PATERANGI CHEESE COMPANY. Annual Meeting of Shareholders

Waikato Times, Volume XXVII, Issue 2227, 16 October 1886, Page 3

PATER ANGI CHEESE COMPANY. Annual Meeting of Shareholders-

MHjMacky (chairman) read the notice in Thb Waika ro Times convening the meeting,. The secretary, Mr R. T. Millar, read the directors' report and balance-sheet. The following is the report :— Your directors regret to have to meet yon again with a small loss on the year's working of £5 3s 3d. Thisfis caused by the wortness of the milk supply in consequence of tho exceptionally dry season. As you are aware, the factory was leased to Mr. Mc'Lnrpn for the sum of £70 per annum, provide^, there was a nnlU supply of 50,000 gallon*!, and if the supply fell short ot 50,000 gallons he would be allowed a reduction of rent at the rate of £4 per thousand gallons down to 4">.000 gallons. And a clause- in the agreement permitted Mr McLaren to retire from the lease if the supply fell short of 50,000 gallons, which he did at the end of the season. The directors then advertised the lease of the factory, with the result that Mr Jesse Mead — who was the fist manager — became the lessee at the minimum rent of £G0 per annum. The buildings and plant are in good working older, and theduectns are hopeful that this will be the last time a deficit on the year's working will be shown. The milk suppliers have been paid 3d per gallon so far, and when the small balance in the factory is disposed of, and the outstanding accounts collected, it is confidently believed there will be another halfpenny per gallon to be divided, clear of all expensed, making 3\d per gallon of lOlbs., which is about equal to 4d, taking the usual weight- per gallon of the other factories into account. Balance-sheet. TROFir and Loss Account.— Dr. : To interest, £40 15s 3d ; insurance, £10 18& ; salary 1 , £2 10s } ; teletrrams and stanips, £1. Total, £55 3s 3d. Cr ; By-, rent, £5,0 ; balance loss, £5 3s 3d. • Assets : Buildings, £341 lls 7d ; plant, £722 0s 2d ; debts due, £16 8s 7d ; stock in hand, £6 12s lid ; unpaid calls, £51 17s tid. Total, £1138 10s 9d. Liabilities : Stocks, £727 0s Id ; bank overdraft, £411 10s Bd. Total, £1138 10* 9d. We the undersigned auditors hereby certify to the correctness of the above balance-sheet. (Signed) W. J. Hunter j Auditors . James Ryburn j The Chairman : You have all heard the report and balance-sheet read. The loss this year is small, and is easily accounted for. To make the factory a success this year it only wants a large supply of milk, and that, no doubt, there will be. We hope to pay the suppliers 3Vi per gallon, and that, I think, is a very good price. Comparisons are odious, and Ido not like to draw them between this and other factories, but I think it w excusable on this occasion. I do not wish to reflect on the management or mode of conducting operations in other factories, but when we consider the losses made by them I think we can congratulate ourselves that our loss for the past season has been so small. Mr J. H. Scott wanted to know if the amount of £50, unpaid calls, was due by persons in tho district. He understood that all calls had been paid. The Chairman in reply said that some of those indebted had left the district, others were here. Some of the calls could be collected, but some among those who had left would never pay. Mr Scott said he had heard that some calls were due by persons in the employ ot the oompany. If such were the case they should be compelled to pay. There was no excuse for non-payment in such cases. The Chairman said if such was the case the directors would have seen to it. There was, he said, no use pressing those who had no money to pay. No doubt most of the calls would ultimately be paid. Mr Germann : Has any effort been made during the year to get them in, or any portion of them ? The Chairman: Those owing have been notified, but no legal proceedings have been taken to recover. - At this stage the Chairman said the proper course would be to move the adoption of the report and balance-sheet, and if anyone had an amendment to move he could speak to it. He would therefore move the adoption of the report anJ balance-sheet, as read. This was seconded by Mr G. Finch, and there being no amend ment it was canied. Mr Germann: As regards the item foi rent it would be as well to explain to tlu shareholdeis why it is £50 instead of £70 which was the amount of the tender. Mr McLaren offered the £70 on the condition that the supply would not fall short of 50,000 gallons. Tlie directors, of whom he was then one, from promises made felt sure tlie supply would keep up to that amount ; they consequently agreed to a refund if i' did. The supply did not keep up to the estimated amount, and the agreement ot course had to be earned out, which accountfor the rent being only £50 instead of £70 In reply to a question, the Chairmui said Mr Mead's tender was £t>o, even if the supply fell to 30,000 gallons or went up to 