SHANNON DAIRY COMPANY.

Manawatu Herald, Volume XXXIII, Issue 1049, 28 September 1911, Page 3

SHANNON DAIRY COMPANY.

annual meeting,

The annual general meeting of shareholders of the Shannon Cooperative Dairy Company Ltd., was held in the Druids’ Hall, Shannon, yesterday. The Chairman of Directors, Mr E. Law, presided, and there was a fair attendance of shareholders. The annual report aud balancesheet as follows was read aud adopted ; REPORT, "During the early part of the year the large increase in the milk supply led us to expect a record year’s output, but the great falling off in the supply during the summer aud autumn, owing to the drought, reduced the output very considerably. We fully expect that the returns for the coming year will be even better than the past, as your directors have again arranged for the consignment of the season’s output on an advance, without recourse basis, considerably in advance of that of last year. The prospects of the Home market are so good, owing to the drought in Europe, that we fully expect that the advance will be exceeded. The quality of the butter manufactured during the past season has been of superfine quality, the reports from the graders in Wellington, and from our Home agents have been most satisfactory. For a considerable time during the export season our butter graded from 94 to 95 points. Suppliers delivered of butterfat, for which they have received £14,354 14s yd, and 158 tons of butter have been manufactured. The average test for the season has been 3.86, and it has taken 22.4i1bs of milk to make ilb of butter. The following prices have been paid to suppliers for butterfat during the season : September 1910, to June 1911, inclusive, nd; July aud August, is. The balance of profit and loss account, after providing tor all working expenses is £373 6s id, this with the balance brought forward from last year, £966 14s qd, makes the substantial sura of £1340 os 3d. From this sum we have written off £340 7s rod for depreciation, aud propose to deal with the balance of £999 12s yd as follows, viz : —By payment of a dividend of 6 per cent, on the paid-up capital of the Company, and carrying the balance forward. During the year a residence has been built for the manager, and has proved a very great convenience owing to his being able to live close to the factory. Artesian wells have been put down at the Moutoa aud Foxton creameries, and have been a great factor in the improvement of the quality of the butter. Messrs W. E. Barber and H. Eastwood are the retiring directors, and are eligible for re-election. You will also be asked to elect a director in lieu of Mr E. Rushton resigned. Mr G. J. Scott is the retiring auditor aud is eligible for reelection.” IiAEANCR SHEET. Liabilities: Subscribed capital £235, Dalgety and Co. £ 2,209 12s 3d, sundry creditors £546 15s 3d, Bank of New Zealand £1 5s id, Bank of Australasia, £543 14s 1 id, profit and loss account £999 12s yd. Total, ,£4,536 os lod. Assets; Laud, buildings, machinery, aud phut £3,550, sundry debtors £835 4s yd, stock £llO 15s 3d, cash in hand, ,£4O os 3d. Total ,£4,536 os id. PROFIT AND LOSS ACCOUNT. Appropriation ; Dividend, ,£l2 3s lod, bonus £B2, preliminary expenses £lO4 15s 6d, balance £966 14s qd. Total £1,165 T 3 S Bd, To milk suppliers £14,354 14s yd, general expenses, £1, r76 2s 9d, manufacturing expenses £1,095 12s 2d > P-oduce £l4 4s 1 id, depreciation £340 ys lod, balance £999 12s yd. Total £17,980 14s lod. By balance £966 14s qd, butter sales £16,962 6s 2d, cans account £2 14s 4d, butter in stock £49. Total £17,980 14s rod. On moving the adoption of same, the Chairman congratulated the shareholders on the very successful season experienced, and remarked that, in common with other companies, the drought had made itself felt upon the output. For the first six mouths the output showed an increase of £xooo over the first half of the previous year, but during the latter hall of the year, through the" drought, there was a great falling off, and the result was that this year’s output did not exceed that of the previous year.

The retiring directors, Messrs W. E. Barber and H, Eastwood, were re-elected, and Mr T. Bowe was elected to the vacancy caused by the retirement of Mr E. Rushton. Mr G. J. Scott was reelected auditor.

The secretary was voted a bonus of £2O, and his salary raised by £2O per annum. The meeting concluded aft 3 passing hearty votes of thanks to the manager and staff, and the usual courtesy to the chairman.