20.124D PAY-OUT

Hauraki Plains Gazette, Volume 52, Issue 3292, 26 July 1943, Page 5

20.124D PAY-OUT

PLAINS DAIRY COMPANY VERY SUCCESSFUL YEAR ANNUAL MEETING THURSDAY With an increased pay-out of nearly 2d per lb. butterfat as compared with the previous year the twenty-eighth annual report o the Hauraki Plains Co-operative Dairy Company, Ltd., which wi be presented to shareholders at the Turua Buildings on Thursday next, discloses that the company has experienced a most successful year resulting in a considerable financial benefit to suppliers. The report of the chairman, Mr JA. Stewart reveals that the total estimated average pay-out for the season will be 10.903 d per lb. butterfa„. In addition to this, interest on sharcapital of 5 per cent., which, wh .added to the above, gives the total average payment of 20.124 d, as compared with 18.405 d last year. Production The total cheese manufactured during the season amounted to 716 tons 14cwt. 121 b., which is a decrease of 433 tons 3cwt. 2qr. 261 b., or 37.6 per cent., on the previous season, when additional milk was received from loan supplies on account of the drive for increased cheese production. The Quality of the cheese has inproved, an average grading of 92.808 points having been for the whole season’s output. Whey butter made amounts to 18 tons Bcwt. Iqr. 151 b., beiifg a decrease of 11 tons llcwt. 31b., or 38.5 per cent., on the previous season. Pay-out for Current Year For the past season an average advance payment of 16.598 d over all grades has been made and the amounv available for distribution in the appropriation account, after allowing for payment of income tax, national and social security tax and interest on share capital, will give a further payment of 33.305 d, making a total estimated average payment for the season of 19.903 d per pound. In addition, interest on share capital has been allowed for at 5 per cent, and will equal .221 d per pound butterfat which, if added to the above, will give a total average payment of 20.1244. z The directors propose to make an • immediate payment of 2d per pound butterfat and a further final payment Gf 1.305 d per pound later in the .season. Continuing, the chairman states: — “Together with my colleagues, I deside to pay tribute to the memory of Messrs H. S. Hill, H. A. Mills and J. M. Mules, who passed away during the season. All of these gentlemen were foundation members of the company when it was first formed in 1915 and they played a prominent part in establishing and developing the business. We also pay tribute to the memory of Mr A. F. Steedman, the late and highly esteemed manager of the Bank of New Zealand. Mr Steedman always took a practical interest in the affairs of our company and found pleasure in attending our annual meetings. A further and recent loss was caused by the death of Mr F. Beck, who for many years was a supplier to the company, and we extend our sympathy to the next-of-kin to the deceased in their sad loss and sorrow. Appreciation Expressed “ I desire to express appreciation and thanks to the suppliers for their co-operation and loyal support during the year, and for assisting the company during the period that milk was sold to Auckland, and in this connection I would advise that both the Auckland Milk Ltd., and Stonex Bros., Ltd., have expressed their complete satisfaction regarding “the quality of our milk supply, and our dealings with these firms have been most satisfactory. “Your directors also wish to express appreciation of the services of the secretary, manager and factory staff and to congratulate Mr McKenzie and Mr Mills for obtaining two first awards and a points prize at the Waikato Winter Show, and third place in the Hardley Cup competition for export cheese.”