NEWBURY DAIRY CO.

Manawatu Standard, Volume LVII, Issue 223, 20 August 1937, Page 4

NEWBURY DAIRY CO.

ANNUAL MEETING. DIRECTORS ELECTED. The annual meeting of shareholders of the Newbury Dairy Co., Ltd., was held in the Newbury Hall yesterday afternoon, Mr M. G. Hansen presiding. The chairman, in moving the adoption of the report and balance-sheet (already published), congratulated the suppliers on another successful year. For the past eight or nine years cheese factories as a whole had made only a small premium over and above butter, and had hoped that the beginning of the year 1936-37 would bring the manufacture of cheese into its own again. However, the guaranteed price for cheese, which had been fixed by the Government, had fallen far short of the mark promised. It was felt, he concluded, that the Government was appreciative of the position of the cheese companies to-day, and that in fixing the' price for the coming season the full premium declared would be made available to the suppliers. Production was down a little and costs had gone up, principally as a result of the increased cost of crates and coal. He purged the suppliers to keep up the quhlity of milk supplied. Mr Hansen commented on the extremely high average test of 4.61 and the rise in grading of Newbury cheese to 91.78. Messrs E. Collins, A. R. McCulloch and M. G. Hansen were re-elected directors.

Mr AV. Hunter was re-elected auditor. Eulogising the work of the secretary (Mr E. B. Jennings) and the manager (Mr AV. L. Krivan), the chairman mo-, ed that they he granted a bonus. This was agreed to. The recommendation of the directors that a bonus of 1.6 d be paid on butterfat supplied and a 5 per cent, dividend on capital was adopted. The bonus payment brings the average payout for the season to 14.1 d per lb.