T. L. JOLL COMPANY.

Taranaki Daily News, 30 August 1917, Page 6

T. L. JOLL COMPANY.

■ ■ ANNUAL MEETING. The annual mooting of (lie T. L. Joll Co. was liolil in the Kapuni Hail yesterday, Mr. .1. H. Murdoch presiding over an attendance of about lull suppliers. REPORT AND BALANCE-SHEET * The report showed that after writing off £11i24 111- (Id fur depreciation tiiere was a credit balance of £29.010 fls lOd, from which the directors recommend a dividend at 5 per cent on fully paid-up shares, anil a further payment of 3 : Jd per lb on all bntterfat supplied by shareholders, absorbing £28.385 (Is, leaving a balance of £025 0s lOd to be carried forward. The directors strongly urged the necessity of saving the veil of every calf killed. The butterfat tax amounted to £5134 15s 10d. Statistic* for the season are as follows:—Milk received, 40.815,271 lbs: butterfat 1.705.37711)8; average test 3.77 per cent, cheese manufactured 4.510,0031b5; butter manufactured 45,5341b5; yield of cheese per lb of fat 2.Gllbs; milk to lib of cheese 10.131b5. The bafr'if-e-sheet showed receipts totalled £1!)!i,542 (viz., cheese £191,977 19s 4d^_ 'butter £4553 fls 3d; buttermilk £lO 15a). The manufacturing charges •were £15.520 13s 7d; trade charges £10.336 0s 10d: general charges £2757 Gs fid; paid out to suppliers" £132,257 3s lid. CHAIRMAN'S ADDRESS, The chairman said the balance-sheet •was one of the best that they had ever presented. After detailing the commandeering of cheese by the Imperial Government, and the negotiations over the price, also as to the price of Canadian being higher than New Zealand cheese, the chairman referred to the difficulties caused by the acute shortage of shipping, and the loss caused by shrinkage due to storage in unsuitable buildings. The position this season was probably worse, because there was still a considerable quantity in store, and several ships had since been sunk. Accommodation in cool stores would therefore be very short, and arrangements would have to be made elsewhere. The directors had decided to build a big cool store at Tc Ngutu, and had asked the dairy division as to what they would require to enable the cheese to be graded there. He had that morning received a reply from the dairy commissioner, stating that the cheese bad to be kept down to a temperature of 45 to 50 degrees. To do this the room must be insulated and controlled by a freezer. This would entail considerable expense. They could store the cheese in the building at at temperature of 55 degrees, but until the cheese was graded they could not finance against it. The directors would have to decide the matter at once, and consider where the building was to be erected. Tt was very difficult at present to obtain suitable men. The labor difficulty in the factory had been most acute, and was likely to become more so. Statistics showed that 93 per cent, of the dairy factory employees belonged cither to the first or second division. Last year the company lost 20 of its men in this way. and it v-is dificiilt to replace them. The employment of married men necessitated building cottages. The company was doin<* this gradually, and in the near future would employ a considerable proportion of married men. The plant- and machinery had been kepi in .-':ti-f.:>-u rv eider. Repairs and renewals had no! been placed to capital account, a. policy that had been carried out since the inception of the company, and so scund was the company's position that if they sold their land, buildings, and plant to another concern they would he able to pay back to each shareholder 20s in the £ and still have a credit balance of £4030. During the past nine years they had also paid to the Joll estate £10,00!! on account of the purchase of the property, leaving £1349 yet to be paid. All items in the manufacturing charges, including labor, showed increases, as was only to be expected from : the increased cost of everything. Owing to the shortage of expert labor they had to try men in branches, and they might therefore have a certain amount of second grade. Those interested in the industry bad made an endeavor to have the experts kept back, so that the rank and fde could be enached up to manufacture a good article of food. The position had been placed before the Prime Minister and Minister of Defence, who had promised that they would do their best in the interests of the industry, but had never made any pronouncement on the subject. If they -were allowed their experts they could carry on; if not, he did not know what would happen in six months' time. The position be a very serious one. Jn referring to the contentious butterfat tax, the chairman pointed out that the Government, stated that this tax was off this year, but it would probably be replaced by something worse. He was i-atisfied that the sale of butter to the Government this season would not eventmrte. j n c .omparing their pay-out with that of other companies be pointed out that if they incir"iß'd the butterfat levy, interest on share capital, etc., their payout would be wfQiin a fraction of 2s. He touched upon the ne.vt season's prospects, and expressed the opinion that the price to be paid by the Imperial Government should be lOld, which would enable over 2s per lb to be paid out. Many people, especially those residing in the towns, thought that the farmer was making huge profits. He had gone into the positions of many farmers, and despite the high prices it must not be forgotten that it cost the •.farmer more to produce the milk, and also cost the factory threc-farthings per lb more to manufacture the cheese. Moreover, there were many dairymen •who could not for many years stand the strain placed on them by having to work so hard and such lung hours as they had never worked before, owing to the shortage of labor, and they were entitled to be recompensed for the time put in. In mentioning that the company had taken up shares in the rennet company, (he urged all suppliers to save veils. The testing association had turned out Wy successful, though it was unfortunate that more did not avail themselves of it. To show the advantages of testing and culling he instanced that one supplier in two-years had increased his yield of butter-fat-from an average of 1751b to 2211b. He had no doubt the butter-fat would be increased 20 per cent, from the same yield. If the average test could be raised to 3.9, in:t tad of 3.71, the factory would do much better. " ' . ... The question of amalgamating wun ■Kaupokonui had been discussed, and

opportunity of considering it if they -wished. In conclusion, he wished Mr. J. D. Crowley, a director since the inception of the company, who was now in camp, every success and a safe return home. He then formally moved the adoption of the report and balance-sheet. Mr. Kissick seconded. The only discussion centred round veils, In reply to a supplier who asked how it was that suppliers to the Ellham Company received 5s per veil, whilst doll's only paid 2s (id, the chairman stated thai the Rennet Company only paid Is Od per veil, any additional payment being given by the dairy companies to induce suppliers to save veils. Experiments would be made with pigs' and lambs' stomachs. The motion was carried. . / ELECTION OF DIRECTORS. For the two vacancies on the directorate there were four nominations. The election resulted: A. Meuli 405, E. Chapman 313 (elected), S. Kissick 232, T. VVhyte 152. A vote of thanks was accorded the two retiring directors. The two newly-elected directors and the two retiring directors returned thanks. Mr W. O'Callaghar. was re-elected auditor of the company at a fee of £ls 15s.