DAIRY COMPANIES.

Taranaki Daily News, 25 July 1919, Page 7

DAIRY COMPANIES.

ANNUAL MBETtNQS, ' RAHOTU DAIRY COMPANY. The twelfth annual meeting of the shareholders of the Biihotu Dairy Company was- held at the factory yesterday, when Mr. \V. C. Green (chairman of directors) presided over a good attendance of shareholders. ANNUAL REPORT. The directors presented the report, which •gain congratulated shareholders on the result of the year's operations. Although a large proportion of the year's output of cheese still remained unshipped, the directors, after providing for storage on- same, recommended a further payment of Od per lb. butterfat at the annual meeting, which would make the advance to date Is Oil per lb butterfat. On closing the books for the year thero was (after providing £290 16s ll)d for depreciation of the company's factory and plant, and £l5B lis 4d for Interest on shares) a credit balance of £BB3B 12s lOd on profit and loss account. The proposed payment at the annual meeting would absorb £5489 4b 2d, and leave £2839 8s 8d out of which further payments, equal to 2%d per lb (£2749 12s Id) would be made, making a total pay-out for the year of Is ll%d per lb butterfat, and leaving £BO 16s 7d to be carried forward or otherwise dealt with. Of this 2%d per lb, one half-penny per lb 'would be paid into reserve, as resolved at the last annual meeting. The directors, in furtherance I of their intention to insial water-power, had acquired three acres of land, and had a survey made, which proved satisfactory, and the engineers were now preparing detail specifications l of. the work necessary to lnstal it as funds and /circumstances permitted. Arrangements were made for the purchase of a White motor lorry, which will be available for the company and suppliers' cartage next season. Other copltal expenditure would be entailed by the erection of a new residence for single employees, and the renovation of the present rosidence to fit In for'a married man. Tho balance-sheet showed that the cheese sold and in hand totalled £29,2151 0s Id; butter told and In hand, £2343 «s Id. The principal items of expenditure were: Boxes, cases, requisites, £IBB4 18s sd; fuel, including coal cartage, £536 2s 2d; cartage, £558 19s 3d; export charges, £385 4s 3d; salaries and wages, £1322 0s lOd; depreciation, £290 16s 10d' Interest on shares, £l5B 4s 4d. £362 3s 2d had been paid for milk purchased from Pungtrehu, and £17,484 14s 3d had been advanced lo suppliers, leaving a balance of £8338 12s lOd. * Statistics for year ended May 31, 1919, were as follows; Milk received (cheese, 6,4Q3,J091b5; butter. 187,2631b5): 6,591,0321b5. Cream received; 11,6951b5. , Butterfat (cheese, 2!i5,9961b5; butter; 80671b5; cream whilst cheese making, 44821b5); 268,545 lbs. Average test; 4.07. Cheese made (sale weight): 657,7291b5. ' Cheese made (per lb butter-fat; factory weight) ■ 2 631bs. Butter made from starter, whey, cream; 25,1011b5. Butter-making (butter made): 92071b5. Overrun: 14 per cent. Average price received per lb butter: Is 4%d. Average price advancod per lb butterfat; la 4d. .Official average grade: Whey butter, 85.59; creamery butter, 88.57 j cheese, 90.82. CHAIRMAN'S ADDRESS. j The chairman, in moving the adoption of the annual report, considered the balance-sheet would compare favorably with any company working under similar conditions, and certainly with any factory along the coast. The pay-out was 1b ll%d, and was the best the company had ever received. The balance-sheet was the best ever Issued to the suppliers. The manager and staff were to be congratulated on the work done during the season. There had not been the loss through shrinkage, duo to the fact that the additions at the MotUroa Freezing Works had been completed, and they were able to take the cheese from the factory without any undue delay. The Egmont Box Company hail recently purchased a valuable block ndjolnipg Its present bush, and now had timbeV sufficient to last from 35 to 40 years, so that thero wits a probability of these shares becoming a valuable asset Instead of a white elephant as they had thought. The directors had taken steps in the direction of installing water power, but Were unable to undertake the work at present, for financial and other reasons. It was also necessary to renovate the present cottage, so (i« to accommodate a married man. In order to do this it would be necessary to increase their limit at the bank, and the bank had agreed to Increase this from £2500 to £SOOO, provided a fresh Joint and several was signed. The company had decided to go in for a motor lorry, as they had difficulties in connection with the cartage of their produce. Referring to the statistics he said there wus a slight increase in milk received, and also In buttor-fat. The test showed a great increase from 3.93 to 4.07, and this meant at least £ 1000 to the company. He pointed out that a few years ago tho average test was 3 67. It was stated that from hightesting milk only 2.4 or 2.5 lbs of cheese could be made from lib of butter-fat, but their manager had been able to moke 2.C3lbs out of lib of butter-fat, with milk averagta 4.07. He also pointed out that th? average grade showtd a considerable Improvement, and he paid a tribute to the splendid work of -lie manager and staff In achieving such excellent results. He touched on the difficulty experienced during the epidemic In handling their milk, but pointed out that they had been able to assist Pungarehu by taking In some of tho milk from that factory during tho epidemic. He understood that some of the Pungarehu suppliers were not satisfied, and considered that Rahotu had made ft profit out of their milk, but he could assure them that w&8 not so. Rahotu directors had paM Pungarehu suppliers Is 7d right out, and had only advanced their own suppliers Is paying interest on the additional 7d. They had to pay «xtr& wage* and give their employees a bonus for handling the extra milk, and he considered that they had really lost over it, because it they ha<J paid Pungarehu suppliers Is Instead of Is 7d it would only have meant an.additional £75, and he was satisfied U h*d cost more than that in extra wages The directors, he said, had last year transferred £177 to the reserve fund, which now c^r, S8 »° : an<J mr tllC 5' WOUld transfer £SOO. He suggested that shareholders Mould this year again transfer %d' per lb butter-rat to the reserve fund, which would soon be a substantial amount. j 1 - T *j«< m seconding, slated that he anticipated another good season this year. THE DISCUSSION. Mr. T. Willco* also congratulated the dlreo-1 tors on the excellent results achieved, and expressed the opinion that the manager and staff deserved greater credit, especially as thev had •worked under adverse conditions. Ho had been an advocate of the installation of water-power for JMW, and said its provision must be faced sooner or later, and therefore the directors were asking them to increase the Joint and several I W a» to be prepared for that and any other de-; velopments that may be necessary. He stated that he was retiring from tho directorate, owing w i'arUig transferred his Interests in the farm, ana he did not believe In a non-supplier being a director. Ho hoped that the company would see many years of similar prosperity. Mr. Gibson stressed the position regarding the' Egmont Box Company, stating that delegates were or opinion that It was In the Interests of the shareholders to purchase the extra block of bush which contained 80 per cent, of white pine. It would be necessary to considerably increase their share capital In the Box Comirany, but it was not proposed to call up all the capital. Regarding the Pungarehu milk, he said f " a ®, ' alr '? the directors to point out that but for the Rahotu representatives the price to be paid would not have been so high Reverting to the balance-sheet, he pointed out that y ' eW , showeil an increase of 250,0001bs a* compared with the previous year LV*" 8 ""' yet a » J™f • as four or five years ago. a " V?L ; ate plnnt ' -capable of dealIng with a much larger supply, and it would rtLiE t» ,l er f ? r ~t he o™>Pany and the individual If they had an Increased supply to deal with. He then touched on various Items in the balance-sheet, pointing out that shares showed an increase from £B6l to £1944 due largely to the additions to Moturon, which had proved a valuable asset. This necessitated UlO taking of further share capital, of which £ 25,000 bad been put into the Smart Jtond Freezing Works, and would'bear Jhterest. He referred to the continued high price of requisites, stating that for the first time in four years they were told thero was a probability of a decrease in the price of cheese craUa. Touching on the cost Of fuel, he remarked that during u few !!!!?« L n "If ."'Sf®', 14 "Wared to him that it would Be advisable to consider closing the factory, as the supply was so small that it cost more to, get up steam almoßt than the inllk was worth. .He also stressed the loyalty of llie staff duflng the epidemic, and the assistance rendered by suppliers. .1° Mr ' : P ' Wilcox, the chairman' stated that the company paid out 2d per pound butter-fat less for cream suppllod than for milk. They, turnover, could only take a limited supply, and only took oream from a supplier who had too great a distance to travel with mlllt. The report and balance-sheet was then earned. ELECTION OF DIRECTORS. For the two vacancies on the directorate caused by the retirement In rotation «f Messvs. A. F. Chapman und A. W. Phillips, there were three nominations, and the election resulted: A. y. Chapman. 112; A W rhllllrs. 3'J (reelected) ; D. It Wright, .Ml. Thete wete lour •andldatw for Urn vacancy caused bv tha re-

