9

H.—9,

cows, as you well know, having been picked up at sales, without regard to their breeding or milking qualities. I think, by careful selection and breeding, we shall soon get a class of cow that will give a fair return, and in a few years, when factories are spread over the country—I should like to see fifty of them in Waikato—we shall be able to make much more favourable arrangements for the export of our cheese, and be in a position to command outside markets. At present the rates of freight and railway charges are too high altogether, and too much is paid by way of commission. Those shareholders who have not supplied milk to the factory have not received any dividend this year, but I think everybody has got a return for his money, and a good one too. We have produced £1,800 worth of cheese, and that is so much money put into circulation. It wants careful management, and the mistakes we have committed will not be repeated. I can bear testimony to the skill and energy of the manager, and he, lam sure, has profited by the lessons of the past year. I can also bear testimony to the high qualities and industrious habits of Mr. Eunciman's assistant, Mr. Allen, who has qualified himself to take the management of a factory. I have always been in the habit of visiting the factory whenever possible, and from what I have observed I can speak in the highest terms of the management. If the shareholders will only have a little patience I feel certain they will get a good return for their money. Mr. J. J. Barugh said: I think, gentlemen, we ought to be very thankful to the directors for the way in which they have managed the business of the company. They have done very well; they have got through many and great difficulties with a comparatively slight loss of money. The expenses, as was natural, were large, and I am bound to say that I did not think we should have got through the year with so small a balance against us. In future I have no doubt our most favourable anticipations will be realized. Of one thing lam quite certain, and that is, that we could not have better management. The motion was then put and carried unanimously. Milk Beturns. Captain Eunciman, managing director, said it would be within their recollection that he had made certain statemeats concerning the yield of milk per cow, &c. He now proposed to lay before them returns which would, to some extent, verify those statements. Although the results did not come up to what he had told them, they would be very instructive. "What he had told them before was based partly on theory and partly on practical experience. As it had been shown, a gallon of milk produced only 15oz. instead of 16oz. of cheese, which latter amount he had produced, though the calculations might not have been strictly accurate. He would now give the meeting the bare facts about the eight months' working of the factory:—

Monthly Statement.

Quantity of cheese made, 94,2111b., from 101,131 gallons milk. Thos. S. Eunciman, Manager. James Eunciman, Managing Dirccter. The following is the individual statement:—

2—H. 9.

Month. Number of Cows. Number of Days. Number of Gallon. Number of Gallons per Cow. At 4a. per Gallons. Average per Cow por Month. Showing Averago Percentage. )ctober November December anuary February ilarch ipril lay 144 233 273 310 314 300 283 199 27 26 26 27 yr> 26 26 27 7,275 13,887-7 17,014-5 18,410 15,318 12,991-6 10,168-G 5,460 50J 59 G4J 594 48J m 35f 274 At 4a. IV » £ s. d. 0 10 10 0 19 8 110 0 19 10 0 16 3 0 14 1 0 11 11 0 9 2 13 15 14 14 14 14 15 19

Namo. Number of Cows. Number Number of of Days. Gallons. Amount received. Bate per Cow. Mr. S. T. Seadon Daptain Stecle Mr. I. Coates Mr. J. B. Whyte Mr. B. Wood Mr. James Kunciman fclonel De Quincy JVaikato Land Association Mr. J. J. Barugh Mr. J. Cochrane Mr. S. S. Graham Mr. N. I. Hunt Mr. A. Primrose Mr. W. Coop Mr. A. Swarbriok Hr. T. Robinson tfr. B. Coleman T. Mr. R. Gillett 11 iit! -.. 20 <11 15 19 20 23 10 39 23 10 15 7 10 9 14 7 12 5 208 210 197 195 209 210 210 210 201 210 179 150 156 13G 133 38 139 99 7,076 10,744 G,G25 7,876 7,459 10,584 2,922 15,772J 8,529 3,719 4,G98 1,796 3,G52 2,192$ 2,422 349J 2,938 1,024 £ s. d. 117 18 4 179 1 4 110 8 4 131 5 4 124 G 4 176 7 0 48 14 0 262 17 G 142 3 0 61 19 8 78 G 0 29 18 8 60 17 4 36 10 10 40 7 4 5 16 6 48 19 0 17 1 4 £ s. a. 5 17 11 8 2 9J 7 7 2J G 18 2 G 4 3J 7 13 B§ 4 17 4} G 14 9J G 3 7J G 3 114 5 4 4| 4 6 C£ 6 1 8g 4 14 CJ 2 18 4J 0 16 7* 4 17 3 8 3