Record Dairy Output

Sun (Auckland), Volume IV, Issue 1050, 14 August 1930, Page 11

Record Dairy Output

BONUSES TOTAL £353,623 “A Most Successful Year” From Our Own Correspondent HAMILTON, Today. SHAREHOLDERS oT the New Zealand Co-operative Dairy Co., Ltd., will receive bonus payments totalling £353,623 on August 31. During the 1929-30 season the output of the company has been 44,597 tons of dairy produce. The bonus is at the rate of 1 3-16 d a lb.

Mr. C. J. Parlane, general manager of the company, said that all produce exported was shipped on consignment with the exception of butter and cheese sold to Canada and the East. Calls for finance had been heavy this year but the company had been able to meet all reasonable demands for finance to purchase dairy cows and fertilisers. Because of the continuous fall in prices throughout the season the returns from the British market were not as favourable as those available to f.o.b. sellers. However, it had been a most successful year, and the company would continue to assist both its suppliers and the industry itself. After providing for 3-8 d a lb butterfat shareholders’ bonuses over the season, the balance would be paid over the months of January to May inclusive. DIRECTORS’ REPORT The report of the directors, which •will be presented at the annual meeting of the company on August 27. states that from the point of view of production, the past season has been the best on record. The prices obtained for the company’s produce were good in the earlier part of the season, but there was a sharp decline to low prices in the latter part of the season, with the result that the average payment will be less than for some years past. Commodities manufactured by the company in recent years are shown in the following table:

PROPERTY AND PLANT The total value of the property and plant, and also capital issued and paid-up is as follows:

The report records the loss by fire during the season of the cheese fac-

lory at Manawaru on June 15, 1929, and of the butter factory at Ngaruawahia on July 13. * 3929. A thoroughly up-to-date cheese factory in concrete has been erected at Manawaru and commenced manufacturing on December 6. A modern butter factory, also in concrete, erected at Taupiri to replace the Ngaruawaliia factory, commenced manufacturing on August 11. Stocks’ unsold at the close of the season have been taken into account for balance-sheet purposes at reasonable price. A brief summary of the season's operations is as follows:

Lb. Milk for butter-making .. 222,261,377 Milk for cheese-making.. 145,513.216 Cream for butter-making. 125,071,210 Total butter-fat for buttermaking .. 59.551.153 Total butter made . . . . 72,690,895 Over-run, per cent 21.45 Total butter-fat for clieesemaking 5.504.437 Total cheese made .. ~ 14.700,604 Casein made 2,688.460 Milk powders made . . . 9.817,629

PRICES DURING THE SEASON The average price advanced for butter-fat received for butter-making during the season was 14.785 d. The total average price for butter-fat of superfine grade will be 16.058 d. In addition the payments made by the company for subsidy on cream cartage and railage on cream amounted to 0.234 d, thus increasing the average price at central factories for superfine butterfat to 16.292 d. Cheese factories will, in accordance with their respective manufacturing results, receive varying payments. All prices stated are conditional upon unsold produce realising at sale the value placed upon it for balance-sheet purposes. Casein suppliers have, in addition To butter payments, received an average premium of 2.015 d a lb butter-fat. They will also be credited with 0.25 d a lb butter-fat share capital. Milk powder suppliers have, in addition to butter advance, received the usual premiums for skim milk. The amount to the credit of their profit and loss accounts for the past season will not be dealt with until a quantity of stock equivalent to the season's "make” has been realised and the final

HAURAKI DAIRY COMPANY

RECORD PAYOUT CLAIMED From Our Own Correspondent NGATEA. "Wednesday. Shareholders of the Hauraki Plains Co-operative Dairy Company. Ltd., of Turua, were in good humour at the fifteenth annual meeting on Tuesday for the payout was stated to be the highest for the present season in the Dominion. The output of cheese was sold outright and suppliers received Is Bcl a lb butter-fat. while butter suppliers received Is ssd. The season was shown have been a record one for production, the output of cheese, 665* tons, being 9S tons above that for the previous year and 55 tons above the quantity estimated when the output was sold. Had the estimate been accurate suppliers would have received one farthing a lb butter-fat more than they did. Despite the extra labour involved in standardisation and in waxing, working costs had been reduced by Id butter-fat. Waxing* had been the means of saving 1 per cent, of shrinkage, or 6£ tons of cheese, and standardisation had been a gain of id a lb butter-fat, although the standardised cheese was not sold at a premium. Messrs. C. K. Fox and H. H. Hicks, retiring directors, were re-elected and Mr. C. Dale replaced Air. C. AnsfordAlr. F. S. Battley was reappointed auditor. Air. A. H. Rogers was subsequently re-elected chairman of directors.

LOAN MONEY SCARCE From Our Own Correspondent HAMILTON, Wednesday. Evidence of the hardening of the money market was given at the meet- ‘ ing of the Central Power Board today, I when it was stated by the secretary, Air. H. J. Beeche, that considerable difficulty had been experienced in raising loan moneys at 5£ per cent. Four firms of brokers and leading financial institutions had stated that they could not entertain the lending of money under 53 per cent. One firm said the reason for the hardened state of the money market was that the Government had “snapped up’’ all loan moneys at 5& per cent. Mr. Beeche said he had advertised foe the sale of some £IOO debentures valued at £4,000, but he had received no applications. It was decided to take the opportunity afforded by the bank to raise a loan by overdraft of £15,000 for development work.

1927-2S. i 928-29. 1929-30. Tons. Tons. Tons. Butter 26.072 27,19". 32,451 Cheese 4,250 - 5.949 6.563 Casein .. .. 723 714 1,200 Milk powders . 4,1 10 4,341 4,383 Condensed milk 183 934 —

-and, build - 1927-2S. 1928-29. 1929-30. ings and £ £ plan t 1.118,938* 1.104,626 1.070,328' ssued Cap. 1.348,52 5 1,367,675 1,356.873 'aid-up Cap . 1,056.041 1.0S7.531 1.130,247 * Excludingcolliery.