£400,000 FOR FARMERS

Sun (Auckland), Volume 1, Issue 79, 24 June 1927, Page 1

£400,000 FOR FARMERS

Dairy Company to Make Big Distribution in August

MR. GOODFELLOW’S ANNOUNCEMENT

PAYMENT of £400,000 to Waikato dairymen as settling for the 1926-27 season is to be made at the end of August. This will bring the average price of butter-fat nearly up to 1s 4d a lb. for the season. This important announcement was made by Mr. William Goodfellow, man-aging-director of the New Zealand Co-operative Dairy Co., Ltd., to THE SUN to-day. Mr. Goodfellow stated that the undermentioned quantities of dairy produce had been manufactured by the company during the past two years. Last year’s output was greater than that of any previous season, and was a record for the company. Tons. Tons. „ _ 1925-26 1926-27 Butter 22,265 25,771 Cheese 4,767 4,894 Casein 922 767 Milk powcler 2,260 4,114 30,214 35,546 SEASON’S PRICES Seventy per cent, of the butter in the second pool (November to April inclusive), had been sold, and it was, therefore, possible to estimate roughly the final payment to the company’s

butter suppliers. The average advance price for the season was as near as possible Is l£d per lb. butter-fat, and the final payment would, he anticipated, bring the average price up to nearly Is 4d per lb butter-fat. Therefore, further. payment, or the bonus, as it is usually called, would exceed 2d per lb. From this sum would be deductions for loans, fertilisers, coal and shares, etc. The gross sum available for further payment to butter suppliers would approximate £400,000, and the bulk of this sum would be distributed at the end of August. THE CHEESE SECTION Referring to the cheese section of the business, Mr. Goodfellow said that a lesser percentage of cheese had been sold, and in consequence it was too early yet to give anything like a reliable forecast. The casein and milk powder suppliers had received butter prices plus a premium, and would participate in the butter bonus. In conclusion, Mr. Goodfellow said that the quality of all the company’s products manufactured during the past season had been very satisfactory, and butter especially had been maintained at a higher average standard of excellence than during any previous season.