MANGOREI DAIRY COMPANY.

Taranaki Daily News, 10 August 1918, Page 5

MANGOREI DAIRY COMPANY.

ANNUAL MEETING. The twenty-third annual meetlnn; of the Mangoroi Dairy Company was held at Egmont Village yesterday, when Mr. A. Morton, chairman of directors, presided over a good attendants of shareholders. EEPORT AND BALANCE-SHEET. The report showed that the quantity of milk and cream received and the figures in connection therewith were as follows, last year's figures being given in parentheses for comparison:—Milk received, 12,739,0271b (14,621,2211b); butter-fat contents, 605,5971b, 568,9181b); average test of milk, 3.97 per cent. .3.89 per cent.); cream received, 311,7841b (268,2961b); butter-fat contents, 118,8841b (103,8211b); average test of cream, 38.18 per cent. (38.09 per ccnt.h butter made, 736,1251b (790,8121b); over-run 17.88 per cent. (17.55 per cnt.); pounds of milk to each pound of butter, i 21.641b (21.881b). During the year £30,490 15s 2d had been paid to suppliers, equal to 15.17 d per pound of butter-fat. A further payiWent of 2d per ound on butter-fat between September 1, 1917, and April 30, 1918, had been authorised by tho directors. The sum of £552 7s was recom.mended to be written off for depreciation. Until it was definitely known what were the terms of the final settlement on the sale of the season's butter to the Imperial Government, it would pot be possible to make the final payment for butter-fat for the year. The comparative cost of running the I various creameries per 1001b of butterfat was as follows;—Egmont Village (152„7711b), 4s 4id; Kaimiro (122,517 lb), 4s 9Jd; Kent Foad (72,8281b), Cs 3d; Albert Road (57,5291b), 8s 7%d; Mangorei Road (91,4941b), 4s lid; Smart Road (56,1231b), 7s 3d. The balance-sheet showed sales of butter and stock (estimated) £51,973 7s lid, wages and salaries £1712 5s 4d, boxes, salt, parchment £ll7O 8s 6d, fuel £638 13s Id, cartage, horse-feed, etc., £509 13s 2d, electric current, oils, sundries £222 4s Sd; £39,490 15s 2d had been advanced to suppliers, leaving £8229 7s profit, against this being management expenses £1277 Is lOd (including repairs and renewals £638 15s 8d), export charges £1271 19s sd, depreciation £552 7s, leaving a balance of £5253 3s 3d. CHAIRMAN'S ADDRESS. The chairman first referred to the decrease in the milk supply during ttw past season, remarking that if there had not been a decrease, it would be somewhat extraordinary under the circumstances, for the war conditions were causing a shortage of labor and increasing the price of requisites, not only necessitating the reduction in the number of herds milked, but a reduction in the size of many of the herds. Taking all things into consideration, the season bad not been at all favorable to production on a high scale, a decrease of 23 tons being not more than could be expected. As compared with tie previous year, a greater quantity of cream had been received; in fact, it was greater than ever, and it was probable that this increase would go on from year to year, as those that had taken up home separation were so satisfied that they would not go back again to the supply of whole milk, while, from time to time, tho36 who supplied whole milk would go in for home separation. Home separation was for more satisfactory to the company, enabling a bigger over-run and no waste, and they only paid for the butter-fat in the cream. It was significant that the tests had readied a higher point than ever before, and were much above the average for Taranaki, being 3.97, as against 3.89 for the previous year. At last annual meeting, they were unable to state what the final payment for the season would be, owing to not having received the final payment on a considerable quantity of butter, and the same position arose this season; for, while there was only a small quantity of their butter in New Zealand, .they were as yet unaware what was to be their share of the extra profit to be received from the Imperial Government over and above the 1575, which was the basis price of the sale to the Imperial Government. The balance-sheet showed that the sum of £12,822 7s lid had been paid out on account of last season since the end of the year, making the total payment just over Is 7jjd per pound for butter-fat. This should be recognised as very satisfactory. He had assured them that at least Is 7id would be paid out, and was therefore pleased at the result achieved. He then referred at length to the purchase of butter by the Imperial authorities. Continuing, Mr. Morton said that last year there was again an acute shortage of shipping, and the congestion was so serious that at one time the stores at Moturoa were full up, and there wero also 18,000 boxes stored at tne meat works at Smart Road. The position with cheese was even more serious. It was thought at the beginning of the season that shipping facilities would have been better for cheese than for butter, yet the fact was that shipping facilities proved better for butter than for cheese. So good were they that by April the works were practically clear of butter, though containing a considerable quantity of cheese still. The position next season would probably be even more acute than in the. past. If so there was no question but further storage accommodation would have tdßhe'provided next) year. The ! directors of the Moturoa freezing works were fully alive to the position, and had added "storage accommodation for an additional 35,000 crates of cheese, and had also authorised additions to accommodate a further 19,000 crates, and had entered into an arrangement whereby the Smart Road works would provide accommodation for 100,000 boxes of butter, so that, between the two, Taranaki would be fairly well served for accommodation next season. After referring to dried milk and sugar of milk, he touched on the bal-ance-sheet, pointing out that, though the output had decreased, the cost of management had increased, due to the high price of requisites, etc., and this could be expected each year. He then moved tho adoption of the report and balance-sheet. Mr. W. G. Shoemarlc seconded. THE DISCUSSION. Mr. Shute suggested that the directors should consider the procuring of separators for suppliers who were home separators. The chairman stated that though the compMyidi<frnot-k«tp-»twk» of.

