PATERANGI CHEESE FACTORY.

Waikato Times, Volume XXXII, Issue 2572, 5 January 1889, Page 2

PATERANGI CHEESE FACTORY.

A meeting of milk suppliers to the Paterangi Cheese Factory for ISSIS-ISS7 was hold on Thursday, Mr Macky in the chair. Mr Millar read the following report:—"To the milk (suppliers "f the Patorangi Cheese Factory fur the year ISSO-LBB7. Gentle.nen,—We beg to report that ucuording to your instructions we have inquired into and examined the books and accounts of your transactions for ISSGLSS7. It is our unpleasant duty to report that we Hud thu books in a very unsatisfactory condition, having evidence on their face that no accounts have been kept until required for audit—and, though the accounts have been returned twice to your secretary, Mr J. Ryburn, to meet our views, we must still decline to certify that they are correct, owing to the irregular mode of keeping them and also to the fact that to a very large extent they are unsupported by any vouchers. There is also nothing to shew how many cheeses have been made, so we cannot connect cheese made with cheese sold. No balance sheet or statement whatever has been submitted to us. To save time we have ourselves prepared a statement, which we believe to be correct and reliable, but in the absence of so many vouchers we must also decline to certify absolutely. This statement, together with the allocation we have made will be submitted to you with this report. In the absence of any specific instructions as to what basis the allocation should bo calculated upon, we have adopted what we believe to be the only correct method, and which we think will also commend itself to your judgment. Our method is briefly this: —In the first place we have calculated the nett proceeds per gallon of the whole season's business, and credited each supplier with his share, as no advance had bean obtained from the bank. We have then taken the whole amount of bank accommodation, plus interest to September last, and distributed it over the whole supply of milk up to the date when you caused to apply to the bitr/i:, in proportion to each supplier's quantity the difference between the two is undoubtedly the true amrunt each should refund. We may further state that the average nett proceeds of the whole season is one and throe-tenths of a penny per gallon. Unfortunately this is again further reduced by the interest accrued, which amounts to one-half penny per gallon, leaving you a nett return of eight-tenths of a penny per gallon for your milk supplied. We rind some trifling inaccuracies in the advances paid to mill; suppliers amounting in the whole to 10.-i 3d ; these will require to be rectified when thu amounts allocated are charged. In conclusion we beer to protest being called upon to audit such incomplete accounts as we had a i-ijtht to expect to Knd everything ready to our hand when invited by you to examine your atfairs, as we submit that ic is the duty of an auditor to examine and not to make up accounts. —(Signed) N. T. Maun'DEH and It. T. Millaii. —Mr Maunder then read the balance-sheet, when both report and balance-sheet were unanimously adopted.—Mr Millar was proposed as secretary to get in the money due, but declined to act, having already spent ton much tiino'iver this iiiiii.tur. Mr Unnnmm was then appointed. Afti'r some discussion ab.me Mr KyUini's sah'iy of Uir>, the meeting tenninat.i'd with a cordial vote of thanks to the auditors for the trouble they had tukon.