KAIPARA CO-OPERATIVE DAIRY FACTORY CO. LTD.

Kaipara and Waitemata Echo, 27 July 1916, Page 3

KAIPARA CO-OPERATIVE DAIRY FACTORY CO. LTD.

FIFTH ANNUAL MEETING

THE fifth annual meeting of shareholders in the above Company was held in the Agricultural Hall, Helensville, on Wednesday, 19th July, at 12.30.

Mr C. Thomson (Chairman of directors) presided over a gathering of about 70 shareholders.

Minutes of the previous annual meeting were confirmed.

The report and balance sheet was taken read.

The following is the report as read : —

Your directors have pleasure in presenting herewith the Ffth Annual Report and Balance Sheet, and congratulate shareholders on the result of the season's operations. After writing off the sum of £485 14s for depreciation, balance of cost of formation of Company, £20; also balance .of cost of bore, £5 17s; l-7th off Buttermilk tanks, £2 10s ; balance off coal tram, £4 8s ; there remains a nett profit of £11,482 8s 6d, which together with the amount brought forward from the previous year, £191 7s Bd, makes a total of £11,673 16s 2d to the credit of Profit and Loss account. From this your Directors recommend that further payment be made on supplies, as follows: 4d (four pence) per pound of Butter-fat supplied for the period of September, 1915, to March 31st, 1916 (Shipping Season), absorbing the sum of £11,119 15s ;»also that a 5 per cent dividend be paid ,on paid-up capital to the 31st May, 1915, which would be £109 15s sd; and that the balance of £444 5s 9d, be carried forward to next year's Profit and Loss account. The quantity of butter made was 401 tons 18cwt 2qrs 181bs, which is an increase on the previous year of 67 tons 7cwt 2qrs 61bs. The price advanced for butterfat during the shipping season was Is, and with a bonus of 4d, would bring the amount to Is 4d. The retiring directors are Messrs James McLeod, James Hand. Joel* Grant, and T. Mclndoe. . Messrs Jas. Hand and T.Mclndoe offer themselves for re-election ; and Messrs E. R. Monk of Makarau, and H. P. McLeod of Parkhurst, have also been nominated for the directorate. It will be necessary to appoint an auditor, and fix his remuneration. Mr Henry White, junr., again offers himself for re-election. — C. THOMSON, Chairman.

In moving its adoption, the Chairman informed shareholders that the directors had purchased 67 acres of land, comprising the watershed, at a satisfactory figure, thus ensuring a supply of good water for all time.

Mr J. Hudson, in seconding, drew the shareholders' attention to an item on the balance sheet showing that the Company had acquired 340 shares in the Farmers' Freezing Company Ltd., thus assuring freezing space for butter.

Mr Mclndoe, in supporting, said he had been associated with other dairy companies, and felt sure that this company was managed second to none. The directors were keenly alive in looking after the interests of the shareholders, and the office and factory staff had done excellent work.

Several questions were asked by shareholders, and answered satisfactorily by the Chairman, who_ also expressed pleasure at the interest taken in the work of the Company.

The adoption was then carried unanimously.

Five nominations were received for four seats on the directorate. A ballot being necessary, resulted as follows : —

H. P. McLeod, 250; Jas. H. P. Hand, 230; E. R. Monk, 228 ; T. Mclndoe, 214 ; T. Loughman, 117. The Chairman declared the first four elected.

Mr H. White, junr., was reelected as auditor.

Mr Braithwaite (Waimauku) proposed a hearty vote of thanks to the directors, which was carried by acclamation.

Mr Thompson proposed a similar compliment to the clerical and factory staffs, which was carried in like manner.

After the ordinary business of the meeting was completed, Mr J. Hudson introduced the question of " cow-testing," and was supported by Messrs Gross, McMillan, and other shareholders.

Mr Valentine, Dairy Instructor!, urged the necessity of the system and said it appeared to him that owing to the high, pricesifor dairy produce, farmers had become careless, and had not weeded out unproductive cows, 'whereas now was the time to keep only good ones, as the price of beef was high too. The'average production of butter-fat per cow in the Dominion is ISOIbs, and he believed that some cows were being kept for milking that would not yield 501bs of butter-fat per year.

Mr Lyons proposed that the directors send circulars to all shareholders asking their support in a "' cow-testing scheme " to be run in conjunction with the factory,

This was seconded by Mr J. Mackie, and was cairied unani" mously.

THE ANNUAL SUMMARY. This may be of interest to many at a distance, and is given for general information: — 1914-15. 1915-16. Number of Suppliers...27s 271 Quantity of Cream received ... 1,605,5721bs 1,897,318 Quantity of Butterfat received ... 641,7521bs 757,1841bs Average test of Cream ... ...39.97 % 39.9 % Highest test of Cream 64 % 58 % Lowest test of Cream ... ...17 „ 22 „ Pounds of Butter made ... 749,4261bs 900,3301bs Pounds of Butter made per lb. of fat ...1.16 1.18 Average price received per lb of 8utter...12.62d 16.008 d Average cost of making ...736d . 74d Average cost of marketing ... ... .36d 1.03 d Average cost of making and marketing....Ll'd 1.77 d PROFIT AND LOSS A/C. FOR YEAR ENDED 31st MAY, 1916. £ c. d. To Annual license ... 5 0 0 Audit Fee ... ... 21 0 0 Discounts ... ... 16 10 Donatipns and, Subscriptions— Wounded Soldiers' Fund... 100 0 0 do. (boxbu'tter)... 3 14 8 ' French Red Cross Fund .. 10 10 0 Russian Prisoners' Fund... 20 0 0 HelensvilleA. &P.Assoc'n 2 2 0 Insurances ... ... 1 19 0 Interest ... .... 37 18 11 Stamps, Telephone, Filing Fees, etc. ... ... 59 16 8 Printing, Advertising, and Stationery ... ... 95 1 6 Professional Charges ' ... 3 9 4 Rents ... ... 3 4 0 Rates and Taxes ■■'•■- ... 27 4 7 Salaries ... ' ... 321 7 6 Directors' Honorarium ... 82 0 0 Directors' Expenses ... 41 3 8 Depreciation ... ... 485 14 0 Writings-off .. ... 56 15 0 Balance netfc Profit carried down ... ... 11481 8 6 £12861 6 2 To balance carried to Balance Sheet ... ... 11673 16 2 £1167316 2 By Gross Profit from Manufacturing a/c ... 12815 17 7 By Commission Goods and Separators ...• 45 8 7 £12861 6 2 By Nett Profit, 1915-16 ... 11482 8 6 By Appropriation a/c, 1914-15 191 7 8 £11673 16 2 The Manufacturing Account runs :— To Dr.— June Ist., 1915, to butter on hand, £292 9s *Hd. May 31st., 1916, advances butterfat, £39127 0s lOd. Factory Working Expenses. —Wages, £1022 16s sd; fuel, £224 18s ; stores, boxes, etc., £1362 14s lid ; repairs, £91 12s 2d ; rents, siding and water, £23 11s 6d ; insurances, £34 16s lid ; allowances, £27 2s 7d ; water charges, £1 6s Bd.

Marketing Expenses.—Freezing and f.o.b. charges, £166 3s lOd; home charges £2638 12s 9d ; railage, £236 3s 3d ; commissions and expenses local sales, £834 7s 9d; total, £46083 16s 9d; balance gross profit to cr. Profit and Loss account, £12815 17s 7d ; ' gross total, £58899 14s 4d. To Cr. May 31st., 1916— By butter sales, £55,711 18s. Stock butter on hand, £3177 16s 4d. Buttermilk, £10. Total, £58,899 14s 4d. ■