DAIRY ASSOCIATION.

Manawatu Standard, Volume LVII, Issue 178, 29 June 1937, Page 12

DAIRY ASSOCIATION.

OPTIMISM OF CHAIRMAN

SUCCESSFUL PAST YEAR

At the annual business meeting of the National Dairy Association ot New Zealand, Ltd., recently, at Hamilton, Air A. Morton, chairman of directors, presided over some 300 delegates. Ihe meeting was held prior to the opening of the annual conference of the New Zealand Dairy Federation. In moving the adoption of the animal report and balance-sheet, Air Alorton said that the past year had been most successful from every aspect Dairy pay-outs had been higher, and company outputs also had shown increases. The turnover for the year•s work showed an increase of £34,000 over the previous period. Business had been extended during the year, particularly regarding dairy factory work. Therefore he anticipated that there might be a corresponding rise in expenses for the current year. “As long as the properity of dairying does not show a substantial decline, the future must he considered to be exceptionally bright,” said Air Alorton. He was satisfied that prices for the most part would remain high. Therefore the profits of the association would be correspondingly satisfactory, though expenses might prove heavier. He was sure this would bo compensated for bv an increased turnover. The association was now receiving support even from those companies which hitherto had been apaThe balance-sheet and profit and loss account showed the finances to be in a very satisfactory condition. After providing for all expenses of management, depreciation, £1523; expenses National Dairy Conference, £263; superannuation subsidy, £466, and mortgage redemption, £390, the account showed a credit balance of £oUo, which had been transferred to the appropriation account. The total credit to this account stood at £645. In the past rebates on purchases had been on the basis of 1 per cent., and it was gratifying to be able to state that the rebate on purchases to contributing shareholders for the „ast year would represent 2 per cent, on the turnover, excluding butter boxes and cheese crates. Five new companies had become contributing shareholders. The general manager and secretary, Air C H. Backhouse, said that m goods and machinery the turnover renresented a record, amounting to £234,792, as against £201,470 for the previous year. The increase for the year, which was equally divided between goods and machinery, was 322 The rebate of £2400 paid out during the year represented a dividend of 31 5 per cent, oil the paid-up capital, or, taking into account this capital plus the 14.670 fully-paid £1 vendor shares allocated to factories when the reconstruction took place, the rebate represented a dividend of 10.7 per cent.