CAMBRIDGE CHEESE AND BACON FACTORY COMPANY.

Waikato Times, Volume XXIX, Issue 2352, 6 August 1887, Page 2

CAMBRIDGE CHEESE AND BACON FACTORY COMPANY.

Annual Meeting.

Thk annual meeting of the above company was held at Cambridge yesterday afternoon at d p.in. The directors present were Messrs J. Taylor (in the chair), .1. Allwill, W. M. Douglas, T. Ik Lewis, .1. R. S. Richardson and Ferguson. Tire following shareholders were also present; Messrs J. Barley, T. Wells, d. Ik Thorns- m, H. tiiilett, Norris, Dougherty. Siiaw, Booth, •Selby, Moisley, R. W. liver. Houghton. •L Arnold, .1. S. Bond, B-.ulcr. B--re, o! Watt (manager), and Macula (auditor). The circular convening the meeting and the minutes of the last annual in-a-ting were read, the latter being confirmed. The directors’ report and the balance-sheet for the past year were read. Dim-xroits’ Reeokt or the Cauhihpijk Ihi IKY PilfilUTK ANTi Iku'ON F.'.eioltv

Comi’asv (Limited), .Ini .Anabr. Iss?. In presenting this, the second annual re* port, your directors again regret to state there is a deficiency on this y.uirs transactions of, £331 Is 7d ; which chiefly ari-es from the following causes viz., h-s., ~n consignment of cheese to Sydney, in December bs.Sli, which was valued in la-t balancesheet at ojd per lb, and only realized lid peril), showing a loss thereon of £74 Ifis 31 ; further in December last year, owing to the over stocked state of the cheese market, prices commenced to fall and have steadily continued to decline, the highest present price in Auckland being bid per lb nett, delivered. The price for milk having been fixed at 3',d per gallon of XOjlbs, and tire greater put of the cheese manufactured this season having to he sold at the above-stated reduced price, I' d per lb, shows a loss of 2s. These sums, together with the large amount of interest, £lßl Is (id, paid on bank overdraft, will fully explain the cause of the present deficiency. In the present statement of assets, the cheese in stock has been valued at l',d per lb, and your directors trust this price will be realised, and even hope some, improvement in market prices will take place before the whole of this quantity is disposed of. Vonr directors have much pleasure in stating that the quality of the cheese is still maintained, and the highest market prices received, which reflects the greatest credit on onr manager. The pig account shows a profit of £32 15a lid, or about 20 per cent, on the outlay, which, in the present state of depression, may be considered satisfac tory.—Book debts ; In the statement of assets the amount under sundry accounts receivable seems large, but since the bal-ance-sheet was prepared the sum of £145 has been received, and primises made of payment of a considerable sum more on an early date.—Buildings, machinery, stock, Ac : Those are all in first-class condition, the smoke shed referred to at last annual meeting has been erected at a cost of £2fi. and gives every satisfaction. The retiring directors are Messrs Allwill .and Crickett, who are eligible for re-election.

•James Taylor. Bm.ANCK-SHKETOETHE CAMBRIDGE DaIKV Prodice and Macon Factory (,'omi-anv Limited, Ending 30th Jcne, 1887. Receipts. —To cash in hands of Treasurer 30th April, 188(1, t'3 17s Id ; cash on account of calls, £249 os ; cash on account of cheese sold, £IO3O 12s 3d ; cash on acc unit of pigs and bacon sold, £llO I's 10 ]; cash on account of milk cans sold to suppliers, t!) 17s Od ; balance bank overdraft 30th June, 1887, £17,23 ISs Id. T.itai, £2030 2s 2d. Expenditure: My bank overdraft 30th April, ISSO, £MSO f-s lid ; addition to premises, £2O; cash paid for milk, £7Ol IDs lid ; cash paid for pigs, £'.l7 10s Id ; .-alalies, £177 10 s ; stores account, £73 1-Is 2d; incidental expenses account, £3O 12s Id; printing and ad. rtising account, £lO 4s 9d ; office account, £4 4s lid; freight account, £3 0s (id; insurance account, £l7 10s ; property tax rates and arrears, £3 7s lOd ; interest account, £lS] 4s 0d; cash in hands of treasurer, £4 2s od. Total, £2:i3o 2s 2d.

