FRANKLEY ROAD DAIRY CO.

Taranaki Daily News, 6 September 1918, Page 7

FRANKLEY ROAD DAIRY CO.

ANNUAL MiiJiEISQ. The amwal'meeting of the Frankley Boad Dairy Company was held at the factory on Wednesday night. Mr V. Jellyman presided over a, good attendance of shareholders. ANNUAL REPORT. The annual report and balance-sheet which were tatou as- read stated that after writing off £3OO Ms lid for depreciation, the profit and loss account showed a credit balance of £1;930 18s 4d, which tho directors recommended should he allocated to suppliers as follows:—2g4 per lb of butter-fat supplied during season 1917-IS, and l-5d per lb of butter-fat supplied during season .1910-117. This will be equal to an average payment to suppliers, of Is 92d per lb of butter-fat. A table of quantities and averages compared with that of last year showed, as follow; last year figures being in parentheses:—Number of suppliers 48 (40), milk received 4,010,434 lbs (3,77'9,53S lbs), butter-fat 1(11,7*7 lbs (15'2,4i60 lbs), cheese 413,000 lbs (3S7,'!UO lbs), average test 4.05 per cent (4,04 per cent), lbs milk per lb cheese I>.'7 (9/7),, lbs cheese per lb butter-fat 2-U (2.54), paid suppliers 2ili%d (20.53 d), average grade OQ.fll (91.36). ' In moving the adoption of the report and balance sheet the chairman congratulated the shareholders on the result of the year's working, and claimed it had been a record year. It showed the largest turnover tho company had had, and the pay-out for hutter-fat, was the highest in the history of the company. The past year had nevertheless' given the directors some auxious thought. ,The shortage of shipping had created an acute position in regard to storage accommodation. The Moturoa stores had been enlarged to take a further 30,000 crates of cheese, and while the building was in course of erection there had been a considerable loss through, shrinkage while the cheese was being held by the factories.. The loss of the Frankley suppliers in this respect amounted to about £IOO. When the store was completed, late in tho reason, and a few shipments got away, tho company was able to get all its suppliers into the store; so that the year closed with an empty factory, but with full grading stores. The terms of sale to the Imperial Government yielded a return of 10d per lb for cheese fob. ocean steamer, the companies to pay three months' store. An advance of £fi per crate was payable when the cheese had been four weeks in cool 'it-ore. One of the results of having to hold so much cheese in the factory was a very straightened financial position, as no advance could be secured on ehconc until it was in cool store. In regard to the coming season the chairman said the outlook was serious but everything depended on the shipping .position." Tho season closed with 71,SiC cases of cheese in the Moturoa store The cheese- received during the year amounted to 133,000 case?, so that move than half the -season's cheese is still in store. The directors of the Moturoa Freezing Works had taken steps 'to provide additional accommodation at Smart Road and Moturoa, which would take a further 40,000 crates of cheese and 50,000 boxes of butter. The present storage, and the works now in progress, would still be insufficient unless there-was a'considerable quantity shipped away. Referring t.i the balance sheet, the chairman, after alluding to the increased output, said that owing to the increased cost of all materials used, said thn cost of manufacture had risen' from .87d per lb last vear to .9Gd per lb this vr.nr. The cost, f.q.b. last year had been I.lSd per lb and this year'l.Wd. Owing to new Suppliers coming in last year it had been necessary to enlarge tile factorv and put in additional plant. The buiklinsr had. cost £473 13s 114 and the vat and press £7O. After referring to the difficulty of some suppliers in get-V-rirr their milk to the factory, the chairman concluded 'by stating that on Mr Waswo leaving the company at the end of the season, Mr G Woods was inpointed. We also stated that as he was due in camp in November he did not intend to seek re-election.

The motion was seconded by Mr W. 12. Grant, and carried. ELECTION) OP DIRECTOR'S. The election of directors resulted in seven nominations for four vacancies, '.he voting being as follows: Messrs 'P. Baker {36), H. Marfell (50), J". Upson (47), P. Gilbert (46), A. Vowless (30), C. W. Hooker (-28), and L. Seamark (T2), the first four being elected. The chairman's remuneration was fixed at £lO, and directors were, on the casting vote of the chairman, granted a remuneration of £2 2s, several of those present considering that tile di■reeters should- do the work gratuitously- ' Mr C 11. Wynyard, A.1.A., N.Z., was elected auditor at the usual rcmuneraI tion. GENERAL. It was decided that a donation of Is per ton of output of cheese be made/ to the prize fund of the Taranaki A. and P. Society. .j In order to meet the necessity, for taking up additional shares in the Taranaki Producers "Freezing Company it was decided to set aside an amount equal to the value of the shares to ibe taken up, and to spread the payment) over a period of three years, ' A vote of thattks was passed'-tori's ] directorate for their services during Hiepast year. j ! It was abo. resolved to-'tender-to Mr! 11. Okey, M.P., an expression of syin-j pathy with Join in bis illness, andi'a'i hope for his speedy recovery. Votes of thanks were passed to the °taff, and also to the secretary for their services. At a subsequent meeting of directors Mi- L. Hill was elected chairman.