TAIHAPE CO-OPERATIVE DAIRY COMPANY, LIMITED.

Taihape Daily Times, Volume XI, Issue 3525, 12 July 1920, Page 4

TAIHAPE CO-OPERATIVE DAIRY COMPANY, LIMITED.

SLYTEENTH Al\'NU.=\ I. GEN RE A}

l\lE}£'l'l N U

The annual genera} meeting uf the :ellzu'ehu}o(‘rs of the above I.:..lpuri_\f was held in the supper room /uf Hz‘) Towu Hall on Saturday aihif--nom;, There was 3. good attendaxnw. Mr H. D. Bennett, chairm-.111 of directors, pr(l*siding.

The annual report and balancesheet was reafl. The report .~'.t:ltez,l:-‘--On behalf of the Bo?-‘.rd of .l)ix'e<:t.3r:: I have pleasure in again presenting the statement of accounts for the year ending ;\lu_v SH. .1920. The output of the factory has come well up to expectations, the payment for butter-fat being_£2l-15 in exéess of the sum paid last year. The qualify of our butter has been maintained at the very highest, and, in addiiiion to h.e2'n_L_,r thirel in the list of factories grading at \~\’cllington, ore gained meritorious plaves in competition at the recent Palmerston Show.

‘During the past, year opp~.u'tunity was taken to illvostigale the possibilities of ama‘.gamatl'ou in the Tuihape and Rata Distrik3t..<, but the proposal Was found impracticable afid was abandoned.

The present method of d?s;.m_::zl of New Zealand butter to t‘.-so .fnlperi?l¥ Government comes to an and ur June 30, and unless the a‘l'rallgement is renewed for 3. further term we shall revert to 3 free market abrogul. The Imperi:-.1 Govnmment has. howc=\'er.c.x—_ pressed its willingness to extend tho contract. for another year at a price to be fixed. If, as it is hoped, fhis price will be 011 parity with other Imperial Government pIII:ChaSCS_. dairy farmers may look forward to an increase of over sixponco per lb for butter-fat next yéar.

The present outlook for cl‘-.eesc.is not good and nmny factories mhst now revert; to buttel;—m:lki”ng. Shareholders will naturally be infnested in the proposal to establish a huge co-operative concern to handle butter in England on behalf of New Zr.-aland producercu. I purpose addressing you on .*his, and’ on other current matters, when I meet you at- the annual meeting. -Suffice for the present to say that the proposal is pregnant with difficulties and requires more thou_s__rht given it than appears 11ccessar_\‘ nn the surface;

There are two \‘a<32lncios on the Board, and you will be asked to fill these. ' -I am pleased to be able to report very substantial_amounts available for distribution. The business ‘of the Company has bee‘llMl"uE 0:: most economical lines, and no bad. debts have been iueurreél. Due «regmrd has been given by the Board to members 91’ its stafi‘, all of whom desefve the thanks of the shareholders. In the orilinary course of business it bQC'l'nlCS I](‘(lo.\‘S%ll‘)' to increase the Capital of the Company from 5000 to "7000 shares, and a pro.~ posal to this efieet will be submittecl‘ at the annual meeting. A further p~ro—t posal will be submitted for your a.p—« proval. having fozj its object the ca.pi'talisation of -“the General Reserve AeIzount now standing at £IOOO. ‘ ‘"OS From the profits of the year, it is“ 1»1‘0p0s~3d to set aside a"s'llm, which will.‘ approxinlaté one third the cost of 3; motor lorry, and your Directors re‘commend consideration of the replacement of horses for power-driven vehicles at the factory. ’

In the appropriation of profits (the 1 largest in the history of the Company)‘ I your directors recommend the payment of six per cent. as Jl‘v'lJen«l, and using the balance for the benefit. of suppliers of 1919 and 1920 in approximately the proportion due from those two Seasons as f0110W;<:

l The table of statistics attached to‘. ’the report showed UlO produce dealtwith since 1905. For 1919-20, butter». fat 1-omsivoa tot-mod 230,4T61bs (191.919, 220,5351b5); pounds —of butfer nl:muf:m‘rureJ, 273,-1911b-4 (191849, 261,3.101b5): average‘ price -paizt for ‘buH:er—fnt. 1/8 (191849, 1./6.15). ‘ The trading and profit and loss account shower] sfoek at 31,/3,{15 was £llO9 10/1; 'pu!‘C_haso.~‘ butter £29994/1; purchzl.<<"s bfiftcr-fat, £17,188119/; cm-tage of cream, £483 1/-1»; freight anrl insurance, £lll 15/; wages. £603 19/10; balance carried Gown £4252 12/2. Local sales amounted to £13,196; export’ £Bl2l 6/9; Suppliers. £748 17/11. The - equalisation fund from 1917 f 0 1919: amounted to 2‘3.‘=’191 16/2.

Pnynlont of 6 per cent. on paid up capital .. .. . 252 0 0 Bonus of 1d per 1b to 1919 ,,.,¢ 4 suppliers (making 1/8 . A W } 15d) 342 0 0 Bonus of 2d per 31) 1:1)" ' 1920 suppliers ...... 1776 0 0 E To special reserxje account I for motor lorry 350 0 0 To general -reserve ac- ! Count 100 0 0 i ‘ £23320 0 u