MANAKAU CO-OP. DAIRY COMPANY.

Otaki Mail, Volume 26, 15 September 1919, Page 3

MANAKAU CO-OP. DAIRY COMPANY.

♦ —— At the annual meeting of shareholders of the above, held recently, the following report was read:— Your directors have pleasure in presenting the fourth annual report and working tceounts. No special comment is necessary on the accounts as the figures arc plainly set out for inspection. The balance to credit of profit and loss account will allow of a further payment of 2d per lb, bringing the total payment up to Is 11 l-3d on the butterfat for cheese-making. This is a record for the company and reflects great credit on the manager. All the cheese graded first, with the exception of one consignment, which is also a record for the, company.

As the general store was holding up too much of our working capital, it was decided in March last to sell out, and the realisation of the stock has given

us more working capital. The cheese made was 101 tons <cwt 2qrs 91b, a slightly lower output than last year, but due in a great, measure to the influenza epidemic, and later m the season the dry spell cutting down the milk flow. However, the prospects for the season now commencing are very good, and all we now require is the combined support ol' our suppliers to make next season another record. Lbs milk, 2448,060; average, tost, 4.04; lbs milk to lib cheese, 9.46; yield, “'The directors regret the departure from Manakau of Mr Frank M. Winter, -who resigned from the board during the year, and they desire to place on record his valuable services during his term of office. ■ The retiring directors are Messrs Nicholson, Robinson, and Scliolcs, who, being eligible, offer themselves for reelection. The retiring auditor also offers himself for re-election. The balance-sheet as at July olst, 1919. duly audited, was as follows: ‘ Liabilities.— Paid-up capital, £695 los 5d- share reserve account, £23 7s Id; milk suppliers for July. £37 3s Sd; sundry creditors, £364 13s; balance at profit and loss account, £2497 13s 6d. Tot a , £3618 12s Sd. Assets. —Land account, £64 os; buddings account, £SS3 14s 2d; plant, ac count. £773 2s 2d; water-race account. £56 Us; stocks, materials, etc., £a3S 6s fid- shares Rennet Co.,£S2s6d; sundry debtors re store, £3IS 3s Id; sundry debtors on loans, etc., £3SO 17s 106; Imperial Supplies Department £457 p s; Bank of Australasia, £99 15s 6d; unexpired issue premiums, £3S 7s 6d- Total, £36IS 12s Sd. Profit and Loss Account.

To stock of cheese on hand, £l2 Ids 10d; advances on butter-fat, £7997 3Gs sd;’ materials account, £702 2s 9<l; wa»es. £453 15s 9d; insurance, £llO 1-s 3d; interest. £27 15s 9d; railage and carta"e. £lO6 4s; maintenance, £3O 11s 6a; rates and taxes, £2 3s 6d; general expenses, £165 11s lid; discount and

exchange, 6s 96: wharfage and storage. £173 335; export license (191 S), £l2 Ss 2d: directors’ fees, £4l 17 y s; depreciation, £IS2 16s; balance store account, £lO4 11s 9d; net surplus, £2497 13s (id. Total, £12,622 10s lOcl.

By balance from last year. £3915 17s 3d (less bonus and dividend for 191fh £2IS6 13? lid), £1729 3s 4a: sales cheese, £9999 12s Id; cream sales. £470 5s 4d; whey cream sales. £371 6s sd: balance from butter sales. £26 4s 6d; transfer fees. 2s 6d; cheese m stock. STS Sd. Total, £12,622 10s 106. By balance e|- to balance sheet, £249. 13s 66. ,