PATERANGI CHEESE FACTOBY

Waikato Times, Volume XXV, Issue 2040, 4 August 1885, Page 3

PATERANGI CHEESE FACTOBY

A mi- mini, of settlers interested in thm factory was held on Saturday. The attendance was not laige, and the chair was occupied by Mr Macky. The Chairman in opening the meeting said it was called to asceitam what proposals would be suiUblo to the suppliers for the working of the factory for the coming «ea-on. The secretary (Mr Cfermann) would read the statement of what was done during tho last year. Mr (foimaun then read the statement He said ho would first read what would be a shareholder* statement, and then what would lie a supplier's statt incut. 1, The fattoiy opened on the :22nd of Octnbei, ISM, and closed on the lltli of April, being oi>en for 140 days, receiving 497,1).{71b>, an average of 340 gallons a day. The price charged for making was l|d per gallon of lOlbs, which yielded a revenue to the factory of £259 4s ; the pioht on pigs was £31 7a 7d ; the amount lealiscd on. butter, £2(5 10» 8d ; total, £317 2s 3d. Expenditure. Wages, £200 ; interest, £G0 ; insurance, £10 JN (id ; cheese cloth, Cl 2 ; rennet, £31; s.vlt, £8; stationery, postago, &c, £10 ; sundries, including brooms, oil, lard, blushes, fee, £15. Total, £307 0s (id, showing a loss of £o0 7* 3d. 2. From tho 41),7001bs of milk received the total amount of cheese made was 43,J001b5. The total amount of cheese Rold and on commission was 28,5171b5. During the pant few days one ton of cheese had been shipped to Auckland. Therowere on hand 5 tons Gcvvt of cheese, which was valued at about £2"»0. About 14oz of cheese had been made from the gallon of milk, reckoning the gallon at 101b\ The cheese feent to Auckland lias been sold by the company's •gents at 7>\d to retail dealers. The commission was about Jd, leaving 5d per Ib. Agaiu-t that was to be charged the cartage to the station and insurance, which, hmve\er, were but small items. The directors thought it expedient to insure the cheese vi case of l<ids. The quality of the cherse was excellent. According to his calculation.'', at the rate of 14nz. of cheese to the gallon, the price to suppliers would be about 3£d. The amount of milk received after cheesemaking ceased was 12,4791b5, winch yielded Snllta of butter, >vhich was equal to lib of butter from 2}gnls. of inlk. The Chan man said that if tho supply of milk had been up to expectations, viz., 380 instead of 340^,i1-«. ft-day, the loss would have baen very considerably reduced; but ■till there would have been a loss. The factory h.«s lost £00, the overdraft is nearly £.)00, and there is not a gieat deal of capital to be c.ille 1 up to help to reduce that over draft, which cannot be expected to be much less thin it id as long as the su;>ply of milk it not b tter kept up, and the interext on the overdi.vft must be a first charge. Mr H. Kay nuked whether, accoiding to ' the original articles of association, the direstoM thought it honest to take the nhaicholdm's money to pay all th" woik ing expenses? He understood that aftei all expenses had been paid the surplus would V»' divided. He asked this question because he thought the factoiy was to be conducted on co-operative principle- 3 , when all would t ike a share of tho n«k. This he undei stood to be the original understanding. The Cli lirman said that was the oiiginal intention, but the directors found they were compelli d to make a fixed charge to keep the fa.Hoiy going. Mr.T. H. Scott: Who bears this loss? J)<>es it < ><uit3 out of tho company, or will the supplier luve to bear it? He thought fioni the management the directors wore responsible. The Chairman said they had no claim Upon suppliers who weie not shareholder. Tho Secietary "iid they could not make a charge the first year, but last yeai they told the supplien they would make :\ fixed charge, foi making, and expected a certain quantity of milk, but the siipplims would not bind themselves to that, for as soon as butter went up in value, much of the supply dropped off. The fault was not with the diiectors, but with the suppliers, who did not kt'ep up the supply. Mr Ligertwood : By the ai tides of association aie not the diiectois supposed t« make at a fixed price? If such is the case, the company is liable, if tho diiectois have not exceeded their powers The Secietary said such understanding did not appear in the articles of association, but it appeared in the prospectus. Mr k.ay personally wan satisfied with tin: working of tho factory. He thought if the supply wtje greater it could be worked moio aatirffactorily. The Chairman said if tho supply had been greater the valuo of tho milk would have been 3tfd. After several other questions had been put, the secretary read tho following proposals for the working of the factory during the coming year :—lf: — If the factory is kept open from the l."»th October to Ist May, vi/.v i/. ; K)0 working days and an averAgo of ~>oo gallons, or a total of 80,000 gallons for the season, the company can make tho checae for Id per gallon of lOlbs., the company keeping the whey. If tho suppliers desno to keep the whey, the company would charge 1 [d. The suppliers could, if thoy wished, keep pigs and appoint their own committee to feed them, and also find the capital necessary to buy them, but if they requhe tho company to buy and feed them, a charge for inteiest on the capital and taking care of them would have tn bo made. With a supply of only 00,000 (fallons for the season, a charge of l^d would mvc to be made as well as keeping the whey, A committee w, is formed to lay the proproposals before the suppliers, and report on a future occasion. A vote of thanks to the chair terminated the pioceeding*.

Rk.nts on the Argyll Estate.— At the Whitsunday rent collectiou on the Pake of Argyll on Monday, the tenants were allowed an unsolicited reduction of 10 per cent, on their respective rents.