CAMBRIDGE CHEESE AND BACON FACTORY COMPANY. Meeting of Shareholders.

Waikato Times, Volume XXVI, Issue 2164, 22 May 1886, Page 2

CAMBRIDGE CHEESE AND BACON FACTORY COMPANY. Meeting of Shareholders.

The annual meeting of shareholders in the above company was held on Thursdayafternoon at the Town Board office. There were about sixteen present. Mr J. JR. S. Richardson occupied the chair. , The Secretary, Mr J. P. Thompson; read the minutes of the last general meeting, which were adopted. The Chairman submitted to the meeting the following report and balance-sheet, and moved that thpy be adopted. Balanck-srskt indi.ng 30th April, 1860. Receipts.— 2oss shares at 12s'. Od called up L 1284 7s fid ; less calls unpaid, £121 7« 6d41163; cash on account of cheese sold. 52031b5. 21112 2s 6d ; cash. pigs sold, £178 19* 7d; cash stores account, milk cnns sold, £84 4s 9d : cash cheese boxes. £10 10s Cd; Colonial Bank, overdraft, £1486 8s Ud. Total, £4036 6s 2d. Expenditure.— Land and building, £808 16s 6d; machinery and plant. £740 18s 8d; incidental expenses, £107 14s lid; petty cash; £9 : printing and advertising. £18 14s 3d ; office account, books, furniture, etc., £25 12s 5d ; freight account, £'± 19s ; legal expenses account, £40 12s lOd ; wages account. £274 7s 4d : pir account and feed, £150 0s 7d; cash paid for milk, £1511 'Is <sd ; stores account, £ID9 17$ 8d ; interest account, £112 ss ; insurance account, £29 7s Od ; cash in Secretary's hands, £3 17s Id : Total, £4035 6s 2d. statement op assets and t.taihlitiks, ending 30th April, 1886. Assets.— Calls unpaid, £121 7* 6d ; land and buildings, £808; machinery and plant, £740; cheese in stock. 40,5201b. £886 7s 6d ; sundry accounts receivable, L29S 10s 7d ; office furniture, L 5 5s ; rennet, colouring, cheese cloth, salt, timber, nails, and milk can, Ll3 14s 3d ; pigs, 1.60: two-thirds of incidental expemoii account, legal expenses account, le, carried forward, LOS ; cash in hands of secretan, L 3 17s Id ; balance profit and loss account, LlB7'l9s 4d. Tot il, L 3193 7s 3d r Liabilities.— 2oss shares at 12s Cd called up, L 1284 7* 0d; amount due milk suppliers, L270 15s Cdj sundry accounts p»jable, Lggfe I} 4 ; jrajes, ,

