HAPUKU DAIRY CO.

Lyttelton Times, Volume CXVII, Issue 17282, 25 September 1916, Page 3

HAPUKU DAIRY CO.

ANNUAL MEETING. The annual meeting of the Hapuku Co-operative Dairy Company was held on Thursday, Mr David Boyd, jun., chairman of directors, presiding. The sixth annual report and balancesheet showed the institution to be in a satisfactory position. Owing to the milk supply during tho past season having been somewhat larger than in that of 1914-15, the output of cheese (sixty-three tons) was two tons in excess of the previous season. Tho portion not taken by the Imperial Government had, as heretofore, been consigned to tho Homo market, and had realised very good prices. Tho reports, on tho article had invariably been in most satisfactory terms. Consequent upon the difficulties and delays in shipments of dairy produce to Britain, the company had at the close of its year more cheese in transit than is usual. Subject to realisation of the consignments it was proposed to pay tho usual dividend of 6 per cent on capital account, and a further 3d per lb on all bnttor-fat supplied. Tho receipts totalled £5090 14a lOd, cheese producing £4OBO lg 7d (£234 15s Gd being on account of 1914-15 output). The sale of land realised £202 10s. charges on London consignments returned for amounted to £197 19s lid, the bank advance £525 8s Bd. Disbursements included £3962 16s for milk (£653 3s 9d for 1914-15), 1915 dividend £B2 lis 2d, plant £sl 4s 6d salaries and wages £265 3s 4d, fuel 261 Bs, materials £176, charges £97 18s 9d, insurances, rates, etc., £3l, interest £l7 8s 6d, and charges on London consignments £3OB 4s Id. TTip profit and loss account showed the balance of not profit to be £832 15s, the difference between cost of milk and proceeds of cheese (realised and estimated) being £1656 3s 6d. The assets totalled £2749 3s 2d, cheese in hand and in transit amounting to £llO3 13s, land, buildings, plant and machinerj representing £1540, fuel, materials, etc., another £7B, giving a balance of £832 15s over liabilities, tho sum of £1335 being on authorised capital account.

The* roport and balance-sheet were adopted. Information supplied by the secretary showed that a smaller number of suppliers had given a larger quantity of milk, and that the cheese comman dcored by the Imperial Govcrnmeni had netted 7d as against 8d for that consigned, on factory account, to London, over half of the output going to the Government. Messrs W. E. Scott, G. Eaton, jun., and H. Chisnall were elected directors, and Mr C. H. Willis was re-elected auditor. Mr Scott urged that the annual meeting should be held in Kaikoura in stead of at Hapuku. and the sugges tion was subsequently approved by tho directors. Votes of thanks wero accorded the secretary and chairman. At a subsequent meeting of directors Mr David Boyd, jun., was re-elected chairman.