GISBORNE BAKERY COMPANY.

Gisborne Times, Volume XXVII, Issue 2698, 31 December 1909, Page 2

GISBORNE BAKERY COMPANY.

ANNUAL MEETING

The first annual meeting of the Gisborne Co-operative Bakery Company was held in Townley’s Hall last evening. In the absence of the chairman, Archdeacon Williams presided, and a number of shareholders were present. The first annual report was read as follows: “The directors herewith present their first annual'* report and balance-sheet for the year ended 31st August, 1909. Although the directors are unable to recommend a dividend, they feel that the company may be congratulated on the result of the first year’s operations. At starting the weekly output was 1870 loaves; at the end of the \eav it had risen to 4000 loaves. At the inception of the company bread was selling at 4d per loaf, but dropped to 3i-d, later being raised to 3ifd ; but loss entailed by the reduct/on in price amounts to about £2OO, which has resulted in a slight deficit on the year’s proceedings. At present the weekly output amounts to 13,900 loaves, and the company is fully established in the confidence of the public. The company is in possession of machinery.-capable of an output of 3000 per diem, and this not being used to its full capacity, means capital lying idle, aiul rendered imperative the expansion of the business. Accordingly when an opportunity occurred of acquiring the longestablished business of Mr. J. Erskine, your directors availed themselves of it, and consider that they Ipive thereby placed the company in a very satisfactory position. In order to take this step it was necessary to make a further issue of shares, and up to date 3063 additional shares have been up. It is proposed ultimately to concentrate the businer.s in tlie premises formerly occupied by Mr. Erskine, as this is recognised as one of the best stands in Gisborne. It is hardly necessary to point out that bv the combination of the businesses under one management a considerable saving has been effected, and when the alterations in progress have been completed, this saving will be further augmented. Messrs A. P. Hailey and H. E. Hill have resigned from the directorate, and their places have been filled by the appointment of, Messrs F. Hall and j). J. Barry. The chairman (Mi\ G. Palairot) and Mr. L. lledward, director, are retiring, and do not seek re-election. Messrs J. Erskine and C. P. Davies have been nominated to fill the vacancies thus qreatod. The j-etijing auditor (Mr A. Graham), being eligible, offer s himself for re-election. —On behalf of the Board of Directors, G. Palairet, chairman.”

The Chairman, in moving the adoption of the report and balance-sheet, said they would have liked to have declared a dividend, but they had had serious competition when the price was lowered Jd, and this had hampered them. They now had most up-to-date machinery, and hoped to be putting out a great increase in the number of loaves, as the greater number that were put out meant a reduction in the cost. The combining of the two businesses would mean a saving to them, and it was hoped to have the two businesses under one roof. He felt sure that the outlook was very favorable. The adoption of the report and balance-sheet was seconded by Mr. G. Wildish and carried. Messrs J. Erskine and C. P. Davies were elected to the Board of Directors, and Mr. A. Graham was re-elected auditor. A recommendation to the committee was carried to the effect tha’t a month’s notice of the annual meeting, with the names of the retiring directors, should be given by advertisement in the press. A vote of thanks was passed to the directors and to Mr. C. G. Piesse, the secretary, for their services during the year. A vote of thanks was passed to the chairman, and the meeting closed. ■-<