60,000. It was a fixed rent, regardless of amount of supply. On the other hand Mr McLarens tender was for £70 if the supply reached 50,000 gallons ; and so confident were the directors that the supply would not be anything less than that amount, that they considered his tender the higher. The dry season, as stated in the report, was the cause of the shortness of the supply. ' Mr J. H. Scott: Was there any agreement by which the late manager was to leave the factory in good repair ? The Chairman j None other than was understood in leaving it in g"od repair le^ the usual wear and tear. Mr Scott had better particularise. Mr Scott : The engine did not look well ; jt was dirty, as was also the creamer. The Chairman : The creamer was never used by Mr McLaren. The Government inspector was here recently, and gave a certificate for the engine &h being in good order. Mr Germann moved, and Mr Ryburn seconded, "That the whole of the directors, who by the articles of association retired, be re-elected." Carried. The retiring directors were Messrs Macky, A. Scott, G. Finch, R. Meredith and A. Smith. Messrs Ryburn and W. J. Hunter were re-appointed auditors. Mr J. H. Scott : Before leaving I would like to ask a question. Is it usual for the directors to let machinery go out of the factory f<*r the Use of private individuals ? Mr Mead said the churn was missing, and that one of the directois had it. Mr G. Finch said he had borrowed the churn, and that when he got it, it was not by any means in good order, as it was in a leaky state and would not hold water. Now it was in good order, and in a better condition than when he borrowed it. He had taken great care of it. He had not taken it without the knowledge of the other directors. When he got it it was not being used, and was not improving. If those present had any objection to what he had done, he was prepared to take the churn off their hands or pay for any damage they might think it had sustained. Mr J. H. Scott moved that in future none of the machinery or plant should be taken out of the factory. He moved this as a shareholder. He did not wish to be thought personal in this matter, and disclaimed any intention to be so. He did not think any damage had been done, but if one person were allowed to use a certain article, others would expect the same privilege, and there was no knowing when it would end. Mr Gerinann said he also bad the use of the churn for a time, and that it was not in any way damaged by being used, as it was not used at the factory. Mr G. Finch seconded the resolution, which was carried. Mr Meredith agreed with the mover, if one thing were lent so would another, if so he would borrow the centrifugal. Mr Germann moved that during the ensuing year the directors should make every effort to collect "all unpaid calls which could be got. About £30 were good, and he aaw no reason why nine per cent, should be paid on the overdraft without trying to get in a portion of the unpaid calls. He would also add that all shares on which the calls were not paid should be forfeited and sold for the benefit of the company. The motion was seconded by Mr Scott and carried. . In reply to Mr May, the chairman said the secretary had not yet ascertained the quantity of milk it took to make a pound of cheese, but he would have a statement ready for the meeting of suppliers which would shortly be held. The meetiug of suppliers was fixed for the 20th inst. at the factory at 2 p.m. Mr Germann moved and' Mr Scott seconded a hearty vote of thanks to the directors and auditors for their services during the past year.— Carried. Ah the meeting was about to disperse, Mr Germann requested the chairman to resume the chair. He had a matter which was personal to bring before the meeting. It had come to his ears that the secretary of $be oomiW, Mr MiUar, had said that ha

(Nlr (lerm.uin) had swindled the company out of a sum of £12 5». This was a matter which seiunisly affected him and his family, and ho had consulted a solicitor on the mitter. He had two or three witness to prove that Mr Millar had said so. Mr Millar denied it, but he could prove he had said it, and he told him that unless he \\n>lc an apology which was to be lead at the meeting, he would take , legal proceedings to vindicate lm character from the aspersions cast up'M it. • Mr Millar had writton the letter. Mr CJennnnn then luuvded it to the chairman, who gave it to Mr Millar, who read it to tho meeting. The following is the letter :— "F. C. Gruuann, Esq., Sir,— ln reference to certain remarks which are in on dilation that you had misappropriated or swindled the l\iter.»ngi'Cheese Factory out of t'l2 ,"w. J dnsue to state that 1 am • not au.ue ha\mg uttoted then), but if I have, [ hosf to withdraw them and apologise for ii.iMng gun) you any cause for feeling dggiivivod. I havo had no desire to do you any iijjury, andtiust you will be sati s tied with thib explanation. (Signed), R, T. Millar. The meeting then separated.