OAONUI DAIRY COMPANY.

Taranaki Daily News, 6 September 1918, Page 8

OAONUI DAIRY COMPANY.

TWENTY-SECOND ANNUAL MEETING. The twentysecond annual meeting of 'the Oaonui Dairy Company was held in the Public Hall, Oaonui, yesterday, when Mr. J. C. O'Rorke presided over a fair attendance of suppliers. REPORT AND-^LANCE-SHEET. The report showed the operations of the company for the past 11 months as follows: —Milk received at cheese factories, 9,10t,9571b; butterfat, 348,9631b; cheese made, SS6,GO4Ib; pounds milk to pound cheese, 10.2fi; poundscheese to pound butter-fat, 2.54; average test, 3.53; milk received at butter factory 162,0901b; butter-fat, 5D341b; butter made, 69731b; pounds milk to pound of butter, 21.8; overrun, 17.54 per cent.; average test, 3.9. * Whey butter to the value of £llOO 63 lOd was. made during the cheese-making period. Payments of Is per pound on butter-fat were made throughout'the. period, and a further payment of 4d per 5 pound has since "been made, absorbing. £5915 3s, leaving a surplus of £7035 is to be dealt witn. The balance-.sb,eet showed receipts to have been £37,033 12s Id (cheese sales £35,298 17a, whey-butter sales £1075 8s 2d, creamery butter £505 2s 6d). The principal items of expenditure were:—Salaries £IBB9 5s Id. boxes and crates £540 Is 9d, cartage and freights £927 15s Bd, fuel £S)Qif 4s 3d, export charges £3Ol 10s, stores and requisites £12.73 12s Bd, interest £253 Is 3d, trade expenses £hs4 ICs 3d. The chairman, in moving the adoption of the report and balance-sheet, expressed regret that there was not a larger attendance. Mr. James Young seconded the resolution, which was carried. CHAIRMAN'S ADDRESS. The chairman stated that the past season had been very satisfactory, considering various matters over which they had no control, particularly in the exploitation and high charges that merchants charged them for their requisites, and this naturally reduced the pay -out. They considered that they had done well when the Imperial Government purchased the cheese output at lOd, as compared with 9y 3 d for the previous season, but they put on charges that more than counter-balanced. The producer had to pay freight to the cool stores, insurance, and three months' storage, instead of one. The Imperial Government had not been too punctual with Us payments, and consequently the company had to pay additional interest. Wages showed a considerable increase. The company had also been asked by the Government to make a drier cheese, in view of the storage difficulties, and this had naturally affected the yield. The company had also lost through shrinkage owing to having to store in unsuitable buildings. Some of' the larger companies bad erected cool storage buildings at their factories and had saved loss by shrinkage to a certain extent, but it was questionable if they would have made any money by the erection of these buildings. ' The. directors, after carefully considering the question, decided to take up shares in the Taranaki Producers' Company in preference to building their own storage. The company had to take up 85 sin res and to pay for those it was proposed to deduct i/id per pound on but-ter-fat. This would equal £3OO, and would pay off the shares in two and a quarter years. The Box Company, ho considered, was not too ?ood an investment, and he thought the company should begin to make provision for these shares. Dried milk misrht prove all right, but be considered that it was beyond their reach. The plant would cost from £15,000 to £20,000, and if/ required onormous quantities of fuel. If a number of companies did manufacture dried milk, there would be less choose made, consomiently inore demand, so there might be a benefit in that direction. Shipping prospects were none too bright. In concluding, he stated that Mr. J. Callaghah had resigned his position as manager, and Mr. W. H. Cochrane, of Mere Merc, had been appointed to the position. THE DISCUSSION. Mr. S. M. Coombe wished to know who was responsible for the purchase of the farm at a cost of £SOO. The chairman stated that the land known as «he "Model Farm" had boon riurchased, so as to make the factory site freehold. It was expected that the farm could be sold.

On the suggestion of Mr. Pentelow, it was resolved to issue dockets each morning to any suppliers that desirei! them. ELECTION OF DIRECTORS. Mr. H. A. V. Jordan was elected unopposed to represent the Arawhata branch on the directorate. Fo, the six vacancies to fill the hoard there ware seven nominations, and the election resulted: —Messrs. J. C. O'Rorke .140, K. P. Malcolm 539, J'. Fleming 327, P. Carey 316, R. L. Eustace 314, J. Young 311 (rc-elcctfd), S. M- Cooinbe 15/; informal, 25. Air. 0. Cross did not seek reflection. Mr. O. \V. Rogers was re-e!ected auditor at a fee of 10 guineas. GE'XERAD. On the motion of Messrs R. P. Maicolm and .T. Fleming, it was resolved to pay 1 per cent. interest on Subscribed capital, absorbing £SS 7s fid. <vipo off £SOO depreciation, and place £4OO to a contingent fund to provide for insurance and freezing charges, leaving ;CfiO!Vr l!)s Gil to lie paid out as soon as finances permit, On the motioli of Messrs 11. A. V. Jordan and K. L. Eusta.ce, it was resolved to deduct '/, d per pound from butter-fat payments to pay for the additional So shares in the Tarnnaki Producers' Works Company. It was stated that the pay-out for the season would be Is B%d.