DAIRY COMPANY MEETS

Hawke's Bay Herald-Tribune, Issue 166, 31 July 1937, Page 17

DAIRY COMPANY MEETS

Our Own Correspondent.)

Effect of Guaranteed Price Discussed SUPPLIERS MEET

(From

NORSEWOOD, Last Night. The annual meeting of the Norsewood Oo-operativo Dairy Aesoeiation was neld • in the Instituto Hall yesterday. Mr W. Jenkins presided over a good attendanee of suppl'iers. The electioa oi directors resulted in the appointment of Messrs U. Dampney, O. H. Nikolaison and Ardno Anderson. Mr William Jenkins was reelccted chairman of directors. Tlicr cnairman road the 40th annual report and balanee-sheet which was adoptea. This benng the iirst year under the guaranteed prices, the balanee-slieet was presented in a somewhat aifiorent form in order to confevm with Government regulations. The new laws now in force have, during that part oi the year to which they wore applied, raised the cost of butterfat f.o.b. 18 por cent, labour increaso and shorter hours being mainly responsible for this, which will be more felt during the new season, as the whole year will come under these regulations. Eegarding the previous seasoa, the average pay-out was l2.06d per 1b., tho estimate being 12d. In respect of the current season the unsold butter fn the giading store has been valued at the guaranteed price. Allowiing for all charges and recoveriea and the unsold butter in the factory, all of which is held for local sale at wholesale prices, which after making reservation^ as set out, will enable a further payment toi suppliers of l^d on all butterfat supplied, except during July,' The total average payment will thus becorae 13.46d. A diviidend oi 4 per cent. on paid-up shares will be paid, £300 will be transferr^d to 'sinking fund and £36 5/S carried forward, The total weight of butter raanufactured was 1210 tons. The amount available for distribution in the store account is £145 0/10, which is to be written og' store buildings as depreciation. The trading inerease with larger turnover enables iarger discounts to be paid on ordinary accounts, which amount to 9 per cent. The repprt and balance-sheet were adopted. The butterfat competition was won for the second tdme by Mr Fred Schmidt, 207lba. of fat per acre being recorded. Mr N. Webley was Te-appointed auditor at the same remuneratxou. Thedirectors' fees and chairman 's honorarium were fixed at the same rate ae last yoar. Mr W. Bxage moved that a xemit be sent to the Government conceruiug guaranteed prices, which produced some discussion. It w&t pointed out that two oi the directors had attended the conference of the National Dairy Association, which was the organisation whose duty it was to deal with the Government and that reraits from isolatod companiea would recenve scant attefitiou from authority. In any case the opinion of the meeting was so evenly divided on the subject of the remit that it coulj not be sent forward. Considerable dissatisfaction with the delay in obtaaning supplies of fertiiisers was expressed, and a proposal to start manure worke in Hawke's Bay was mooted. Ifc was considered that the trouble in obtaining supplies wasmainly due to labour regulations and shortage of trucks for the conveyance of superphosphatcs, both of which troubles woul'd hinder auy new corapaiiy from supplying just as tho existing works afe hampered. Mr L. B, Lorrdgan, who Wa3 present during the afternoon, took the Opportunity of thanking the suppliers for their kind gift to him, on his resignation from the directorate of which hc had been a member for 23 years, in 13. of which he was chadrman. He would always be interested in the affairs of the association as he had been in the past. Appreclative reference was made to Mr Lorrigan's work as a dircctor and good wishes for his future were expressed. '