and office account, L 22 lls 7d ; interest on bank overdraft, l.»(il0<10,l : bank, overdraft. L 1486 8* lid. I'utui, L<M9.I 7s :id. L'kokii ami Loss Act ot.\r.— To balance from >ear 30th April, loi'O, LIST lUs 4d. Audited and found correct. A. G. Macara, Auditor. Cambridge, 12Jt April, I SHU. bIKKCKIKs' KKPORT. In presenting the fir*t report, your director! regret that there is a deficiency in the operation* of the Company amounting- to £187 19s 4d. It will be remembered that tb<* factory com* menced work on December 10, 1884, and clom4 for the season on A^nl 30, 1835, making that season a tery short one ; the supply of milk was also very small and required the same amount «f labour as if double the quantity had been re* reived. Tb<* factory wax again opened •■ October 20. 1885, and closed far the season •» April 30, 18S0. The deficiency may be attributed to the following muses, vizi The large amount of interest {f.Vii 15s IQJ paid to the bank «n account of overdraft, which roigbt have beta obviated to a large extent had the shareholders bi-en willing to pay larger and moro frequent calls to provide fnr cost of buildings, machinery, and working expense;*, and thui have saved »• Company paying high colonial interest to tk« banlv : further, this course, had it adopted, would have lelievcd >our directors from a cm* vdcr.ible nmount of trnub'e nad anxiety ia finanring Your directors might aNo meatioa that thr\ had «n more tkan one occasion* fo gir« their ohm personal security for advances, t— Sundry expenses necessarily incurred at tk« commencement of this or any nthcr factory; als« havme paid 4d per gallon of lllbs for the supply of milk during the first season. Your director* arranged at the beginning of the season, that the price for milk supplied be 3Jd per gallon of 10|lbs, and fee! confident that the factory hat, durinf the past season, paid working cxpensM, and further feel assured tbat at the close « another season a much more satisfactory result may be anticipated. During the first season, our factory being new, I he cheese had to be trial in the market before buyers would commit th(*m> selves to purchasing. Now that it bsy been ia> troduced and reports from 'all' sOuccej beiag highly satisfactory, sales will bdl tftuch mor* , .easily effected and command <tbe highest pries. A new strticle cannot realise top I>rice on its first introdqefinn to the public, Jhe quality of ok cheese reflects the hiclicst credit on our maaagar who has been most assiduous in his dutiM, and descrres the warmest thanVs oi the skara* holders.

Pigs.— This branch has been attended with very feat success, a nett pjbfit of &8S haviaf been realised from them, ana therc*ss every re«suppliers m Cambridge )Vest withdrawing tbair supplies on March 31, and in order to obviate tk« s^me occurrence in another season, it has bedi resolved by your directors that a, bye-law b* framed tn the effect th.it any milk supplier erasing to supply milk until the iactory closet, holds himself liable to have ten per 'cent. de« ducted from the amount of his previous quarter's account. The average n-turn of the strength •{ milk is, December, IS^'j, 10-l-6th per cent, cream, Jl suppliers, January. ISsO, 9 010 per cent, croam, 30 suppliers; February, 10 1-5 per cent, cn-im, 'M suppliers : March, 11 per ceni. rrp.im, 29 suppliers; April, 12 per cent, cream, 21 suppliers. Average quantity of milk during the season to lib crtecie. lOlbs 5i ozs. From the above return it will be seen that the quality of the milk is much better during March ani April than in other months, and sunt affwtt cream so doe* it affect tin produce oi cbees* ; hence the necossitj of milk suppliers bein^ com* pelted to continue their supplies until the factory closes.

