WAIKATO DAIRY COMPANIES.

Shannon News, 24 August 1928, Page 4

WAIKATO DAIRY COMPANIES.

REVIEW OF PAST SEASON. THE N.Z CO-OPERATIVE COMPANY The ninth annual meeting of the New Zealand Co-operative Dairy Company will be held in Hamilton on Wednesday next. The directors’ report comments on the high quality of the company’s products as indicated by the fact that their butter commands'afjprcmiunl c|n the London market. The directors express entire satisfaction with the inar-kot-ing which has been in the hands of Amalgamated Dairies, Limited, fqr the past 12 months. The report says it is very pleasing that despite the drought experienced during the past season the output of butter slightly exceeded that of last year. . MANUFACTURED PRODUCTS. ; 1 The outputs of the company’s manufactured products are as follows: 1925-26 1926-27 1927-28 Toils. Tons. Tons. Butter 22,266 25,772 26,0712 Cheese ..... 4,767 .5,019 4,250 Casein 922 767 723 Milk Powders 2,260 4,114 4,110 Condensed Milk ■ — For the same years the following table shows the total value of the property and plant, and also capital paid up:— Land, buildings and plant: 1925-2 Q, £1,128,027 (excluding collifery); 192 - -27, (£1,131,224 (excluding colliery)!; 1927-28, £1,118,938 (excluding colliery! Paid-up capital: 1925-26, £907,936!; 1926-27, £1,000,039; 1927-28, £1,056,04! The report also states that the colliery has been successfully operated during the season, the demand for coal fuel being heavy. The liability on 27 debentures of £IOOO each, securing the assets of the Te Awamutu milk-powder group, was extinguished during the past' season;. The milk-powder market developing account has been written off. An additional sum of £25,500 has been placed in the reserve, Which now stands at £54,387 7s lid. SEASON’S. SUMMARY.

The past season’s operations are briefly summarised in the following figures: —Milk received for butter-mak-ing, 172,993,7601 b; milk received fo,r cheese-making, 93,656,8601 b; cream received for butter-making, lb; total butterfat for butter-making, 48,394,0211 b; total butter made, 48*401,0321 b; over-run, 20.678 per cent!; total butterfat used for cheese-making, 3,685,9671 b; total cheese made, 9,521,0791 b; casein made 1,619,3861 b; milk powders made, 9,206,0041 b; condensed milk made, 409,1641 b. The average price advanced for but*terfat, received for butter-making during the season fyas 15.243 d. THE TOTAL' PAY-OUT.

The total average price paid for bubterfat of' superfine grade will be 17.496 d In addition the payment made by the, company for subsidy on cream cartage and railage on cream amounted to ~196 d. thus increasing the average price paid at central factories for superfine butterfat to 17.692 d. A further amount equal to .115 d per lb b.utterfat has been placed to reserve, mating the total amount for superfine . butterfat 17.8073 per lb. Cheese factories will, in accordance with their respective manufacturing results, receive varying payments. Casein suppliers have, in addition to butter payments, received an average premium of 1.98 d per lb butterfat in cash. A further payment of .5d to casein suppliers will be credited to shareholders on capital aecount. AH prices stated above are conditional upon unsold produce realising at sale the value placed upon it for balance purposes. THE CAMBRIDGE COMPANY. The total advance payment of the Cambridge Co-operative Dairy Company for July supply is £3650, against £3500 for the corresponding period of last year. As previously published the rate of pay-out is Is 6|d for first grade. The company is not quoting for finest at-present. MORRINSVILLE COMPANY. The Morrinsville Co-operative Dairy Company’s pay-out for July was at the rate of Is per lb butterfat (for butter-making). The rate for July last year was Is sd. SUNNY PARK COMPANY. The Sunny Park Company made no cheese last month. The payout is Is 5d per lb butterfat (first grade) for butter, against Is 3d in July, 1927. The total is' £4BB against £315. THE MORRINSVILLE COMPANY. According to the report the Morrinsville Co-operative Dairy Company onjoyed a very successful season, and during the past six years the. company had prospered beyond expectations. Its suppliers had increased from 90 to 240, and its out put from 247 tons to 877 tons. The grade had increased from 91 points to an average of over 93 points, while the cost of manufacture had decreased from £23 10s a ton to £l3 10s. In other figures the cost of manufacture to f.o.b. had decreased from 2.6 d per lb. butterfat to 1.43 d per lb. The deductions for share capital had decreased from |d per lb butterfat to id lb. The company had £13,000 in uncalled capital, and no liabilities by way of overdraft on its buildings and plant. The average payment to suppliers for the season was 17.893 d por lb butterfat,, A dividend of 5i per cent, on paid-up capital was declared. PIO PIO COMPANY. In the report of the eighteenth annual meeting of the Pio Pio Company it is stated that the season’s output -amounted to 396 i tons, an increase of 45 tons over the previous year. The average cash advance payments

amounted to Is 4.8 per lb., and it is proposed to make further payments of lfd per lb for December, Jjanuary, February, March and April, and §d for May, bringing the total average for the season, irrespective of grade, to Is 5.558 d per lb. It is also recommended that a dividend «of 6 per cent, be paid on all paid-up capital.

CHELTENHAM DAIRY CO.

£24,402 FOR DISTRIBUTION

The following is, >the report to be presented this week at the 35th annual report of the directors of the Cheltenham Co-op. Dairy Co.:— There is a balance of £24,402 12s 8d in the Appropriation Account available for distribution. Your Directors propose thaf this amount be allocated in the following manner: — THE PAYING OUT. To pay a dividend of 5 per cent, per annum on all Share Capital paid up as at 30th June, 1928, £1049, To make a final Payment of 1.635 d peri lb. on butter fat supplied during the season £23,"tm. To pay a bonus to the Company’s employees of 5 per cent, in their wages during the year. £334. To carry forward the balance of £6 10s 4d. The average advance on butterfat supplied during this season is Is 4.399 d and the proposed final payment of 1.635 d per lb. will make the season’s average payment Is 6.034 per lb. On butterfat qualified for shareholders* ( rates. The bonus and dividend cheques will be prepared and posted out immediately after the annual meeting. DEPRECIATION. Provision has been made for depreciation as follows: On factory buildings and plant 5 per cent, on book. Values: on motor lorries 15 per cent, on original cost; on pig farm,plant and buildings 5 per cent, on cost; and on farm improvements 10 per cent, on eost. THE PIG ENTERPRISE. The pig farm department'has returned a net profit after providing for adequate depreciation, interest on capital invested, and all overhead expenses. Although the profit on this department for the past year is not large, your directors have expectations that a greater profit will be shown in the future. Meanwhile the farm piggeries are serving the purpose for which- they were established, namely, the disposal of the unwanted buttermilk from, the factory. » THE OUTPUT. There were 1834 tons 18 cwt. 108 lbs of butter manufactured during- the year, an increase of 255 tons 11 cw-t. 151bs, on the previous season,?# output. This increase is largely due to, the-fav-ourable season which we have experienced, and it is, partly due to the more general use of- farm, fertilisers in this district.