Apiti Co-Operative Dairy Company.

Feilding Star, Volume XIX, Issue 85, 7 October 1897, Page 2

Apiti Co-Operative Dairy Company.

Tho annual general meeting of shareholders in the Apiti Co operative Dairy Company, Limited, will be held this evening, when the report and balancesheet for the year ending September 6, 1 1897, will be submitted as follows : — | Tho report says. — In placing before I you their second yearly balance sheet, I your Directors feel assured that the favourable aspect of their statement cancct fail to impart satisfaction to all interested in the future welfare of the Factory. Not only has the further in crease of tbe indebtedness of the Com pany been arrested, but, by the disposal of last season's output at remunerative rates, resulting in a satisfactory profit, it has been enabled to reduce the accumulated debit balance by the sum of £1 1 16s 2d. In order to more clearly understand the progress that has been made during the pant twelve monthn, it should be stated that the expenditure includes a deficit of £17 2s 3d on cheese shipped Home during season 1805 96, together with a minor debit account which should have been inserted in last yearn balance sheet. With regard to the future operations of tbe Company, your Directoas have not yet entered upon any decisive measures, nor laid down any special line of action to be pursued ; but it may be mentioned that, if the rates now ruling in the English Markets sustain no marked deterioration it may be considered advisable to venture upon a trial shipment, and, if the result be satisfactory, to expand their operations in that direction. At the same time, every encouragement will be giver, to the extension of the trade already entered into with numerous wholesale and retail houses in the Colony, and to the securing of further advantageous connections of a similar chanicter. Tbe test of 8-5, representing 2§d per gallon, already adopted by tbe Company, has hitherto given snch general satisfaction, and has, moreover, proyed so suitable and couvenient a standard, that it bus been decided to continue its utilisation throughout the forthcoming season. Your Directors feel that they would be failing in one important branch of tbeir duty if they omitted to point out that the ultimate success of the undertaking depends mainly upon the quantity of milk forthcoming, and they would again urge shareholders to make every effort, not only to maintain, but. if possible, to increase the amount hitherto delivered ; this done, success is certain. As tbe Factory possesses accommodation for double the number of gallons yet supplied which can be manipulated without additional expense, it will readily be perceived that the utilisation of the full resources of the Factory would contribute in a remarkable degree to its future prosperity. The subject of cleanliness, upon tbe observance of which depends largely tbe quality of the article to be produced, must not be lost sight of, and it is expected that suppliers, duly recognising the extreme importance of this matter, will comply as strictly as possible with the regulations of the Company, and spare no pains in order that their milk may be delivered at the Factory in a perfectly pure and healthy condition. At the conclusion of this, their second annual report, your Directors desire tc return tbeir sincere thanks for the confidence and hearty co operation which they have received during their past term of office, and they feel confident that, assisted by a continuance of your able support, they will be enabled to render tbe Factory an unqualified Bucces*. It will be necessary to elect two Directors in place of Messrs T. J. Clapham and E. Miller, who retire, but who are eligible for re election ; also, two auditors, in place of Messrs Gascoigne and Maguire, who are likewise eligible for re election. Milk supplied, 65,231£ga15. ; cheese manufactured, 69,276J1bs ; average test, 3*6. — Edward Nix, Chairman. The balance sheet for the year ending September 6, 1897, is as follows :— Lia bilities— Nominal capital, 600 shares at £2 each, £1200 ; to capital account, 407 shares at £2 per share, .£814 ; less unpaid capital, 1596 13s Id, £217 6s lid ; sundry creditors, £177 17s Id ; salaries owiag. £5 4s ; overdraft at Bank of New Zealand, No. 1 account £1145 14s sd ; total, £1546 2s sd. Tbe paid up capital, £217 6s lid, includes £102 15s 7d, paid by Mupplierß by Is per 60 gallons of milk being deducted and credited their shares. Assets — By land and buildings, £432 3s 5d ; plant and machinery, £503 8s 4d ; sundry debtors, £91 8s 2d ; estimated value on 90 cases cheese consigned beyond advance £55 ; stock in hand, £129 10s ; cash in hand, £15 6s 7d ; cash in bank No. 2 account, £38 9s 9d ; balance, £280 16s 2d ; total, £1546 2s 53. Profit and loss account— To sales cheese, £1105 18s ; aerators, cans, etc., £7 ss ; stock in hand cheese, £112 ; less stock in hand, September 14th, 1890, £55. £57; stores, £492 8s 6d ; stock in hand, (stores), £17 10s, less stock in hand, (stores) September 14th, 1890, £7 10s, £10 ; balance. £280 16s 2d ; total, £1953 7s Bd. By balance, £292 12s 4d ; purchases stores, £436 19s 4d ; carting stores, £30 6s 6d ; freight on stores, £13 15s 4d ; deficit on cheese consigned 1895 6 season, £17 2s 3d ; milk, £701 19s lOd ; materials, £23 7s 5d ; wages, £160; firewood, £21 7s 6d ; cheese boxes, £20 ; cartinp cheese, £41 19s 2d ; carting cheeso boxes, £9 17s 3d ; railway, wharfage, etc., £66 7s 8d ; sundries, £l2 16s lid; insurance, £7 Is6d; stationery and advertising, £5 16s 6d ; postago and telegrams, £7 7s 6d ; auditing £2 2s ; bank exchange and discount, £1 8s 7d; interest, £72 Id; cheese hoops, £8 19s Id ; total, £1953 7s Bd.