Apiti Dairy Company.

Feilding Star, Volume XVIII, Issue 93, 16 October 1896, Page 2

Apiti Dairy Company.

The following report and balance-sheet will be submitted to the first annual meeting of shareholders in the Apiti Co-operative Dairy Company, to be held on Friday next, the 23rd October. The report Bays : — 11 Whilst advancing their first yearly balance sheet, your Directors desire also to place before yon a brief report upon the general progress of the Company since its inauguration. Although the results have not been financially as satisfactory as might have been desired, yet, considering the many difficulties and expenses which are inseparably connected with the introduction of an undertaking of this character, there are no reasonable grounds for the ezistance of any feeling of discouragement at the results obtained, or doubts as to ultimate success. In announcing a debit balance, which they most sincerely regret, your Directors would remind yon of the important fact that a certain proportion of ' the debit account is composed of expenses incidental to the formation of the Company, and which will disappear in future balance-sheets. The chief cause of loss must be directly attributed to following the usual course of placing produce on the Home markets. The past season haying been one of phenomenally low prices in the cheese trade, sufficiently accounts for the uasatisfac* tory returns received ; the highly-faYor* able reports upon the quahty of the cheese removing all doubts as to the excellence of the article consigned. It may be mentioned that had the whole output of the factory been disposed of locally, the balance-sheet would have worn a far more satisfactory aspect. Bearing this in mind, your Directors have resolved that future operations shall be confined entirely to the colony, thereby avoiding not only those killing charges of freight, insurance, Ac., which have proved such serious impediments to the success of other industries in the past, but also the frequent risks caused by the fluctuations of the English markets. In view of the approaching season, arrangements are being entered into with various wholesale and retail houses in the colony with every prospect of success. It will be remembered that this district has been declared, by no less authorities than the well-known dairy experts, Messrs Sawers and Me* Ewan, to be most eminently suited for dairying purposes, and the high tests obtained during the paßt season afford ample testimony to the justice of their statements. These and other important and undoubted advantages possessed by this district should not be lost sight of, but should serve to inspire all interested in the future well-being of the factory with a desire for that perfect combination of unanimity of action and determination of purpose which is the true secret of success. Tour Directors cannot impress too strongly upon suppliers the great importance of rigidly adhering to the regulations adopted by the Company with regard to cleanliness, Ac., in order that all milk delivered at the factory door may be in a perfectly pure and healthy condition. They would also point out, in the interests of the Company, the ntcessity of every available gallon being sent in for manipulation, and that no more should be withheld for private use than is absolutely necessary. In concluding their report, your Directors desire to tender their most sincere thanks for the sympathy and hearty co-operation which they have hitherto received. They beg to declare that every effort shall be made by them to render the undertaking a success, and with your continued aid and support they have no doubt of their ability to guide the affairs of the Company to a happy issue. It will be necessary to elect two Directors in place of Messrs Nix and Vicary, who retire, but are eligible for re election ; also two Auditors, in place of Messrs Gascoigne and Maguire, who are eligible for re-elec-tion." The balance-sheet to September 14th, 1896, is as follows: — Liabilities—Nominal capital, 600 shares at £2 each. To capital account, 397 shares at £2 each, £794 ; less uncalled capital, £645 12s 6d and unpaid calls, £91756 d, leaving £138 10s; to sundry creditors, £105 Issd; salaries owing, £60 10s 7d; overdraft Bank of New Zealand, £1071 16s 6d; total, £1375 18s 6d. The paid up capital, £138 10s, includes £48 10s paid by suppliers by Is per 60 gallons of milk credited to their share account. Assets —By land and buildings, £432 8s sd ; plant and machinery, £497 2s lOd ; stock in hand, cheese, cans, aerators, Ac, £62 10s ; sundry debtors, £83 5a 4d ; cash in hand, £8 4s 7d ; balance, £292 12s 4d ; total, £1375 18s 6d. The profit and loss account shows : — Credit - Sales of cheese —local sales, £168 5s 4d and advance on consignments, £630 3s 7d; making a total of £798 8s lid; sales ef cans, £54 Is; aerators, £12 16s ; buckets, £4 18a; stores, £305 19s ; sundries, £8 9s 8d ; gam— refund on cheese consigned, £28 0s 6d; stock in hand, cheese, cans, aerators, &c., £62 105 ; balance, £292 12s 4d; total, £1567 15s sd. Debit- To milk, £608 17s 5d ; materials— cheese cloth, rennet, &c, £38 15s 9d ; cheese cases, £19 8s ; firewood, £18 15s ; carting, £96 17s 6d ; wharfage, railage, Ac., £56 17s Id ; freight, £52 13s Id ; stores, £272 4s Id ; sundries, £15 13s 6d ; salaries, £165 10s ; lawyer's expenses—registration of Company, Ac., £34 Is ; stationery and printing, £17 11s; insurance, £10 5s 3d ; deficiency on cheese consigned, £5 0s 2d ; milk cans, £68 6s ; aerators and buckets, £19 2s 6d ; postage and telegrams, £8 Os lOd ; interest, £59 8s 9d ; bank exchange, 8a 6d ; total, £1567