HINUERA DAIRY COMPANY.

Putaruru Press, Volume VIII, Issue 352, 21 August 1930, Page 6

HINUERA DAIRY COMPANY.

ANOTHER YEAR OF PROGRESS. There was an attendance of about 90 suppliers in the Hinuera Hall on Friday, when Mr. J. E. West presided at the eighth annual meeting of the Hinuera Co-operative Dairy Company Ltd. , Auditor’s Report. f The auditor’s report stated that the balance placed on unrealised stocks was a reasonable one, while factory stocks had been taken in as per the manager’s stock sheets. Costs to f.o.b. showed a slight improvement on the previous year’s figures. Chairman’s Review. In reviewing the past season the chairman said the balance-sheet compared very favourably with those of other dairy companies—in fact it was near the top of the tree. However, they could not get away from the fact that there was a reduction of two pence per pound caused by market conditions. Unfortunately there was no prospect of any increase, as far as he could see. The year had been a worrying one for the directors owing - to these conditions and also owing to the fact that there had been some dissension among suppliers. The latter trouble -was now past, and he hoped forgotten, so that they could be a happy family again as , formerly. (Applause.) The coming year would be mostly a consignment year, and the outlook was not very bright. > - Improvements to Factory. During the year the company’s capital had been increased to £20,000, and improvements, practically doubling the size of the factory, had been carried out. Improvements had also been carried out to the water supply, plant and housing arrangements. By installing separate motors it was expected that the costs of manufacture would be reduced. This year a new boiler would be installed, as the old one was worn out. The new boiler would be a multi-tubular one with automatic stoker. The manufacturers of the automatic stoker guaranteed a saving of about 30 per cent. That morning the directors had accepted a contract for a reinforced concrete boilerhouse. The old one had been a source of worry, and an incipent fire which would have resluted in the factory being burned down had recently been discovered just in time. The cost of this year’s improvements was estimated at £I3OO, and, being over £IOOO, would need the sanction of shareholders. This would be the last big expenditure so far as he could see. Finance for Suppliers. The directors had loaned small sums to shareholders when they had the money available but had urged that the Rural Intermediate Credit Association be taken advantage of if possible. The directors were not agreed on the matter of loans, and Mr. Cotter would ask for a ruling on the matter later in the day. This year they had departed from their usual custom of paying out a dividend on share capital. This had been a unanimous decision by the board and was done to prevent reclamations on overpayments early in the season.