ARAHURA DAIRY COY

Hokitika Guardian, 17 October 1927, Page 4

ARAHURA DAIRY COY

The 22nd annual meeting of the Arahura Dairy, Factory Coy., Ltd., was held at the County Chambers on Saturday afternoon at 2.30 o’clock, Air Bernard Ward (Chairman of Director) presiding over an attendance of eight shareholders. The minutes were read and confirm oil.

ANNUAL REPORT. The Directors have pleasure in submitting to the . shareholders the balance sheet for the year just ended. The amount of cream received was 417,4931b5, producing 159,2971bs of butter fat, out of which was manufactured 189,4501bs of butter (84 tons llewt). The average test for the erleam supplied was 38.14 i and the overrun 18.93 per cent. The balance sheet submitted shows the company to 'bo in a very satisfactory position and requires no comment. The butter market for the last season has been disappointing though it- now presents a. decidedly more hopeful outlook. The amount paid out to the suppliers for butter fat together with tho bonus is 14.17 pence per lb. The Directors recommend a luither payment of one penny per lb which will make the average for Lhe season 15.17 ixm.ee per !1> of butter fat. and also recommend the usual 6 per cent dividend he paid to shareholders. Suffifient provision was made in the last balance sheet for lhe deficiency in tho amount .realiscid from consignments so that no refunds were necessary from the season’s realisations. The Directors again congratulate the Mil linger (Air AVallaee) on the high quality of the outupt and commend the efforts which he is making to maintain it. The Directors retiring by rotation are Afessrs B. AVard, I). Bradley, and J. King, all of whom nro eligible for re-election, as is also the Auditor, Air R. Wlid. Tbe balance sheet showed ~9 J 4 was paid out for butter lat, working expenses amounting to £14.99. ernsignment charges £BBO, the total payments amounting to £11,916 7s Cd, leaving a credit balance of £1658 ]s 4d as against £582 Is lOd at the beginning of the year. The sales amounted to £12,91.7 19s 7d, interest. £2B 5s 4d and miscelaneons £46 Is 9d accounting for the balance. The Chairman moved the reception and adoption of the report and balance sheet, Ho complimented shareholders on the success of the past Jenson, which have been very satisfactory. It was also pleasing to know that last season was a record one. The output has increased from 12 tons odd in, tho first year to SI tons last year, an increase of seven fold. It was proposed to pay a further'ld per lb on butter tat bringing tho total for the year of 15.7 d per ll>. Due to the foresight of the Secretary there had not been, any necessity for a reclamation of tho previous years payments. They had a very satisfactory and hard working' manager in Mr Wallace and he bad secured a high prize lor the quality of his output at- tho AVaitaki Show. Tho success of the fertilisers used in tho valley were very encouraging. Tho indications point to another record in output. Afr J. Havill seconded the motion.

ATr G. A. l’errv endorsed the Chairman’s remarks. The position was a very satisfactory one. -Tt was gratifying and pleasing to the suppliers to know their interests had been saleguarded so ably. The motion was then agreed to. Air l’erry then took the opportunity to convey on behalf of the shareholders their deep sympathy with the Chairman and members of bis laniilv in the sad bereavement they bad recently suffered. ATr J. King supported. AL- AVard thanked members for their kind expressions of sympathy, which, lie would convey to Airs Ward and the family.

Messrs B. Ward, D. Bradley and J. King were re-elected directors and Mr R. Wild was re-elected auditor. Mr A. Richards referred to the very satisfactory work of the Manager (Mr M. Wallace) and moved that it he a recommendation to the directors to mark the appreciation I>f shareholders by an increase in salary. Seconded by* Air Bradley; and carried. The meeting then terminated.