CHELTENHAM FACTORY.

Dominion, Volume 4, Issue 1215, 25 August 1911, Page 8

CHELTENHAM FACTORY.

ANNUAL MEETING OF COMPANY. Ths annual mooting of .the Cheltenham Dairy Company was presided over by Mr. J. Bruce, chairman of 'directors. In moving the adoption of the report, the chairman said a record price had been paid to suppliers, and he thought, .from their point of view, the result of the past season's operations should be considered satisfactory. The year started, under favourable conditions, and the export output was sold at a figure that.. apparently warranted the'dirjetors in paying the suppliers IOJd. for their butter-fat, and had it not been for the drought, sufficient profit would have bwn inado to pay a dividend. As tho season advanced, the. directors noticed that tho milk supply was not improving, but they did not feel justified in reducing the payments to suppliers'. The directors realised that the non-supplying shareholders• wore entitle;! to receive interest on their money invested in tho company, but und-a , last year's' circumstances it was impossible to pvovids for a dividend, without reducing the'payments for biitte.r-fat. He quoted a few 'figures.■.showing-..h0w., the milk supply had'.bsen-affected, 'as -compared with th,? previous year; During ths month of April, 11)10, <£!391 Bs. 7cl. was paid for butter-fat, and for the corresponding .period of 1911 they only paid £175 Us. 7d. In May, 1910, £725 4s. lid. was paid, and in May, 1911, only £182 13s. 10d. Tho difference between tho season 1010 and 1911 was £3490 (is. 7d. The average net price received for butter wa;. lOjd. The price paid to suppliers for tho season 1010 was lO.flad., and for the season 1911 10.583 d. The company's overdraft was a gcod deal higher than tJio previous year, -but this was accounted for by the pnrcha-M of tha liewa.property and by ths-stocks on'haixl being heavier, tho smuliry creditors being fewer, and tha sundry debtors being more; also by tho repayment '-'f £25"0 :to Mr. Banks. The avr.riigo cest of manufacture-'was 1.3"d., and the total' cost of manufacture, not including depreciation, I.BBd. Messrs. T. A. firycV and \V. .Stretton were elected to the direct-irate, and Messrs. G. O'Ualloran and \V. It. Walker were elected an tli tors.