T. L. JOLL DAIRY CO.

Taranaki Daily News, 2 September 1916, Page 3

T. L. JOLL DAIRY CO.

ANNUAL MEETING. The annual meeting of shareholders of the above company was held at Kapuui on Wednesday, Mr. J. B. Murdock, 'diairman of directors, presiding over a large attendance. DIRECTOR'S REPORT, '■ _ rnc directors' report was as follows: Yom have pleasure in present:ng herewith the balance-sheet for the year ended June 30, l!)l(l. After wr' ';■ iiig off the sum of £1207 lis Id for allround depreciation, there remains a balance to the credit of the appropriation account amounting to £27,500 7s 7d. At the end of June the company had a very large amount of cheese in stock, •Jiid also on the water en route fo: the Home market. In consequence of this your directors have decided to leave the matter of final adjustment for the season in abeyance at present. A further payment over last season's buttter-fat will be made on September 20, in accordance with the amount of cheese sold by that date. Your directors recommend that a dividend at the rate of 8 per cent per annum be paid to shareholders on all fully paid-up shares. The statistics for the season are as follow: Milk received, 52,803,811 lbs; butter-fat, 1,952,010 lbs; average test, 3.000 per cent.; cheese manufactured. 2221 ton s 10 cwt 2 qrs, 0 lbs; butter manufactured, 13 tons 5 cwt 3 lbs; yield of cheese per lb of fat, 2.0G lbs; miik to 1 lb of cheese. 10.30 lbs; milk to 1 lb of butter, 23.15 lbs; overrun (butter).. 15 per cent. In moving the adoption of the report "lid balance-sheet, the chairman sai<" I they had now issued 20,571 £1 shares. | on 'which £18,044 had been paid, an; l the amount owing to Mrs. Joll had been ' reduced to £2307. At the end of their financial year they valued their cheese i which was afloat of 90s. Since then the price had advanced, and it was probable that it would realise 4s per ewt more than it was then valued at. The directors anticipated paying out another 3d ; on September 20; they would not have, all their cheese sold then, and what the' balance would be they could not say yet. The merchants were talking of the pro- j liability of the market going up to 120s; j if, however, it went up to 105s or 10(is, this would mean a considerable surplus : on the Is 7d which the 3d to be paid out i next month would bring thi s season's j payment up to. They had now installed two motors, which would in future replace horse traction, and as their cheese would be on the road l\ hours only inftead of between 3 and 4 hours, he be lieved that this would minimise the shrinkage to some extent. The directors had written off £1207 for depreciation, which equalled 5 and-71 per cent, all round. They would notice on the credit side in their balance-sheet that the cheese aeount was £IBI,OOO, and their ivholeturnover £IOO,OOO. This increase was brought about by the greater quantity of milk supplied and the high price? realised for their produce. They would remember that at one time their turnover was just over £IOO,OOO, but the company had forged ahead and had now nearly doubled that amount; furthermore, the number of their suppliers had increased from 183 to over 200. The chairman next briefly recapitulated the transactions w:Ui the Government in regard to chocs, supplies, and mentioned that the difference between the price at which the cheese was sold to the Government last season ami the average market price was lijd, which on 023 tons of cheese represented a los s to the Joll Co. of between £OOOO and £lO,000. It was impossible to say whether the Government intended to procure any of this coming season's cheese or not, but in any case they would have to pay market price for it. They had the right to commandeer whatever they required, but only at current market prices. At the present moment merchants were, offering OJd and taking all risks, and that appeared to indicate that the market would be good. The company had decided to again consign their output through Messrs I.ovell and Christmas as before; this firm had hitherto given them complete satisfaction. j The chairman briefly reviewed the position of the difficulty in regard to the supply of rennet for the future and.the formation of i'lie Rennet Co., the amalgation of the bacon companies, and the difficulties confronting them in regard to requisite labor for the coming season At present they had their complement of employees, but it was probable that several would be called up for service for their country, and then their difficulties would commence. If necessary they might be able to arrange with people with families to assist in turn at the factories in the mornings and evenings. The water supply at Kapuni had not been satisfactory, and it was just touch and go last season as to whether or not they would get through. The chairman's motion for the adoption of the report and balance-sheet was seconded by Mr. Mculi and carried, ELECTION OF DIRECTORS. Messrs J. T). Crowley. O. H. Mculi, and A. C. Johnstone, the' retiring directors, nll'ered themselves for re-election. In addition Mr. J. F. Kiley was also nominated. A poll resulted as follows: Crowley, 477 votes, Johnstone 304, Kiley 32!), and Menli 273. The first three were declared duly elected. Mr. O'Callaghan was re-elected auditor. EGMONT A. AND P. ASSOCIATION. The president of the above Association, Mr. V. Mills, briefly addressed the meeting, as lie had done tit other centres, appealing for support, in members and special prizes for the Association. Mr. Mills received an encouraging response to his appeal, both in regard to new members and special donations. HERD TESTING. The chairman read a communication from the Dairv Division, suggesting that as Mr. Kent's time was not fully occupied in herd testing, that he should, in addition, take up the work of visiting dairy farms and advising fanners as to the best methods to employ to secure purity of milk, etc. If this suggestion were accepted, Mr. Kent's salary would have to be increased from £225 to £2oo.—The chairman mentioned that Mi. Ken' had tested some 3000 cow-: during the past season,, and the average per cow of the herds tested was 2201bs of butter-fat. This was low, and in one place in North Taranaki he had noticed that the average of 38 herds was 280. If the Jolls Company could increase from 220 to 2SO it would mean a >reat deal to suppliers, and would also reduce the average cost of manufacture.—Mr. Harrison remarked that he had every respect for Mr. Kent and agreed that his testing sorted out the culls, but how was that going to improve Lhe herd? It did not provide hotter cows, and the want )f better stock was the most urgent need.—Mr. Clarke strongly defended herd testing, and quoted figures to prove the improvement it had effected in his herd.—After a discussion. Mr. Johnstone moved, and Mr.

