Cheltenham Dairy Company.

Feilding Star, Volume XVIII, Issue 76, 26 September 1896, Page 2

Cheltenham Dairy Company.

The annual meeting will he held on Tuesday evening next, when the report and balance-sheet will bo presented as follows : — " In submitting the annual report and balance-sheet for period ending August 31st, 1896, your directors congratulate members on the result of past season. Prices realised were fairly good, aud in the case of butter shipped to England very satisfactory Reference to the balance-sheet will show the position has improved since our last report, ana the net profit, though small, shows the company has turned the corner. In dealing with the profit made your directors considered that members would be better pleased to see the deficiency accruing from the previous two years' work reduced rather than it should be taken in payment of interest. They do not recommend that any interest be paid to shareholders this year. Thh plant having been taken at book values and maintained in excellent condition, while the cost of maintenance has been paid out of the profit and loss account, your directors do not now proposed to write off anything for depreciation. The turnover for the year was 3,745,2891bs of milk, which resulted in 148,4-Islbs butter. Members will recall the fact that at the commencement of last season mention was made of the intention of Directors to send small consignments regularly to England for retail sale. This was done with the result that the whole of the butter tsent, about 30 boxes per month, realised 112s per cwfc to the end of April. Since tnat time the price has fallen, it being the English summer, but at the last advices (July) it was realising 98s with an upward tendency. This is very satisfactory as showing the opinion held of our produce by the consumers. As a result of these consignments your Directors are pleased to announce that they have sold the whole of the out-put for next season at 9d per lb, f.o.b. Wellington, reserving sufficient for local consignments similar to last season. Your j Directors must again impress on members the necessity of affording the Company their support. The Company are in a position to handle double the quantity of milk that has been delivered, at a small increase in cost ; and this would enable your Directors to pay a better price to the suppliers, and at the same time to make larger profits. Your Directors consider that they have done all that is possible in the way of cheapening the manufacture of your preduce, and unless they receive a large supply of tnilk the best results cannot be obtained. It will be necessary to elect two directors in the place of Messrs Mills and Spencer, who retire, but are eligible for re-election ; also, two auditors in place of Messrs Church and Goodbehere, who are also eligible for re lection." The balance-sheet shows the capital account to be 1325 shares at £2 each less unpaid calls £125 15s, and uncalled capital L 668 15s, £1855 : to sundry creditors £177 7s Bd, outstanding cheques, £19 6s 7d; overdraft, £2239 15s lOd ; total, £2436 9s lid. By land plant, &c, taken at book values, £3567 9s ; stock, including butter, salt, &c, £84 4s 2d ; sundry debtors, £354 3s 6d ; cash in hand, £4 5s 3d, amount from deficiency account, season 1894-95, L2Bl 18s. The batter manufacturing account shows sale of butter L 5470 9s lOd ; but-ter-milk, Lll 10s ; stock butter in factory, £18 11s lOd ; total, L 5500 11s Bd. To payment to suppliers, L 3819 Os sd ; boxes, Ll2l 8s; paper, L57 16s 8d ; general stores, Lli>2 4s 2d ; firewood, 1.116 16s 7d ; wages, L 377 11s 2d ; balance, being gross profits transferred to profit and loss account, L 875 19s 8d ; total, L 5500 11s Bd. Profit and loss account— by surplus from butter manufacturing account, L 875 19s 8d ; sundry receipts, L25 11s. To interest, LBS 16s 6s ; freight and cartage, Lil7o 2a 3d ; repairs, L73 Os lOd ; commission, L 159 19s sd ; discount, L7B 6s 6d ; sundry expenses including rates, taxes, insurance, LlO5 13s lOd ; printing and advertising, L 23" 6s Id ; freezing, Lo7 1h 6d ; balance being net prolit on year's working, Ll6B 3s 9d ; total, L9Ol 10s Bd. Deficiency account— balance, profit and loss, £168 3s 9d ; balance carried forward, < £381 18s. To balance on Augnst 31st, I 1895, £403 12s ; loss on butter season < 1893 94, £26 6s 3d ; loss on butter sea- J son 1894-95, L2O 3s 6d ; total, L 450 Is 9d. I