OAKURA DAIRY COMPANY.

Taranaki Daily News, Volume LIII, Issue 163, 19 October 1910, Page 3

OAKURA DAIRY COMPANY.

ANNUAL MEETING. The annual meeting of the Oakura Dairv Factory Company, Ltd., was held at the Oakura Hall on Monday afternoon. There was a larce attendance of shareholders, and Mr. (1. Adlam, chairman of directors, presided. The. annual report, as already published, was taken as read. Tlie chairman, in moving its adoption, said he wished to congratulate the shareholders on the successful year just closed. He was pleased to see a substantial increase in the quantity of butter niaiifaettired, and trusted the ensuing year ■ would show a still larger increase. With the present plant and staff the company could handle another fifty tons of butter with very little additional expense in the cost of working. At the present time they had to run two creameries and a factory, but were receiving less milk than many* companies handled at their factory" alone. This naturally made the company's cost of manufacture very high, and it was only by the shareholders endeavoring to increase the output from their farms that the present condition of things would be improved. Last season's increase in the output of 10 tons caused the cost of manufacture to drop from •l.Rdrt to U/d as compared with the previous year. The average price paid to suppliers for the season was Lo.oßd, as against 10.23 d for the previous year. The "reason of this decrease was that they were a selling company, and the avc'rr.ge price received for the last season's output was 10.78 d, as against ll.OOd for the I'DOS-9 season. The over-run had increased from 10.97 per cent, to 11.21) per cent, .in comparison with the previous year, and he hoped this season '«-Hh the combined churn and ]uitto-j, [worker Sail fell, jit si liee'ii i that it would reach 15 pSf edit: lit nj* opinion it was quite possible id do this and yet make a good article. He wiifj pleased to say that during the past Winter the directors had not nearly the amount of trouble that they had durirg the previous winter through turnips, and , the consequence was that they obtained a much higher price for their butter, and :by persevering in that direction they hoped to again get back into favor with the buyer*." The annual meetings of the Esmont Box Company. Ltd., and the Taranaki Producers' Freezing Works Company, Ltd., were held in August last, and the biffenee-sheets of both companies showed them to be in a very satisfactory position financially. They had received from the Box Company the usual diviof '6 per cent, on" share capital in- ' \%ted, and from the Freezing Company a"u allocation of £l7 10s, being the company's share of the profits for the year ended June 30, 1909. This had been credited to the company's share account, and left it owing a balance on its shares of only £3 l'Gs lid. Next year's allocation of profits to the company by the rteezino: Company would make their shares fully paid-up, and also probably entitle them to a cash dividend. The 'Freezing Company had also decided to reduce "the freezing charges on butter to shareholders by one penny per box. He felt sure they would join with him, in congratulating the chairman and directors of the coriirlnriy upon the successful way in which they had'managed its affairs. Turning to the profit and loss account, they would note that the item of fuel showed a decrease of £OO < in comparison' with the previous year. This was no doubt chiefly due to the fact that during the past year thev had large-' ly used steam coal instead of wood, and lie felt sure that this season would show a still further reduction in this item. Repairs to buildings, machinery, waterpower, and renewals of plant were onj the high side, the increase in this item "being due to the fact that considerable) repairs were required to the freezer and ; turbines, and he did not think this ex-j pense would recur for some considerable time. Most of the company's buildings were also painted last winter, and that expense should not occur again for at least three years. All other items in the trading and profit and loss accounts compared very favorably with previous year. The prospects for next season were very satisfactory indeed. 'So far a very mild spring had been experienced, and unless they had a dry spell during the summer he thought there was every prospect of a record output. Prices were good, and the directors had again sold the output from 'September 1, 1910, to April 30, 1911, the price received being ll%d. which he considered very satisfactory and is an increase of 9-lGths of a penny in comparison with the previous year. With a good overrun the directors liope to be able to return to the shareholders 10y 2 d to 10% d per lb of butterfat for the season. During the past year the company's position with the bank had considerably improved, and the net working overdraft now stood at only £427, as against £552 the previous year. j This should be further decreased by at least £125 during the coming year.

Mr. F. 'C. Mace seconded the motion, which was carried without discussion. The following nominations were received for the vacancies on the directorate caused by the retirement of Mr. W. Honeyfield and Captain Mace (the former offered himself for re-election): —J. Healy, W. R. Cave, J. J. Clyde, and W. Honeyfield. The ballot, which followed resulted as follows:—W. Honeyfield 28,j J. Healy 25, W. E. Cave 23, J. J. Gyde 22. Messrs Honeyfield and Healy were therefore declared elected. I . Mr. C. T. Mills was re-elected auditor for the ensuing year at a fee of £5 ss, an increase of £l/ Is. On the motion of Messrs T, W. 'Morris, and J. J. Gyde, a hearty vote of thanks was accorded the chairman, directors, secretary and staff for their services during the past year. At a subsequent meeting of directors Mr. Adlam was re-elected chairman of the company.