APITI DAIRY CO.

Manawatu Standard, Volume LVII, Issue 221, 18 August 1937, Page 14

APITI DAIRY CO.

ANNUAL REPORT. The report submitted to tho annual meeting of the Apiti Dairy Co., to-day, stated that the output for the season was 347 tons 12cwt 61b, an increase of 4 tons 641 bon the previous season. “This is a very gratifying position owing to the fact that the herds have been decreasing every year, but this increase is ‘no doubt due to suppliers availing themselves of the company's efficient carrying services enabling topdressing of their land in time to increase their season’s yield. The stocks of dairy produce on hand at June 30, 1937 were valued at market value according to grade. It was deemed advisable to again paint the factory and the manager’s house. These, together with other buildings and plant, have been depreciated at standard rates. Owing to a shortage of housing accommodation the directors decided to increase the company’s buildings with the erection of a dwelling for the secretary, which at a reasonable rental will prove an asset to the company. “We are pleased to report that the carrying account has again this year exceeded all expectations, and we are able to pay suppliers ia bonus of 3s 4id per ton, or 5s in the £, on the season s cartage. Owing to the increased work being done and inability of one lorry to cope with the increase, the directors decided to utilise their two licenses and place another truck on the road, and which we are confident will meet with the approval of shareholders. The directors recommend that the surplus available in the appropriation account be distributed as follows:—To make a further payment of 2}d per pound butterfat supplied for season, £6597 5s sd; to pav 3s 4ld per ton rebate on cartage done, £240 15s; to pay dividend of 3 per cent, on paid-up share capital, £137 IBs; to carry forward a balance, £9 10s 6d ; total, £6986 8s lid. “The average advance for the season was 11.038 d per pound butterfat which, together with tho bonus of 2) cl per pound butterfat and dividend of 3 per cent, on paid-up share capital, brines the total payout for the year to 13 59d Messrs L. S. 'Gould. W. McKay and B. Waterson are the retiring directors this year and again offer themselves for re-election. Yo.u will be asked to elect an auditor for the coming year. Mr A. H. Maguire again offers'his services.”