MANAKAU DAIRY COMPANY.
f ANNUAL, MEETING. ' Tlie annual meeting of shareholders of the Manakau Co-op. Dairy Co., Ltd., was held on Friday last,’ Mr. Cecil Dimock presiding over an attendance of 20 shareholders. The chairman, In moving the adoption of the report and balance-sheet, expressed pleasure in the fact that the operations of the company had been marked by smooth working and co-oper-ation from the suppliers; he urged on the shareholders the pulling together and working in with the management all interests were identical. Mr. M. F. Miles seconded, and me motion was carried. A suggestion that the dividend on shares be 6 per cent was made by Mr. R. B. Kilgour and referred to the incoming Board. 1 Mr. Robert Bevan was elected to the Board in place of Mr. F. E. Burnell, who did not seek re-election. The new director received cordial greetings and Mr. Burnell’s past valuable services were referred to by Mr. L. H. Atkins and recorded in the minutes. M'essrs Dempsey and Litchfield were rc-eleetecl auditors. A vote of thanks to the chairman, directors, secretary and manager was jiassed, on the motion of Messrs M. Miles and C. Cottle, and particular rej ference was made to the good work carried out by Mr. Frank Brown in his first year as manager. The several recipients of this much appreciated vote acknowledged the compliments paid them. At a meeting of the new Board held later Mr. Cecil Dimock was again unanimously re-elected chairman. Report to Shareholders. “Your directors submit herewith their annual report and balance-sheet; tlie latter shewing that the company has maintained its normal healthy condition. The factory building stands on the books at £744 6s 5d,. including the office, store and men’s wharc; the manager’s dwelling at £207 11s. These, items have been well written down, and are worth considerably more than these values. ;The plant has been written down by ten per cent, the last two ! years, and as it stands at present may be considered at its true value. The fixed assets are valued at £4272 7s 6d, and liquid assets £1574 5s 7d. The sundry debtors arc all good. On the liability side of the balance-sheet, the on!ly unusual item is the loan to the company of £SOO by the chairman, and the ibalance due on the hydro-electric iiower plant. The total liabilities outside the ' shareholders amount to £1262 15s sd, which is easily covered by the liquid assets. The result of- the year’s working is that a balance remains in the cheese account of £856 10s Bd, after advane-1 ing an average of Is 6.03 d, and will allow a further payment of ltd per lb. Butter account lias a surplus of £339 Is 3d, after advancing is 5.33 d, and a further payment of :|d is available. The statistical table supplies all the information required under this heading, and in this connection your directors consider that our young manager, Mr. Frank Brown, is deserving of great commendation on the result of the year’s working. The cheese graded up to 94, and only 12 crates out of 1889 went 2nd grade. Only 326 boxes of mtter were Exported, and these graded ip to 935. The greater part of the
butter was sold in Wellington, at an average net price of Is 5.94 d. The directors recommend that the usual dividend of 5 per cent, on paid up shares be made in duo cours'e. The directors wbo retire by rotation, ami who are eligible for re-election, tiro Messrs Charles Rickard and F. E. Burnell. As, however, Mr. Burnell will probably be leaving the district he does not wish to stand again. The directors very much regret losing Mr. Burnell’s valuable services on the Board. He has been a director since the inception of the company, in 1915, and from 1916 to 1917 was chairman. Not only the company, but the whole Manakau community, will miss Mr. Burnell. The retiring auditors, Messrs Dempsey and Litchfield,”offer themselves for rc-elee-tion.—(Signed) WILLIAM C. DIMOCIv, chairman; W. E. BENDALL, secretary. Statistics. Total lbs milk for cheese-making 3,196,422. Total lbs butter-fat for cheese-mak-ing 134,831. Libs of milk to lib of cheese 9.2. Lbs of cheese to lib of fat 2.57. Average test, cheese milk 4.21. Total cheese made, factory weights, 346,5381b5, equals 154 tons, 14cwt, Oqr, lOlbs. Lbs milk used for butter-making 119,246. Lbs butter-fat from milk 5769,22. . . Lbs cream used for butter-making 261,784. Lbs butter-fat from cream 93196.71. Average cream test 35.6%. Over-run 19.64%. Butter-made, 118,4091b5, equals 52 tons, 17owt, Oqr, 251bs.
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Shannon News, 6 August 1926, Page 4
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755MANAKAU DAIRY COMPANY. Shannon News, 6 August 1926, Page 4
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