N.Z. DAIRY ASSOCIATION LIMITED

Pukekohe & Waiuku Times, Volume 8, Issue 459, 26 August 1919, Page 2

N.Z. DAIRY ASSOCIATION LIMITED

REPORT OF THE DIRECTORS Tu be presented to the shareholders at the nineteenth ordinary general meeting of the Company, to be held in the Premier Hall, Manukau Road, Pukekohe, on Friday, August 29th, 1919, at 1.30 o'clock pm

Your Directors have pleasure in presenting the eightaeth annual report and balance sheet. ?-'_ The general tradiug account slio*e sales for the year of £1,338,972 8s Id, and the agency of £41,883 2s Bd, making a total turnover of £1,380,855 10s 9d. During the year, milk powder has been manufactured at the Association's factory at Matamata; also at Matangi, the temporary plant having been in use during the past season. The permanent factory will be ready for the coming season, and will easily be able to dry all the milk tendered. The quantity of milk received during the year was 50,646,681 lbs for butter manufacture, and 17,621,3471bs for cheese manufacture. The quantity of cream received was 20,730,9201bs The butterfat paid for for batter manufacture was 10,513,4861 be, and for cheese manufacture 6J8,0571b5. The manufacture daring the year woe 12,603,4011bs butter and 2,135,135 lbs cheese, 3,747,0721bs milk powder, and 182 74411 m casein. The overrun w_s 19 87 per cent and 2 65 lbs of cheese was made from each pound butterfat. The average butterfat quality of milk was 3.95 per cent, and of cream 40.9 per cent. The skim milk test average over all creameries was 0.04 per cent. For all the year round supply, qualified by shareholding, the average payment, including the further payments mentioned herein, is 20.30 d per lb butterfat When the railway was not used, and delivery was direct to central factories at Pukekohe, Ngaruawahia, Frank' ton, and Waiuku, payment is id per lb butterfat more. For doily de< livery, from September to March inclusive, a premium of id per lb butterfat has been paid. The Association suppliers at Orini cheese factory will receive an average payment of 24 j d per pound butterfat The sum of £ 192,770 9« 4d, including amounts which will accrue under Government Equalisation scheme, have been allocated for the final payments on butterfat in terms of contract as embodied in conditions of supply, the rate per lb to suppliers qualified by shareholding will approximate 4 J for supply to creameries and butter factories, and from 41 to 5| 1 per lb for supply to cheese factories. The amount coming to the Association from the Government fund has been estimated on a conservative basis, and the figures have neen arrived at in conjunction with the Amalgamation adjmtn -n's Of the above further payments, 21 par lb will be distributed at th* end of the present month, and the balance will, subject to the foregoiog payment from the Govarment, be pai I when the present accumulation of butter has been cleared, and full payments in respect of the season have been received from the Government. Of the similar payments to cheese suppliers, 21 per lb butterfat will be paid during August, and the balance af cer shipment of cheese still in store.

Your Directors regret that owing to difficulty in obtaining building materials and plant, and the late epidemic, the installation of casein factories was delayed; 2i per lb has already been paid out to suppliers who have left their skim-milk for precipitation, and a further Id per lb will ba paid out at the end of August to those qualiff j! by casein shares to receive such payment. Suppliers to.the Assochtim for butter during season 1917-18 will receive a further paymeut of } I ii respect of the hutierfat rec-»iv*l during th»t season. This amouut has not yet been paid out by the Government from the Equalisation Fund for that year, but on receipt will be distributed. Daring the financial year, the Association resumed, under the provisions of the Dairy ludnstry Acr, 4,167 of its shares. During the year, on April 30 hj, the late chairman and managing director, Mr H E. jfacey, re>i*ned. The business was earned ou uuder the acting roann 3 'ership of the Secretary, Mr H. VV D nt, until Bth July, when Mr Wil'iam Goodfellow was appjiuted managing director and chairman. The Directors to retire by rotation this year are John Thomas Young, ami Alfred Marrya Barriball, who had re*pe.:tful«y represented the Upp-r am'. Tjower Waikato districts. Both gentlomen offered themselves for re election, and in the absence of other nominations, are returned without npn ifition. I'r.e auditor, Mr Scoring H MatlUuw<, F.P.A. (N.Z), FNZAA., oIT-n himself f«»r re election. DIFFERENCE COMPOSED

A« action applying for an injunction to restrain the Directors of th* New Zialand Dairy Association, L ! from selling its assets to a new Company, viz, the N Z Co op Dairy Company Ltd. brought by a few of the former company's shareholders whs adjourned sine die at the recent I siwings of the Supreme Court. j The negotiations for such settlej inent were commenced in Auckland, Messrs ■■) '». Sksrrett an I M Myew nctiotr for the plaintiff* and Sir John Fmdlay and Mr George for the D.iry Association. Telegraphic advice his Iweu iMeived that the mitten in diffiwnce have been satisfactorily settled. [he proceedings for the amalgamation of the two companies have been ileUye.l owing to the legal procedure, can now be resumed without further delay. Meanwhile, the cartage services, etc of the participating companies have b«en a'justed so at to reduce costs and overlapping of such services.