 1 0 Sundiy expenses 33 8 10 i' 3032 IS 5 Cit. £ ». d. £ b. «1 Ky Chelae Account — S.tl.-s, 1!»,72')\1b. 1043 10 4 ()uhand,."> 1<.)l)51b. 1 < .)l)51b. 1227 lit .*> 2271 18 it By Duttor Account— S.ilr-, 1 10 4 On h.uid 3S 11 !) 40 2 1 Hy Pig Account - "S.dt's L»10 (i .1 Pifjs and Imcou on hand 21."i 3 11 4.V> 10 4 Prciuiuin fnun Cainbud^e Fartoiy 20 0 0 Kent of land 22 11 0 C.vpitnl to halnncu (loss) 222 II) 3 £3032 18 .")

Dit. £ h. d. £ s. d. To Loss, as per Profit and Loas Actimnt 22_> 10 3 „ UiLmco 21!»4 17 4 £2117 13 7 On. th.' h. d. £ s. d. By Cipit.il, as per l;i-4 -,t,iteincnt 2117 13 7 £J»l7 U 7 Hy li.il.mcc fil'.U 17 4

Profit and Loss.

Capital Account.

Assets.

Liabilities.

£ ■». d. £ s. d. Uncalled up Capital llL'."i 0 0 Aneaii duo on calli IIS (> (! 1273 C •> Propel ty !137 1" 3 fiuildin^ »iO(i fi 10 M.ichnn'iy XV.» 7 ft\ [/'lkh'sc on li.tnd 1H27 l!> . = > liuttiT „ „ 3S 11 !l Pitfi and bacon on hand 24% .'< 11 on hand '27 '2 f! Book dobt^ 208 0 H] CaMi on hand 7 !!• 3 K'A'Sl V> 11 li.il.inp.it i"'lO4 17 i

Loan Advance <m London consignment Bills p.iY.il'le . . Account-, owing Bank of Xe\v Zealand o\erdr.iffc Balance 1000 0 221 0 7<i7 13 :L>l 17 !»22 H 21'»4 17 0 0 I 4 2 1