ators, they would procure one for Jl supplier. Mi Mr. Shute considered that home- sepay rating would bo a saving both to-tiittj company and the supplier. He eatt»j mated that it cost Id per pound separate at some of the creameries,3 whereas at home a supplier could sepals rate for id and save the gdjngj to the factory. "j Mr. Chatterton thought that hefori'j rc-bnuildingf creameries the directors! should urge suppliers to go in for ltomctc separation. • Thee hairman stated that they Jutd-1 endeavored to induce the Albert Som| supplier to go in for home separation/ but they unanimously decided against' it, as they considered that the fact that'' they had gone in for home separation might prevent them from participating' In casein or cheese, ehould the bo decide. ' t* j

Mr. J. Williams referred to the cost of fuel, etc., at Albert Rood. *; Jjt The chairman stated that this the last of the old boilers when company was established 24 years fgo&j In reply to Mr. Coniey, who eon+l sidered that the wages shown lor cr«te ery managers were hardly sufficient live oil, the chairman stated thai men were only employed, in some Cmjp for 10 months, and were given the of the house etc., for the whole ysß&' in addition to other perquisites, wGrflji about £1 per week. 1 ' j Mr. Shute referred to the ixnsasidSa*ri tory state of the skim milk machine at Kent Road, on many ftions thel ast supplier being obtain any skim milk. Other suppliers spokd iff % strain. • Theo hairman stated that - tha--2&xjj£@£ was receiveing attention. In reply to Mr. Price, it wa9-«ta&|v that 400 or 500 shares were held. non-suppliersi Mr. Burrowes thought it unfair sha#.' outsiders should receive batter tit ffi# same price as suppliers. Theo hairman stated that the dhte* tors had given instructions that any* one outside suppliers should pay the same price as the shops charged. Mr. M. J. Marsh considered that, ftd 7 > an inducement to suppliers pt email creameries to go in for home separat-i tag, the directors should consider pa.y-t ing a little extra for home separation.' The chairman stated that the coot* pany had paid to suppliers living omrf: 2J miles from a creamery %d extra Iffid' home-separated cream but they had now ■ resolved to pay for all liutter-fat on th* same basis. He did not think it would be possible to carry out Mr. Marsh's suggestion. 11 Mr. Marsh thought that the should have power to close a creamery if the supply became too small. The chairman stated that the direct tors now had that power. The report and balance-sheet went then adopted. v ELECTION OP DIRECTORS, For the two vacancies on the direst torate theTe were three nominations; ' and the election resulted:—Measrs Geo ; Marsh 131, W. R. Rowlands 105 (re< tiring directors) cjtactedj R. Burrows 88. ■ . *;:3 Mr, A. J. Tunbridga was re-elecfce3 auditor, ■ SPECIAL MEETING. A special meeting was held subset quently, when resolutions were submitted in the direction of increasing, tha capital from £BOOO to £12,000, also altering the articles of assocdaton. i , The chairman, in stressing the need for inreasing the apital, stated that of the present shares al but 487 had been aotted. This woud notp rovide for the issue due to inreased suppy for more than two years. It was aso neessary 1 to make provision to pay for the extra' share apita that the ompaay had to take up in the Moturoa Freeing Woi&rf Company in order to provide' aditiona.' - storage. The chairman stated that the alternative to increasing the capital woold b« to tkae the necessary money out of th» profits of the past year, but in thscb case present suppliers would tif bear the whole cost of storage accamt modation that might be available tut the next ten years. Mr. Price 'favored purchasing shares from non-suppliers and re-issuing these at a premium. Mr. BBurrows thoght that a fund, should be created to buy dry shares. Thee hairman did not favor building Up the capital account out of profits. Both resolutions were passed. A hearty vote of thanks was accorded, the manager and staff, the secretary/ and directors, for their service# during the past year.