KIA ORA CO-OPERATIVE DAIRY COMPANY.

Gisborne Times, Volume X, Issue 1022, 15 October 1903, Page 1

KIA ORA CO-OPERATIVE DAIRY COMPANY.

ANNUAL REPORT.

Following is the first annual report and balance-sheet of the Kia Ora Co-operative Dairy Company, to be presented to the shareholders at the annual general meeting, to be held at 8 p.m. by Mr W. F. Ac-land-Hood, obairman of directors, on Tuesday, October 20bh, at the Schoolhouse, Makauri“ Tho directors have pleasure in submitting the balance-sheet and profit and loss account to the 31st August last, covering the period of eight months from the time of tho Company’s commencing business to that date. » The accounts show a debit balance of .£144 7s 9d, which the directors recommend be carried forward. The result,_ in the circumstances in which the working of tho Company has been carried on, must be considered very satisfactory, as, owing to the unprecedented drought that prevailed, the lateness in the season when the Company was formed, and the low prices that ruled in the Home markets towards the end of the season, it was impossible to obtain the surpluses which Mr McGregor’s experience in formor years warranted the Company to expect. ii Notwithstanding these drawbacks the directors have beon able to pay out a muoh higher price for butter-fat than was obtainable by suppliers prior to the formation of the Company, the averago price being 8.83 d. The total amount distributed for tho eight months is £4363 17s 9d, the January payment amounting to £9Bl 5s Id. The milk supply since the beginning of September is most satisfactory, and the increased supply now in sight for the coming season, together with the benefit that must accrue from realisation of tho output in tho early markets, point to a thoroughly satisfactory outcome for the season’s operations. «The following particulars show the working of the Company for the eight months to 31st August lbs of milk received * 2,716,244 lbs of butter-fat paid for ... 118,528 lbs of butter made 126,948 lbs of butter made per lb of fat lbs of milk to make lib of butter 21.39 Average test 4.36 Average price paid per lb of butter-fat 8.83 •I The directors have much pleasure in stating that the London agents of the Company inform them that every package of Kia Ora butter exported last season was placed on the London market in the best of condition, was excellent quality, and realisod tho highest ruling prices. “Mr McGregor, who acted as manager of the Company until tho 30th June last, retired from the position at that date, Mr McGregor’s services were of tho greatest assistance in starting the Company on a sound basis, and the best thanks of the Company are due to him, not only for the aid afforded by him up to that date, but also for many valuable services which he has since willingly rendered. The directors have appointed Mr M. H. Clark to fill the vacancy caused by Mr McGregor’s retirement. Mr Clark has been well and favourably known to the shareholders for the past four years, during which he has held the position of factory manager under Mr McGregor, and the Company is to be congratulated upon having the services of so thoroughly competent a manager. In terms of the agreement between Mr McGregor and the Company, tho sum of £173 14s 7d has been paid to him on acoount [of the purchase of the properties acquired from him by the Company. The ’ properties and plant taken over were in admirable condition, but it has been found necessary to make some additions to them, as appears by the figure? shown in the . accompanying balanoe-Bheet. “ The directors have had under consideration the desirability of having a set > of by-laws (similar to those in use at other factories) for the conduct of the Company’s business. A copy of these is forwarded ‘ herewith, and at the annual meeting they will be formally submitted for the conr sideration of the shareholders. In accordI anee with the Articles of Association two 4 directors retire annually. Messrs Brookh ing and Malone retire on this occasion. Mr Brooking does not offer himself foi re-election. Mr Malone again offers his services, and Mr John Walker, of Makauri y offers himself for the other vacancy ; nc other nominations have been made. Or the occasion of his retirement the directori desire to thank Mr Brooking for the ex - cellent services rendered by him to tbi Company during his term of office. You auditor, Mr W. S. Lunn, also retires, and being eligible, offers himself for re-eleo tiou,"