WAITARA-TARANAKI DAIRY CO.

Taranaki Daily News, 5 September 1918, Page 3

WAITARA-TARANAKI DAIRY CO.

TWEXTffiTiHi ANNUAL MEETING. The twentieth annual meeting of the Waitara-Tarankki Co-op. Dairy Company was held at the factory.. Waitara Road, yesterday afternoon, when Mr. J. H. Smith, chairman of directors, presided over a fair attendance of suppliers. ' REPORT AXiD BALANCE-SHEET. The report stated that the year was a satisfactory, It somewhat strenuous, one The erection of the casein ■buildings and plant, finance and storage problems, gave considerable anxiety, but these were overcome. With the apparent prospects of shortage of shipping, it was found necessary that factories should, make provision for further storage accommodation, 'and this had been ell'ected by the freezing works making further additions at Moturoa and becoming shareholders in the Smart Road works. In regard to the newer proposal, a further 100 shares will be allotted to the company, and to meet this the directors decided to apportion £SOO from this year's balance to meet the immediate requirements of paying calls, and the 'balance is to be met but of the coming year's working. Of the surplus, it is proposed to make a payment of 2d per pound on butter-fat supplied during the year, making a total payment oS 17d (suppliers paving received during n the year advances at the rate of 15d). 'There is also a furthar payment of £194 17f 3d to be made on casein, 'bringing up that total t<f a trifle over lOd per 1001b of new milk. Nothing definite, had been arranged yet as to prices for next season's output of butter, but a very satisfactory offer had been received for casein. The supply of milk for casein at the creamery was rather disappointing to the directorate, and i; was hoped that, there would be better results for the coming season, especially as the prospects were brighter as' regards price. The balance-sheet showed that receipt'! totalled £3ft:2flo 17s gd. The principal items of expenditure were:— General £?.Z% 19s f>d. casein £llOB 12s, wpges £9ll Os Id. butter boxes £5(56 16s 4d. interest £ll9, depreciation £159. advanced to suppliers on milk £25.921 0s Cd, casein £lsll lis, leaving a balance of £4119 16s 3d. CHAIRMAN'S ADDRESS. In moving the adoption of the report and balance-sheet, the chairman congratulated suppliers on the successful year, everything considered. At the beginning of the season the prospects as regards shipping were not very bright, hut the butter people had every cause for thankfulness, in that the authorities were able to ship awaf in April practically all the accumulated butter in store at Moturoa and Smart Road, though at one' time during 'the season thj former was full ( up and latter held 18,000 boxes. One of the bi? problems of the year had been to provide sufficient cool storage, and he briefly outlined the steps taken by the Producers' Freezing Company to meet the position. The new storage should be available before the flush of tlie season. Everything possible had been done so as to be prepared for any congestion of produce. The increased output during the past year necessitated a further 54 shares being taken up in the Egmoiit Box Company. He referred at length to the difficulty of obtaining supplies of timber, due to tbe shortage of labor in the bush. Large purchases of white pine had been made bv the Box Company, and it was anticipated that stocks could again be accumulated,' and so allow for a better supplv of seasoned stuff instead of living from hand to mouth, as they had been forced by circumstances to do. There bad been a decreased output from the factory this year. Owing to war conditions, shortage of labor, etc.. some suppliers were bringing less milk and cream, while two- or three others thought to do better bv taking their milk elsewhere, but he had yet to learn that thev gained anything hut' experience by the change. The buildings and plant, bad been kept in an efficient state of repair, and the new casein building at the creamery had been -completed. Necessarv metalling bad also been done at the factory. These had been charged to propertv account. The sum of £IOS Ids 4d had been written off for depreciation. rntils.it was definitely known what further payment there was to come from the Imperial Government connection with the half-profit on the sale of butter, it was impossible to say definitely what the total would be, but it was fulh- anticipated that liioiv would be available a further 2d. Villi regard In casein, supplier- were aspired of at least Is per 1001b of new milk supplied for (hat purpose. Ninepence would be paid monthly, and at

least 3d per 1001b at the close of th« season. There was no information to give in regard to dried milk and sugar of milk. He expressed his appreciation of the services rendered by the manager and his assistants, creamery mauager, and secretary. THE DISCUSSION. In reply to Mr. H. Purdie, the. chairman stated that with the payment of the additional 2d as anticipated, suppliers would receive Is 7d per pound for butter-fat. This did not include casein. Mr. Ptmlie considered that the deduction of the y,d working expenses reduced the pay-out to Is fi%d. Mr. Hall pointed out that casein would increase the pay-out by 2y,d. A supplier stated that, according to the articles of association, this farthing deduction was placed to a reserve fund) and no share capital was called up. Mr Purdie considered that it would hi> advisable to allot shares, which would bs worth something when a supplier left the factory. Mr. M'Caul 'stated that his experience of dairy factory sharer, was that they were not worth much after a supplier left the factory, as the tendency was to divide everything possible among suppliers. Mr. Purdie held that the balancesheet showed a farthing per pound more than was actually paid outThe chairman 'stated that this farthing was deducted by resolution, as it was thought that some time there might be a set of directors who might wish to pay out everything possible, without deducting safe depreciation. In response to a question, the chairman stated that nothing definite had been heard regarding the sale of butter for the coming season. The committee ,set up had offered to sell the' butter to the Imperial Government at 196s arid to sell local buttter at Is sd, setting up their own equalisation fund- This would mean an average payment of Is 7Jd to factories on all their butter. He thought the producers would be better ofT if they dealt direct with the food Controller, instead of through the New Zealand Government, as there would probably not be the same delay in the negotiations. He considered there was a good deal of camouflage in this as in other matters. Up to the present they had not received a final settlement on last season's butter. This delay was probably due to the difficulty over the pooling as between the export factory and the local sales In reply to Mr. F. T. Andrews, the chairman said tliat tbe overrun was 15.72, as compared with 17.6 the previous year. Mr. Andrews considered that the average test and cost of manufacture should be included. Mr. Purdie thought that the comparatively low overrun was due to the test being read high. The secretary stated that the cost of manufacture was -2.13 d per pound of butter, everything included. The chairman said that the expenses of manufacture were higher, due to the increased cost of requisites. It was not a case of price, but of obtaining the article required. The report and balance-sheet were f'en adopted. ELECTION OF DIRECTORS. . Messrs J. 'H. Smith and W- Hall, tbe retiring director*, were •■e-eleeted unopposed. The former, in returning thnnks, stated that under the present wa, conditions he was unajjle to devote as much time as formerly to the Tuisiness of the factory. Mr.'W. Hall also returned thanks. Mr. Hugh Baily was re-appointed auditor. GENERAL. It was resolved to transfer the £ll.l rebate on produce put through the Moturoa works to property account. The chairman's honorarium was fixed at £3O, and the directors at 10s per meeting. Votes of thanks were accorded the staff and the directors.