1D INTERIM PAYMENT

Gisborne Herald, Volume LXVI, Issue 19990, 15 July 1939, Page 4

1D INTERIM PAYMENT

DISTRIBUTION NEXT WEEK OK ITU DAIRY COMPANY FINAL CHEQUE IN AUGUST An interim payment of Id per lb. on the past season's butterfat supplies is to be made by the Okitu Co-operative Dairy Company, Limited, next week, and the final cheques will be posted on August 20. The total amount involved in file interim and final payments will be nearly £4OOO.

When making this announcement to-day, the secretary, Mr. H. P. Hamilton, stated that the directors of the company were following their usual practice of closing the accounts on June 30. and the additional payments would be made over the full 12 months, from July 1, 1938, to June 30, 1939.

■ The final payment to be made next month would include the dividend on share capital at the usual rate of 4 per cent. Mr. Hamilton: added, and these payments were to be made following the annual meeting, which was expected to be held, on August 15. Shareholders were assured that their final and interim payments combined would reach the usual high basis, and would* be equivalent to those of leading companies. The monthly advance payment throughout the season had been 14d.

The .season’s production had declined by nearly 100 tons on the previous period, a drop of 30 per cent. The output was 250 tons, compared with -343 tons for 1937-38, the production being affected by tiie adverse season, which had been the cause of a fall, in dairy output in most parts of the Dominion. The factory was also suffering from the effects of zoning The butter manufacture, however, was counterbalanced to a certain extent by a big increase in cream sales.

For the coming .season, the prospects appeared very bright, Mr. Hamilton added. Many new herds were in prospect, while existing suppliers were increasing the number of cows in. their herds. The company was confident, therefore, that it would be able to restore the butter output to the level of the 1937-38 season, if normal weather conditions prevailed.