KIA ORA DAIRY COMPANY.

Gisborne Times, Volume XXVII, Issue 2658, 13 November 1909, Page 7

KIA ORA DAIRY COMPANY.

SEVENTH ANNUAL MEETING

The seventh annual meeting of the shareholders of the Ivia Ora. Co-opera-tive- Dairying Company, Ltd., was held in the Matawhero Public Hall last evening. Mr. J. A. Caesar chairman of directors, presided, and there were, about fifty shareholders, including two ladies, present. Mr. A. F. Matthews, director, sent an apology for non-attendance. Til© annual report was read' as follows :

Your directors have much pleasure in again placing before you a satisfactory report and balanco sheet. The balance of profit and loss account carried forward from last year, after payment of dividend and writing off for depreciation of machinery and plant, is £777 6s 3d. This, together with £lO5 19s 4d. the working profit for the year just closed, leaves a balance of £io33 5s 7d to credit of profit and loss account. Of this your directors recommend : —That a dividend of 5 per cent, per annum be given on paid up shares; that 10 per cent, be written off the value of macfiinery and plant, as at 31st August, 190S;' that a bonus of £65 be distributed amongst the staff; that the sura of £SOO be placed to credit of a reserve fund, and that the balance be carried forward. Although the working profit is less than last year, shareholders have received nearly Id. per pound, or about £950, more for their butter fat this year. For the nine months from September to May inclusive 9-Id was paid, for June 10Id., and for July and August lid. ; being an average of 9.68 for. the season. Total milk received for the season 13,948,8461b.5. This’is an increase of 1.561,0851b5.. over last season. Total amount paid for butter fat £22,238 4s 9d., an increase of £3,812 over last year. Total amount of butter made 277 tons, an increase of 35 tons. It took 2211b.5. of milk to make lib. of butter. Average overrun 11.33, average test of milk 4.00. Cost of manufacture per lb. of butter 1.31 d.; cost of disposal of produce per lb. of butter ,40d; cost of office expenses per lb of butter .16d; cost of rents, rates, interest, etc., per lb. of butter .19d; total cost 2.06 d. Total costs -last year came to 2.18 d. Balance Sheet.—Capital account shows that 5312 shares have been allotted, of which 3732 are paid up. The amount received on capital account during . the year , was £6BO 4s Id. The amount expended on new machinery, plant, and improvements during the year was £1340, or less £315 insurance recovered from the T© Arai fire, £1025. In order to avoid all risks through stoppages or breakdowns, your directors decided to duplicate some of the machinery, and have put in a new 3 ton Linde freezing machine, another Toplis churn and butter worker, a new cooler, also some new separator bowls and fittings, at a total cost of about £9OO, which comes into this current year’s expenditure. The factory and creameries are now all in thorough working order. Shareholders will learn with satisfaction that the Government lias at last, as a result of representations made by this Company, agreed to make Gisborne a grading port, and to send a grader here. This will be a great advantage to the Company, and to the dairying industry throughout the district. Messrs John Candy, E. Knight, and A. Lange retire by rotation from the directorate this year, but are eligible for re-elec-tion. Notice in writing must be given to the Secretary ten clear days before annual meeting, by any shareholder intending to propose either himself or any other person as a candidate for election as a director. This rule does not apply to retiring directors seeking re-election.

The balance-sheet showed the assets of the company at £12,837 19s Id. and the liabilities £11,004 13s 6d, leaving a balance for profit and loss account of £1833 os 7d. The capital account show ed that £2908 was fully paid up. Other amounts paid up totalled £ISBO, leaving 688 shares unallotted to make up the authorised capital of 6000 shares at £6OOO.

In proposing the adoption of the report and balance-sheet, the chairman said they could congratulate themselves on having gone through a good year. The total amounts of the turnover of the -factory from its initiation were striking. The total amount of money disbursed since the company started was £146,250. The factory would continue to go ahead if they continued to supply good milk. The directors had kept themselves well posted in the affairs of the company, and had shown the keenest interest. They were spending a large amount on new machinery, but this was necessary, and the result was shown in the grading report, which could not be beaten in the Dominion. He, with the/manager and another director, had visited, the last Manawatu show, and the result was so good that he suggested a director should visit the show every year. The recommendation that a bonus should be given to the staff was because at-was thought a little ei couragement should! he given them as they had donc'vOry good work. The chairman also spoke'-on the fact that a butter grader had been appointed for the district, and announced that the company had taken over the agency for the Delaval separator, and were prepared to assist suppliers at a distance to instal these. Several questions and comments were made on the report and balance-sheet, and, on Mr. N. Jacob seconding the motion, the report and balance-sheet, with the recommendations entailed, were adopted-. Mr. li. M. Porter was re-elected auditor. . , , Messrs John Candy, E. Knight, and A. Lange were re-elected directors. The chairman said lie would bring before the directors the desirability of increasing the number of directors, as he thought Te Arai district shouul he represented. The special recommendation that the capital of the company should be increased to £IO,OOO by the issuing of 4000 additional £1 shares was then put before the meeting. The chairman explained that the directors did not propose to issue the shares as they did in the first case, but they wanted'the shareholders to allow th • shares to be created. The secretary (Mr. A. Graham) outlined the- advantages of increasing the capital, and after considerable discussion it was resolved to increaso the capital by 4000 £1 shares. A special meeting will be held before three weeks elapse to confirm this resolution. , Several recommendations were made for the directors to consider, and a vote of thanks to the manager and the statt of the factory and to the chairman concluded the meeting. _ During the evening an excellent cold supper was jirovided, the catering being in the hands of Mr. J. Erskine.