ELTHAM CO-OP. DAIRY COMPANY.

Taranaki Daily News, 19 August 1918, Page 3

ELTHAM CO-OP. DAIRY COMPANY.

ANNUAL MEETING. The twenty-sixth animal meeting of the I'.ltham Co-operative Dairy Company was held at the town hall, Eltham, 011 Saturday, when there was a large attendance of shareholders. The chairman of directors, Mr. W. D. Forsyth, presided. REPORT AND BALANCE-SHEET. The report stated that during the year the company received and \lanulactured the following:—For butter-mak-ing: Milk 1,304,0531b, butter-fat 49,540.52 lb, average test 3.79, cream 59,8161b, butter-fat 23,720.201b, average test 39.60, butter manufactured 77,9101b (34 tons 15 ewt. 2qrs. 201b). For cheesemaning: Milk 41,48»,8<!i>1b, butter-fat 1,551,958.44 lb, average test 3.74, cheese manufactured 4,173,9001b (ISO 3 tons 6 cwt 3 qrs. 25 lb), lbs cheese to lb butter-fat (London weight) 2.02: lbs milk to lb cheese 9.94; whey butter manufactured 4S tons 11 cwt. 0 qrs. 12 lb. During the year the average price paid for butter-fat: was 18:1. The balance on hand made it possible for the directors to make % further payment of 4.43 d per lb butter-fat. The balance-sheet showed that the company had 12 branches, and the value of the property and plant, including the larsc curing room, was £51,000, Shares held in subsidiary companies i.otat £11,2(0, the interest from which amounted to £S9S. The value of produce made was: Cheese £169,097, butter £55:51, and whey butter £0249. Receipts for rennet and royalty £l7B, cool storage £179. The expenditure 'included wages £9053, rennet, nad pepsin £4484, boxes and crates £2538, bandages and caps £BIB, coal and firewood £200!, freight £055. freezing charges £936, insurance £991), interest, £550. salt, paper and preservative £B24—total £182,000.

CHAIRMAN'S ADDRESS. In moving the adoption of the veport, (lie chairman heartily congratulated the shareholders. The increase in the bank overdraft was accounted for by the very large stocks in hand. Contingent liabilities showed ail increase of £9OOO, which included £BOO in the New Zealand Cooperative Rennet Company, which was the same as last year, and' £IOOO in the Taranaki Producers' Freezing Company. The number, of shares in that company had been doubled, £2Ol had been paid up on the shares in the Egmont Box Company, and £O-28 on the Bacon Company. The authorised shares in the ■E'thfim C'o-opcrative Dairy Company were 40,000, of which only 2G9 remained unallotted. The paid-up capital totalled £22,348, and accounts payable totalled £l-!08, the reserve account being 1.000". while ,-£-2500 had been allowed for depreciation. The assets had been increased to the e.vtcnt of £7OOO by tin erection of the new cool storage building. The item for accounts receivableappeared large, but. included in this amount was a large sum from the Imperial Government, approximately £1P0», for a hit- proportion of their cheese which was not, ret shipped. Requisites in stock were vamed at £O7OB, an increase of Oter £OOOO, Stocks in hand which were expected to realise £1.5,13] had realised £27>71, due to the considerable increase in the price paid. Despite the fact tint they still had a. big proportion of their produce lying in the stores, their freezing charges had been extremely light, showing a decrease of £305. This was due to the company owning :ts own freezing rooms in Kltliam. It would ]iave cost them £I3OO had t-hey sent the produce to Motnroa. but it had only cost £7OO to store in Elthani. There was also a big saving in shrinkage as compared with previous years. The insurance had been increased, as they had now to take all risks. The law costs had been heavy, due to the work involved in the preparation of new articles of association anil an expensive court ease, which had been forced upon them. TVages had increased by £B4O. The balance of £30,000 represented an increase of £OSOO. Regarding the question of directors' fees, shareholders would see that the fees for attending meetings had been increased to 15s. He felt sure they would quite understand that living was getting dearer, benzine was very exand m;vny of the directors resided a long way from town. Tlicre were other items which justified an increase in the remuneration of directors. However, he did not: think that any of the shareholders would begrudge ' the alight increase. He was satisfied there was no other commercial concern in the- world with a similar turnover that worked its business for such a small remuneration Year by year the company was showing steady improvement, and he considered thev could claim thi;t they were running their business on excellent lines. r, :e motion was seconded by Mr. C. J. Belcher and carried.

ELECTION OF DIRECTORS. Messrs J, Campbell, TI. J. Linn, and Robertson wort- re-elected directors unopposed. lir. W. J. Tristram was reelected auditor at the same fee as that of previous years. otes of thanks to the chairman and directors were passed.