Clarke seconded; that the suggestion of the Department be agreed t'i.—Carried. CALVES' VKLLS. In reply to Mr. Newey, the chairman said that this company would pay 2$ lid each for first quality ■ veils. "WHEY PINCHING." Mr. Moeller introduced the everlasting trouble of "whey thieving," as he characterised it, and asked if there was not 11 provision in the company's articles for filling a man who wa? catrgbt taking away more than his share.—The chairman said that there was* no such provision in the articles, but some veal's ago the directors passed some such resolution. The whey trouble was not so acute now as it bad been, and the company sent a man out to any locality where there was much annoyance manifested to straighten up matters. —Mr. Lye,, moved that the directors, on' receiving notice from the branch manager that a. supplier was taking more than his share of whey should, '.'iter being once warned, inflict a fine of 20s, which mm should he devoted to patriotic purposes. Mr. Bailey seconded. The chairman suggested that their first difficulty would be to catch the offender. Mr. Lye: 'We'll catch him." Mr. Harrison said they all knew who the offenders were, and suggested that.suppliers should form themselves into viligaut committees at each factory. The motion was carried. BACON COMPANIES AMALGAMATION. At the request of a shareholder, Mr. Crowley, one of the directors of the Eltham Bacon Co., briefly outlined tin scheme for amalgamation of that company with Dimock's and the Waikato Co., and said that, after going thoroughly into matters, he was satisfied that the proposed amalgamation would be in the interests of bacon producers. Dimock's was to be taken over tit a valuation of £BO,OOO. ■Eltham £1.1,000. and Waikato at £12.000, and the representation on the Boaid was to be: Dimock's, four directors, and each o; the other two companies three directors. Dimock's, therefore, had not a prepon larati'ng power. Mr. Hughes doubted the , visdom of this amalgamation. They I vere going to stifle all competition for '.heir pigs, and competition was the life :if trade. Producers would in future I 'iave to take'whatever was offered.— 1 -taj.