KAIPARA CO-OP. DAIRY CO.

Kaipara and Waitemata Echo, 22 July 1920, Page 3

KAIPARA CO-OP. DAIRY CO.

ANNUAL MEETING

The annual meeting of the above company is being held this afternoon. Following is a portion of the report submitted to shareholders :—

During the year the number of suppliers increased from 272 to 305, and the output of Butter increased by 30^ tons, the total made being 409 tons 8 cwt. The exportable butter was again disposed of under the Imperial Government Purchase arrangements, which will terminate on July 31st of this year. The New Zealand Government made a compensatory payment on butter sold in New Zealand.

The cream grading instituted in March, 1919, was carried on during the period Ist October, 1919, to 30th April, 1920, with excellent results. Of the cream so graded about 53 per cent was 92 points and over ; 46 per cent was 88 to 91 points ; and 1 per cent was second and third grade. Advances on butter-fat have been : Is 5d for June and July, 1919 (made up to Is 6d by a progress payment on April 20th) and Is 6d from Ist August, 1919, to 31st May, 1920, an extra H& being paid on all cream graded 92 points and over during the grading season.

Goods to the value of £3604 were purchased for suppliers during the year, the commissions on which amounted to £558. Of this sum £124 was allowed to shareholders as a deduction on goods purchased through the Company. The balance of £433 will be found in the ing accounts as a profit to the Company's funds.

917,072 lbs "of butter were made, 870,111 lb were sold for £70,830 15s 4d ; 46,961 lbs remain in store, valued at £3326 8s Id ; butter milk was sold for £20. Making a total value from cream received of £74,177 38 sd. Deductions : Cost of railage of cream, £622 18s lid : advance payment for butter-fat received, £58,291 12s; less amount refunded £1 17s 9d — £58,289 14s 3d

Factory charges amounted to £4722 6s 8d ; marketing charges, £952 13s 4d; administrative expenses of the company £1172 6s 4d; inttructor's salary and expenses, £67 3s 81 ; a total deduction of £65,827 3s 2d; balance £8350 0s 3d; additional profits made during the year, £513 2s 3d. Total profit for year, £8863 2s 10J ; balance from 1918-1919 season, £427 0s 9d. Total fund available for distribution to shareholders, £9290 3s 7d. From this the directors recommend: Payment of interest at 5 per cent on the paid-up capital, £257. A further payment of 2%d porlb on all butter-fat supplied during the year, which will absorb £8847 8a (making the total payment for the year Is 9d for 92 grade and over; Is B^d for 88 to 91 grade. The company also paid all railage on cream, which was equal to about one-fifth on a penny per lb of butterfat). Carry forward to the 1920-1921 season £185 15s 7d.

A report of the business transacted will appear in our next issue.