HINUERA

Putaruru Press, Volume II, Issue 42, 7 August 1924, Page 3

HINUERA

DAIRY COMPANY. Second Annual Meeting. The second annual meeting’ of the Hinuera Co-op. Dairy Co., Ltd., was held in the Hinuera Hall on Thursday. Mr. J. C. Pearson (chairman of directors) presided over an attendance of seventy odd shareholders. ANNUAL REPORT. The progress of the company since its inception in 1922 is indicated by the increase in the output of butter, which totalled 275 tons for the year under review, as ag-ainst 147 tons for the previous nine months. All the stocks unsold at the end of the financial year have been disposed of, and the directors recommend, in addition to the Id per lb interim bonus payment distributed on July 20, 1924, a further bonus payment of Id per lb on shareholders' butter-fat supplied up to the end of May, 1924, making the total direct butter-fat payment for the year Is 7.05 d per lb. They also recommend the payment of the sum of £l2O 12s 9d, representing’ 5 per cent on the amounts paid up on shares at May 31, 1923, and disposing of the balance of , the bonus reserve, thus making a final total of Is 7.lid per lb butter-fat.

BALANCE-SHEET. The following, inter alia, were interesting items in the balance-sheet: —Trading account: Butter sales, £47,304 12s lid; advance payments to suppliers, £36,288 2s 7d; bonus reserves, £4OBB 3s lid. Factory charges: Butter boxes, £967 5s lid; fuel, £503 8s 7d; wages, £333 7s 3d; depreciation, £504 13s lOd. Marketing charges: railages and cartage on butter, £699 0s sd; overseas charges, £lOl6 10s 6d. Salaries and travelling expenses, £540 2s 3d. Total paid-up capital, £4328 15s sd. Debts owing (including bonus reserve, £5864 3s 2d. Assets. Property, £6337 4s 4d; other assets, £3251 16s Id. Nett bank balance, £B3B 14s lid.

SUMMARY. Number of suppliers, 57; quantity of cream received, 1,300,4801 b; average cream test, 39.49 per cent; quantity of butter-fat received, 513,5801 b; quantity of butter made, 617,9881 b; butter made per 1001 b buttei'-fat, 120.331 b. CHAIRMAN’S ADDRESS. The chairman, after an analysis of the balance-sheet and outlining the history and organisation of the factory, spoke of the improvements that had been effected during- the year. These included the building of a shed, a verandah and additional coal-bunk-ers. A considerable amount of treeplanting and fencing had been done. The water-supply and the drainage had been considerably improved and the road frontage put in order. In addition a pasteuriser and a buttermilk tank had been installed. Among the improvements contemplated were the ventilating and the painting of the roof. An accommodation paddock would also he provided for. Illustrating the strides made by the company he showed that whereas at its inception it had 40 shareholders, it now had 61. The shares had gone up in number from 2906 to 5318, and where the shares basis had been 2 per cow, it was now on every 1001 b of butter-fat. He mentioned the system of grading at the factory, and showed how suppliers were protected with regard to cream-testing. He gave the history of the Auckland agency and said that the directors had now decided to discontinue the same. He outlined the future selling’ policy of the factory, and gave certain inside information as to how pay-outs were arrived at. Great difficulties had been met with by the company, but these had mostly been overcome and the shareholders were to be congratulated on the healthy state of their institution. It being decided by the meeting to reduce tire number of directors from nine to seven, the following were duly elected: Messrs. J. C. Pearson (chairman), T. Corry, P. R. Hawke, H. Hopkins, H. C. Pont, C. F. Seaward and J. C. West. Mr. M. E. Gould was not re-elected and Mr. J. Cotter did not stand.