Statement ok Assets and Liabilities, C.D.P. & M.F. Co., (Limited) 30 m Jine’ 1887. —Assets : Calls unpaid, £l3O 12s i;d ; land and buildings, £333 ; machinery and plant, £710; Cheese in stock 31,97-3 ibs, £974 10s Sd ; office furniture, £3 os; pigs and bacon, £7O; sundry accounts receivable, £420 12s fid ; Rennet, coloring, cbee-c cloth, salt, timber, &c., £7O 3--; one-third incidental expenses and legal expenses account, carried forward, £34; cash in hands of treasurer, £4 2s 3d ; balance piofit and loss account. £319 0s lid. Total, £3,807 9s 3d. Liabilities; 2033 shares at £l, £2o33—less amount uncalled at 3s. £313 13s, £1341 3s ; Dills payable (milk), £.308 2< 7d ; amount due for milk, £l3l 2s Od ; sundry accounts payable, £3817s 3d ; salaries and office account, £39 4s Od : bank overdraft, £1328 18s 4d. Total, £3.807 its 3d. Promt and Loss Aitoi nt.— To b dance from year ending 30th April, 1880, £lB7 19Jd ; to balance year ending 30: li June. £331 Is 7d. Total, £319 0s lid- My li.dh.nce carried forward £7>l9 0s lid. Total, £319 O.s lid. Audited and found correct. A. C. Macara, Auditor. Cambridge, 29th July, 1887. The Chairman said he should be glad to hear any remarks upon the report ■ -r balance-sheet.—Mr Booth : Has the £3OO been lost in one year ?—The Clerk ; Xo; we over-estimated the price on last years stock.—Mr Selby: The advertising acc mnt is very large.—The Clerk : £ll was brought forward from last year in the liabilities.— Mr Wells: What rate of interest do we pay ?—The Clerk: 9 per cent—Mr Lewis; That is too much ; S per cent, is plenty.— Mr Beere: They had better take the lot. —Mr Booth : I see you have £l3O unpaid calls. Is that lost ?—The Clerk : Xo ; that amount remains to be collected. Mr Douglas proposed, and Mr Wells seconded, that the report and balance-sheet as read lie adopted. Carried.—The Clerk then read a letter that Mr Bayley had received from the managers of the Freezing Company, asking him to obtain the feeling of the settlers round Cambridge as to tbe advisability of starting a creamery, and offering to give 2|d in October. November, December and January, 2/d in February, March, April and May, and 3]d in June, July, August and September per gallon for milk, each gallon to weigh 10|lbs, and to contain 10 per cent, of cream: the settlers to have the separated milk returned to them less 20 per cent, for cream extracted and loss in handling. The supply not to he less than 100 gallons in the summer months.—The Clerk said the directors met Mr Bayley on Wednesday last and discussed the matter, and bad entrusted him to ask the Freezing Company what price they would give for cream delivered at Hantapu station, and further saying that lOOOgals. could not be guaranteed. There had not sufficient time elapsed to receive a reply. Of course the Freezing Company would hare to find all necessary cans.—Mr Wells: What is the returned milk worth to the settlers? Mr Shaw ; jd per gallon.—Mr Oillett: It is worth more than that.—Mr Watt ; X’ot for feeding pigs. In the summer it is often sour before it can be got home. It does not pay to wait while it is separated, consequently the milk is a day old when you get it.—Mr Beere; Calves do well on it if it is sour.—Mr Watt: It takes five gallons a day to feed a pig if he has nothing but milk.—Mr Booth: Let us keep out of the hands of the Freezing C-iMip.my at all risk. They are perfect humbugs.— Mr Wells said the directors should say what they thought of the balance-sheet. If all the available assets were realised the company would still be £720 in debt. If that sort'd thing continued affairs must soon go to the bad. The whole position wanted grappling with", if the company was to continue operations. —Mr Allwill; M e cannot go on at the present rate. We must reduce the exjienses aud pay less for milk. It was a question for the settler as well as tbe shareholders, and it would be greatly to the decrement of the former if they allowed the establishment to be closed for want of a little help. The manager had offered to accept £3O less for the next year, and the clerk £lO. If the milk suppliers would accept Id per gallon less than the price pai l this year, it would (with the reduction in salaries) mean a saving of £2OO. If they erected a creamery they would make butter during a portion of the year, and so reduced the manufacturing of cheese. Then again they would breed their own pigs. Up to now they have had to buy pigs to fatten, and had always bad to pay dearly for them, and had sometimes hardly sold them for what they cost. They were compelled to keep pigs, (as the whey created a nuisance if it was allowed to run into the drain. They had been heavily handicapped by quantities of bad cheese being thrown on the market.—Mr Watt: I have just received a letter from Brisbane saying cheese is 7](l per lb. there. That would be about 4d here. —Mr Lewis : Other factories are giving up business, and are flooding the market with cheese.—Mr Selby ; What is the cost of the creamery ? I think we might to have 10 per cent, of cream incur milk. I have been at the factory and have

.—•.•n it seven, am) have hoard <i 11 1 than that.—Mr All'Vl , , " ,f > r t-et"r- int-nd ad-e-ting that in t:.- ; future.--Mr Watt: Thu aU tut 10J jrf*r ot cream. but -"in'-tin.ra the milk thickens Is-o-re y-n hive had lime to f-t it.—The said th.- who!.- apparatus for a ream-’ry would cf-t nb-mt 1130. <’].is* Brothers. of Auckland, who were one of their fs*-t c.:-tomcrs for chce-e. would take five 'T -ix hundred pound- of better j*t week if they started manufacturing.—Mr F-rgU'-m; Are the -tipplier* willingb.take 2VI |ier gallon.—(lwner- ;Xo !—Mr Booth : fe*t iw k“-;i out of the I liu-b of the Freering Company anyhow.—.Mr Allwill „ng-g-'-I-'d the company -b-,1 J pay the same price j- that offered by the Auckland firm, to which MrGillctt (ib; <d, saying it was r:-.t enough.—After a protracted dis-cu--:on. tiie meeting was adj umed for a fortnight to enable tlie directors to obtain every information as to cost of separator, supply of mnk, lowering of the rate of interest on the bank overdraft, Ac. Before tie* m-etnig .adjourned. Mr Allwill xvas ree!ecl*'d a director, and Mr Wells was elected in place of Mr f’nckett, wfei retires hv rot ilioin- -1 * tes of thanks were also proposed to directors and manager.