WAIKATO CO-OP. DAIRY CO., LTD.

Pukekohe & Waiuku Times, Volume 6, Issue 312, 21 September 1917, Page 4

WAIKATO CO-OP. DAIRY CO., LTD.

Annual Meeting

The annual meeting of tlie Company was held in Hamilton on Wed- • nesday, 12th September. The Directors' report to share holders read as follows : The past i season constitutes another record for j the Company. The turnover and | output have increased substantially, whilst the advance payments to suppliers have been exceedingly satisI factory, being the highest paid by I any butter making concern in the ! South Auckland province. Owing to cream grading and farm inspection, the quality of cream received has. ~n the wli do, been very good. i As a direct result, the Company but- | ter opened well, and excelI lent prices on the London market. ! Local sih's during tho year amounted to i 17,000. Owing to shortage of shipping, the Company had 19,000 boxes but'.er in cold store on June :50th valued at Is >d lb—a very eon--1 servative figure. Shipping prospects are brighter, and no difficulty is anticipated in securing sufficient colJ storage for the coming season. The total shares issued now number . Arrangements have been completed for the purchase of the , whole of the original non-supplier capital, and your Directors are therefere issuing 1) per cent debentures, payable in 192. r >, to a total value of £69'>o. 1818 shares have also been resumed at face value from suppliers who have given up dairying. After transferring the sum of £34,'.'7o to bonus account, the profit and loss account show a profit balance of £957 Js (id. The amount available for bonus payments, added to advances made, will represent a total i payment to shareholders on the past year's supply on the daily direct basis of 20.800 pence. Including the butterfat levy, for comparison purposes, the payment will amount to 21.G05 pence. Butter in cold store will probably sell at an advance of at least .3d per lb over I stock taking value (Is od). It is therefore reasonable to anticipate a bonus of ovor Od lb on the year's 1 supply, making the total payment (including levy") exceed Is lOJd). The reserve account stands at £1599 lls Bd. Owing to the rapid growth of the business your Directors decided to close down the Mercer facI tory and to build a large and up-to- : date butter factory at Tuakau. This building is now approaching compleI tion and will be available for the I coming season. Prospects for 191718 are particularly bright. London ! values for various reasons will likely I be ou a higher basis than ever bej fore. 1 In moving the adoption of tho reI poit and balance sheet, Mr William i Goodfellow, 'Managing Director and I Chairman of I firectors), congratu- ! lated the shareholders on the very j satisfactory result of the past sea- ! son's business. The outstanding I feature ul the balance sheet was the I profit of £">7,707 as compared with j £2U,100 for the previous year. Wages had increased, manufacturing I materials were on the riae, while export charges (including freight and insurance; had increased 100 per cent since 191 1. The shipping situation was uncertain after November but prior to that date, practically the whole of the butter, cheese and beef now in cold store, would be exported. There was no occasion for anxiety as provision had been made to cover ' the coming season's requirements. Owing to a butter and meat famine in Europe, (he export value of all (iairy produce would ramain at a high figure tor many years to come. Alter the war, producers would require to organise so as to control shipping freights and the distribuI tion of New Zealand's produce abroad. Continuing, Mr Goodfellow I said the Directors had insured every enlisted married man in tho Company's employ for £6OO I A dividend of 8 por cent on paid up capital was declared. I Messis D. P. Burnside, Papakura, 1 Win. Goodfellow, Hamilton, W. G. I Park, Harini, were duly reelected j Directors and Mr Dynes Fulton's ! (Tuakau) appointment to a vacancy 1 on the Directorate confirmed. I Mr Stanley Chambers, F.I.A.N Z F 1* A N Z , was re-elected auditor. The meeting concluded with a ' beany vote of thanks and confidence jto the Managing Director, and further votes of thanks were ac- : corded to Mr T L Hames (secrej tary , Mr A G. Shirley (factory manager;, Mr E. Reweastle (Auckland manager , Mr A. 11. liuberts (Tuakau manager) and the DirecJ tors. ! On behalf of the Directors the Chairman Mr Win. thanked shareholders for their continued confidence and tilisted the cordial relations which had always i existed in the past would n-1 tinue. He further remarked that , this hearty co-operation had largely j been responsible for the phenomenal I (growth of the concern 1 •