OKATO DAIRY COMPANY.

Taranaki Daily News, 24 July 1917, Page 3

OKATO DAIRY COMPANY.

AXXt'AL iIEETtsG. The twelfth annual meeting of the Okato-Puniho Dairy Co. was held at flempton Hall, Okato, on "Monday, when Mr. N'ewton King, chairman of directors, presided over an attendance of about 40 suppliers, induing several Indies. The report congratulated the shareholders on a most successful year's working. The following were the quantities of milk received at the several branches:—Kalhilii, 4.943,1501b milk, ISfisß2lb butter-fat; Punilio, 3,357.7851b milk, 132,048!b butler-fat; Leith, 2,!)11 4to':b milk, 113.7691b butter-fat —totals 11,21-2,4051b milk, 432 33311) butter-fat. j When the account sales for last season eame to hand the directors were able to make a further payment of Hd per lb of butter-fat supplied for cheese-making last season. The whole cost of the three cheese factories, £5375 12s "2d had been written off in two years, making the financial poistion of the company an extraordinarily strong one They now recommended that a premium of '2os per share be charged to all new shareholders. After the writing off mentioned above the profit and loss account showed a credit balance of £9493 14s Gd, which the directors recommended be allocated to suppliers for a further payment of S'/id per lb of butter-fat supplied, bringing ihe total payment for the season to la Tjd per lb of butter-fat. The quantities and averages were as follow, the previous season's figures being in parentheses for the purpose of comparison:—Number of suppliers, 50 (50) • 'nilk received, 11,212.4031b (1-2,-0C7.3441b!: cream received, nil (13,288 ii,l; butter-fat, 4325991b (4-74,3»1b); butter made, nil (225.<>521b): cheese made. 1 151,8901b (743.1701b); lb milk per lb cheese, 9.72 (9.3); lb cheese per Il> butter-fat, 2.66 (2.57); average test, 3.Bfi (3.9): average price per lb butterfat, 19',1'd (1«.45d); average grade, cheese, 90.63 (90).

CHAIRMAN'S ADDRESS. In moving the adoption of the report ami balance-sheet the chairman stated that as they were living in abnormal times the directors last season had arranged to sell their output. Later the cheese had been commandeered by the Government and paid for by the Government at a fixed price that gave a very satisfactory return. Last summer was verv dry early in the season, so that the milk returns showed a reduction of 814,0391b. They had paid out Is 7'ii per lb butter-fat. hut if they added the amount deducted on account.

payment of uieeec lactory and tin 1 butter-fa', levy, they would have been able to pay out ls'9 5-8 d per lb. He pointed out that when suppliers were called together to discuss the question of erecting the cheese factories, it \vaiweou that they were to be paid off" m two years; in fact some suppliers tu;jgesi.ed they should give in their cheques 101 tlie amount at once. The directors, iheraiore. felt tliat it was their duty to carry out the wishes of the suppliers: but for that they would probably have extended the time for another year. -At the time the resolution was passed, there was no indication that the high prices or tiie war would liu.ve continued lor Ion;:. Indications showed that next year's prices would be even higher, or, in other words, tiioy would be aible to pay out, niOTe 'than'last year, which was saying n pood deal. Shareholders also iwere in the enviable position of having paid oil a liability of £6OOO during the past two years, and therefore would be in u good position if -lean years came after the wav —though lie did not anticipate they would, ns fur an the dairying industry was concerned —through not having to pay interest. The question of purchasing ft motor-lorry was also to be con-

sidered hy suppliers, in view of their heavy cartage bills. The directors aTao recommended a premium of -20s bein» placed on each share, and even then new suppliers coming in would lie , .jch better oft', considering that the plant was paid for, than tiiey would be by joining another company without % iremiuni. The auditor, In; stated, drew'attention to the need for setting aside the dividends payable on the liox Companv and Freezing Works shares as a reserve fund. Mr. C. Andrews seconded the resolution.

Mr. W. Binnie, at the chairman's request, briefly stated the business done at the conference held in Tlawcra 011 .Saturday, lie also stated that it had been decided to re-establish the rennet, factory and supply factories with rennet in proportion to the veils supplied. He therefore asked all suppliers to sell their veils to the company. The chairman stated that in connection with the commandeering of cheese there would probably be a further payment, as at the time when the sale to the Imperial Government was effected, it was understood that if Canada was given a higher price for its cheese the difference would be made up to the producers of this Dominion. lie understood that Canada had received llid, and at a conference in Wellington, at which the speaker "was present, Mr. Massey admitted that Canada had received ' a higher price, and that lie was endeavoring to come to terms with the Imperial Government, and if that were so a further 'bonus would 'be paid out. The resolution was then carried.

ELECTION OF DIRECTORS. For the three vacancies on the directorate, caused by tlie retirement by rotation of Messrs W. Binnie and j. Wooldridge, and the resignation of Mr. Newton King, there :werc five nominations. namely. Messrs W. Binnie, ,T. Wooldridge, Charles Andrews, J. Carey, and T. Goodin, the three first named being elected. Mr. E. P. Webster was re-appointed auditor at an increased remuneration from £7 7s to £lO 10s. The sum of £SO was voted to the directors for an honorarium, licing an increase of £25.

PURCHASE OF MOTOR LORRY. The question of purchasing a motor lorry was discussed. In reply to a shareholder, the chairman recommended the company joining with a neighboring concern in the purchase of a lorry each, so that one would be available in the event of the other ibeing under repair. Other suppliers favored this, and it was resolved to leave the question in the hands of the directors to confer with the directors of Warea or Cape Egmont the matter. Mr. Grant alone disesnted. INTEREST OX SHARE CAPITAL. Mr. ,T. Carey moved that the company pay 0 per cent, interest on share capital, as the company was now in a good position.

Mr. P. Grennway seconded, and after some discussion it. was decided to pay interest- 011 ay share capital. GENERAL. It was resolved, on the motion of Messrs \V. Binnie and A. Corbett, to increase the value of the shares to £2, a premium of £l.

A bonus of £23 was voted, to be allocated pro rata between the manager or the branch manager. PRESENTATION TO MR. NEWTON KING. Mr. Newton King was the recipient of a presentation, a full report of which will appear to-morrow.