Kokatahi Dairy Factory Coy.

Hokitika Guardian, 7 August 1922, Page 4

Kokatahi Dairy Factory Coy.

ANNUAL MEETING. The 23nl annual meeting of shareholders \va s held in the Public Hall, Kokatahi on Friday afternoon last, there being a large attendance of shareholders, the Chairman of Directors (Air J. Flemiiig) presiding. REPORT. For the season just ended pany has received from its suppliers 87G,8821b s of cream, from which we have obtained 321,0?71b5. of butterfat, from which has been made 382,9271bs of commercial butter, being 170 tons lSjcwt., an increase of 30 tons Jcwt on the previous season’s output, which speaks well for the suppliers and the district generally.

AVe submit for your consideration and approval the twenty-third Annual jlepoit and ija-iaiiee-Slieet and with the knowledge that we have passed through the most difficult year in the history of your Company, and despite life abnormally bad Spring and Ant-

limn and the consequent ioss of blitter fat, we again take the pleasure of reporting a large increase on the sea- j soil’s output. Had it not been for , such a wet Spring and Autumn we would have reached the 200 ton mark, j but we fully expect to reach that . amount for the coming season. 1 After several years of commandeering of our Dominion’s surplus butter by tile Imperial Government, but with the wisii of the Dairy Companies of New Zealand, we were granted an open market for our dairy produce, ; which opened up very favourably, as in July, New Zealand butter stood as* high as 2G2s on the London market, with a fall to 220 s in September, dur- ' iiig October and November the price remained about 2()0s, but from early in December, tile market declined rapidly, until by Deceiuher 30th.. the price for salted New Zealand butter hail fallen as low as 118 s, almost little short of a crisis from the producers’ point of view. At this date .it was indicated that the Hoard of Trade who were handling stocks of Imperial butter were going to dear at almost any

price. A movement was made by the producers to take over these stocks in conjunction with the Government and some of the merchants but before a sale could be completed several of the larger merchants stepped in and purchased tlie whole of the stock, when immediately the market improved.

rising during January to 118 s, and the price remained in this neighbourhood until the middle of March, when a

further rise commenced, reaching 1 90s by April Ist., and remaining 168 s until about the middle of June when another sharp rise took place. which makes things much brighter for the

Your Directors have again experienced a great deal of trouble in getting cur butter avay Irma the West (oast, uhich means a big loss to your Company. as this season we have been compelled to send over to Arthur's Pass loot boxes, but it is very gratifying to know that the Prime Minister lias assured a deputaton that we will lie able to send perishable goods through the Otira Tunnel for the coming season which will mean a great linancinl benefit to your Company.

You will note during the year that a further payment as promised at last Annual Meeting of ltd. per lb. butter fat. which amounted to £1039 12s 2d. brings our final payment up to 2s 7.til per lb. butter fat and os dividend for 1929 and 1921 season.

I must again congratulate our .Manager on the high quality of butter turned nut, ns he has been working under great difficulties, as our factory was built to cope with about 05 tons, and at present lie is handling almost 209 tons, so you will see the necessity of a new Factory in the very near future.

The retiring Directors this year under the Articles of Association are .Messrs .1. Fleming. \V. Jamieson, 1.. Morel and X. Harris. The retiiiing Auditor i K Mr I? .Wild. All these gentleme.n are eligible for re-election. Received. The balance sheet showed the hotter sohl amounted to ,£25.857 10s fid. goods sales £-1,002 8s lOd, with balance from 1921 of £5,259 3s 4d and other items, bringing the total to £30,020 2s fid. The payments included hotter fat £24,fi74 8s 3d, goods purchased £4012 3s lOd, exporting charges £l7-19 0s Bd, and various working expenses, the balance at date being £l2lß 9s Gd.—Received. The report and balance sheet were adopted.

The election of directors resulted in the re-election of Messrs W, Jamieson, J. Fleming and L. FI. Morel. Mill. E. Winter also being elected.

Complimentary, references were made to the successful results of the past year, the work of the Manager being deservedly recognised, a tribute being paid to his success during the year.

It was mentioned that with the increase of 39 tons this year, the increase for two years was 09 tons, while the test for cream was 30.03 and over-run 19.20. For the past year an average of Is 2Jd per lb was paid to suppliers. The new Directors met subsequently when Mr J. Fleming was re-elected Chairman and Mr T). Clark was reeletter! Treasurer.