Book Dejtts.— In the ctaterientt qfsuteU tha amount under " Sundry accounts ireeeirable" is Urge. This amount is principally for cheese sold at thr latter end of March and during the month of April. s Tho whole amount of debts d«« on accounts rsndercd to Marrh 31 is Lll 12i 4d. Since ' the balance sheet was prepared the sum of LO5 17s lOd has been received on account of cheese sold at the latter end of March and the beginning of April, No bad debts have brcn made up to the preseat tints. Buildings.Machixkuy. Stock, etc.-s-Tbes^are all in first class condition, and your director* feel certain that this factory will stand favour* able comparison with any in the colony. A new smoke shed is being erected with a view t* curing bacon. The retiring directors are Messrs J. R. S. Richardson, and A G Hughes, neither of them offer themselves for re-election, the former o* account of his being about to proceed to England, and the latter on account of his husiness requiring his personal attention. (Signed) J fc S KniMßDso.v, Chairman of Directors. Mr Selby raised an objection to the item of £U8 being taken as an as^et, when it wh in reality a, liability. It should be placed] against profit and loss. A triangular argument ensued between Selby, the chairman and the secretary, the latter explaining that it was usual not to charge the whole of the expenses incurred in initiating a concern in the first year's operations, but to divide them over three years and sometime* five years. ' ' Mr Butler asked if the quantity shown was all the cheese that had been made. H# thought there should be a profit Mr Lewis : The (suppliers receive all the profits. The Chairman said he had been told by a supplier that since the factory had closed he had felt the difference, and tbat ! it wm better to take the milk to the factory than keep it at homo to mnke chee»e. Mr Solby again returned to the matter of the £G8 for incidental expenses, and Miterated his assertion that it waa on the wrong side of the account, and should bt treated as a debt. - Mr Watt said the company were still obtaining the benefit of the outlay* whick would be added to the capital value if the concern was offered for sale. (Several others were of the same opinion. - <■, \ The Chairman asked the meeting to rife an expression of opinion on the point railed by Mr Selby. Mr Selby maintained that an asset wm something of a tangible nature and which could be realised. The Secretary explained in detail how the item of £(58 was made np. ' ■ Mr Bond seconded the adoption 1 of the report and bn lance-sheet. I A protracted argument ensued.. Finally Mr Selby, in order to obtain the feeling of the meeting, ip'oved as an amendment that the I 'item of<£(tS be 'not ah agsetHbut be carried to profit ami" loft 'account; Thie was seconded by Mr Butler, who thought it would make thfng* plainer! a oT The amendment was lost, and the original motion wast then > put;and /carried, with only two dissentients. , At the Chairman's request, Mr_M*ca*a reported that he had, audited the account* and had found the books kept in a comprehensive manner, alike creditable to Ifre corn* 'panjrand to the secretary;' Mr! J. P. ThofWn. •*■*' Mr Butler thought there jftngd be a good The Chairman said there was one thing worth noting. The farmers were increasing the number of their milch cows, so there was a prospect of a Wge supply, nfjpjilk. Mr Lewis said it depended on the farmers to make the concern a 'success. Th« difficulty hod been the insufficientrJupplr of milk. - ' ! * v w Mr Allwill alluded to the fact of nonshareholders supplying milk and receiving the same price as the shareholders. Ha thought they should (make a difference in order to cause more to take shares. The Chairman explained that exception had been made in the?case of farmers at Cambridge West, where "an attempt had been made to put up a factory. He thought they would take shares. •" Mr Selby thought lion-shareholders should be charged a discount off -their payments. ' J > Mr Lewis said that owing to tile number of shares yet unallotted, they would have to do something of the kfrid. Mr Thompson said that if it had hot been for the Cambridge West farmers they would not have had a supply of milk, and the factory would have been worked at a loss. He thought they would soon take shares, as they were pleased with the treatment they had received. .■ Mr Shaw said it was mean of people to take five shares and be receiving good* prices for their milk. , ■ ) Mr H. Ferguson said it was understood when they were receiving full supplies they would dispense with non-shareholders, and then with those who only held five shares. (Hear, hear.) Mr Bond moved a vote of thanks? to the retiring directors, Mr J. R. S. Richardson and Mr Hughes, and regretted they were net offering themselves again for election. Seconded by Mr Shaw and carried netn con. t Mr Jas. Taylor and Mr W. M. Douglas were elected directors and Mr Macara auditor. Mr Brown proposed and Mt,Shaw seconded that the third Thursday in June next year be the date for the next 1 annual meeting. Carried. ' '" A vote of thanks for bis services was recorded the manager, Mr Watt, who replied in suitable terms. ( v A discussion took place on the advisability of making butter during the., -closed season of the factory, after which the meet* ing terminated with the usual compliment So the chair. t r 1 t 1 s a ti s o

A reward is offered for the recovery of three cows. ' The annual balance-sheet and account of receipts and expenditure of the KJhikihi Town Board ii now open for inspection at the office of the board. A bachelors' ball will be held on." Queen'i Birthday in the Public Hall, Hatollton. The handicaps of the Cambridge' athletic sports, to take place on Monday neit, are advertised elsewhere. Messrs Samuel Coohraue and Son. auc« tioneera, Auckland, have received instructions to will by auction at their rooms on Monday, 31st May, allotments 65 and Wt tow tt of gammon \Y«t, t