THE SEASON IN REVIEW.

Putaruru Press, Volume VIII, Issue 349, 31 July 1930, Page 6

THE SEASON IN REVIEW.

MORRINSVILLE COMPANY. Directors’ Annual Report. j S i A further large increase in produc- I tion is recorded in the eighth annual i report of the Morrinsville Co-opera- j ; tive Dairy Company, to be presented j to the annual meeting of suppliers j next week. The total output of but- { ter for the season was 1577 tons lcwt, compared with 1212 tons 9cwt for the previous season, an increase of 365 tons, or approximately a ton a day throughout the season. The increase for the 1928-29 season was 335 tons. The number of suppliers continues to increase rapidly. The report states that the assets of the company in land, plant and buildings have been kept in an ex- f ceptional state of efficiency through- j out the season out of revenue, and . ample depreciation has been allowed for in the accounts. Further plant i has been added to still further re- j duce costs arid cope with the in- j creased supply offering. 1 The final balance of the revenue j account for the season is £13,494 Is j 2d. In order to pay a dividend, direct- [ ors’ and auditor’s fees £llsO of this j is reserved for this purpose, leaving , a balance for distribution of £12,344 | Is 2d, subject to unsold stocks realising the values placed upon them. . 1 The supplementary payment made oti July 20 absorbed £6OBO 15s 9d, ( and the balance of £6263 5s 5d is to j be used to level up the advance payments for the later months as soon as possible. This final payment will be equal to not less than one halfpenny per pound upon the total supply for the season. The total amount which will be paid out to suppliers for the season is £195,226, compared with £172,982 for the 1928-29 season. These figures include advances, supplementary payments, dividends and share. The average return for butterfat, irrespective of grade, is 16.406 d per pound, compared with 18.778 d per pound for the 1928-29 season. A summary for the season is as follows : Average advance 14.955 d, collection •451 d, bonus paid or. July 20, .sd, further bonus due .sd, total 16.406 d. To this must be added the dividend of 6 per cent, recommended to be paid upon the amounts paid up on shares, which, upon the average, is equal to -065 d, making the total average payment to shareholders 16.471 d. The retiring directors are Messrs. F. W. Seifert,' F. West and J. H. Gaddes, all of whom offer themselves for reflection. In accordance with the resolution of the last annual general meeting the number of directors was increased from seven to nine. Messrs. F. C. Kennedy and W. Findlay were elected to the vacancies created. Notice of motion has been given by Mr. A. Topham of his intention to move that the number of directors be reduced from nine to seven. The general outlook for the future of the dairying industry is at prehazy, but in view of the exceptional financial standing of the compSiiy its operations during the coming season should compare favourably with those of other companies. The annual summary of statistics for the years 1923 to 1930 inclusive is as follows : Suppliers, 90, 120, 160, 170, 200, 240, 280, 315 ; tons of butter, 247, 356, 530, 545, 758, 877, 1212, 1577 ; overrun, 1.2094, 1.2128, 1.2153, 1.2074, 1.2045, 1.2087, 1.2072, 1.2091 ; cost to f.0.b., 2.6 d, 2.08 d, 1.82 d, 1.76 d, 1.53 d, 1.43 d, 1.37 d, 1.32 d ; average payment, 18.08, 19, 18, 18.139, 16.139, 17.893, 18.864, 16.471. ’ j