TARURUTANGI DAIRY COMPANY.

Taranaki Daily News, 28 July 1917, Page 3

TARURUTANGI DAIRY COMPANY.

ANNUAL MEETING. The nineteenth annual general rueet.mg of shareholders of the Tarunitangi Co-operative Dairy Company was held at the Tarurutangi Hall on Thursday afternoon, Mr. G. Longstatf, chairman of directors, presiding over a good attendance.

• ANNUAL REPORT. The report stated that account sales for 804 'boxes of butter have not yet been received, viz., Athenic 46 boxes, Ruahine 305 boxes, Rotorua 218 boxes, Port Elliott 40 boses, Waiwera 155 boxes, lonic 40 boxes. When these came to hand, and with the Government refund on local sales, the total price realised for butter for the past year will prove to be one of the best the company lias ever had. The sum of £8270 18s 5d has been distributed, being at an average rate of 13.31 d per lb. of butterfat supplied, and it has been decided to advance a further payment of one penny per lb by way of interim bonus. Figures on the season's working were: cream received, 384,188'/ 2 lb; butterfat, 148,0191b; butler, 170,1281b; agerage test, 3.85; overrun, 14.03; average grade of butter, 93.00; actual cost of placing the butter on the market, including cost of making, boxes, etc., 1.14 d per lb. The chairman, in moving the adoption of the report and balance-sheet, said the season was one of the best the company had experienced. The directors bad not been able to pay out to suppliers as much as they would have liked because there were still several returns to come in. The returns of two shipments had been received since the report was printed, leaving still four, and in addition they had still to receive the Government subsidy. The directors had disposed of the 390 boxes of butter that were in stock at the end of the season, and therefore proposed to pay out an interim bonus of 2d instead of Id. It would also be satisfactory to shareholders to note that notwithstanding the increased price they had had to pay for requisites the working expenses had actually been reduced by about one farthing per lb, which spoke well for the factory manager and the secretary, Regarding the prospects for the coming season, Mr. Longstaff said the question of shipping'was the difficulty, and if they could not get their witter Home then undoubtedly they would be up against it. They would have had in hand at the close of last season approximately twelve hundred boxes of butter, but as the result of the local trade they had ■ heen able to' quit the whole of it. The total-pay-out for the past season would be about Is "d, probably a little more, which he thought was exceedingly good; A new cottage had been erected for the manager at a cost of between £275 and £300! The work itself had been cntjfostcd to the manager,, Mr. Street, andlhis assistant, and so far as he was able to, .see, it was a really good job. The turbine at the factory had not , given satisfactory results, "but directors on the advice of Mr. Marsh, of Egmont Village, lowered it two or three feet, with good results."Mr. Copestake seconded. • • During the discussion the chairman mentioned that the factory wrj fifth in the grading list at Moturoa for the season. He explained that the 218 boxes of butter that were on the Rotorua were fully rovered at market price. The report was adopted.

ELECTION OF DIRECTORS. Messrs E. T. Scott, E. 'G.*-T. Marsh (the retiring directors),'and .T. Giddy and Dixon were norninatcd for the two vacancies on the directorate. A poll resulted in Messrs Marsh and Giddy being elected. Mr. 11. Bailey was re-elected, auditor. '

GENERAL, It was decided to pay interest al the rate of C per cent. oit> share capital. Several shareholders considered that only wet shareholders should receive interest, but it was pointed out that if interest was paid they could not discriminate between wet and dry shareholders. On the motion of Mr. Dixon it was resolved that £3OO be written off the manager's new residence by way of depreciation, same to be deducted from returns yet to come in. The secretary, Mr. A. J. Tunbridge, was voted a bonus of £5, and his salary was increased from £4O to £SO per annum. Votes of thanks were accorded the directors, secretary and manager and staff for their services during the past vear, special reference being made to the services of Mr Scott, the retiring director. ELECTION OF CHAIRMAN. At a subsequent meeting of directors, Mr. G. M. Longstaff was re-elected chairman.