tlrement of Mr. T. Willco*, and the election resulted: D. R. Wright, 47 (re-electedl; C, F. Field, 40; P. Wlllcox, junr., 21; A. Baker, 9. Mr. C. T. Mills was re-elected auditor, the fee being increased to £B. GENERAL. A motion by Mr. D. R. Wright, that the company pay exchange on cheques to suppliers, was lost. The chairman brought up the question of closing during the winter months. He stated that the directors considered It would lie a payable proposition to close the factory down for a few weeks, though this might Inconvenience some. On the motion of Messrs. Hopkins ami .Tames, It was resolved to again place per lb butterfat tu the reserve fund during the coming season. 1 It was resolved to vote tho directors and the chairman 10s per meeting up to l'i meetings, and that the chairman get £2O additional. Votes of thanks were accorded the retiring director and the manager and stall. I ELECTION OF CHAIRMAN. At a subsequent meeting of directors Mr. jW. C. Green was re-elected chairman. OXFORD DAIRY COMPANY. The annual meeting of-the Oxford Co-opera-tive Dairy Company, Limited, was held at the factory, Saunders Road, Okato, 011 Wednesday, Mr. P. O'Suillvan (acting-chairman of directors) presiding over a good attendance ef shareholders. ANNUAL REPORT. Tho fourth annual report congratulated tha suppliers on a record pay-out. During the year 2,067,3341b of milk had been dealt with, butterfat 78,4341b.,- and cheese made 209,C801b (factory weights). The average test was 3.79; the yield 2:417, and lbs milk per lb cheese, 8.86. The average ptado for the season was 90.86, being tenth on the list of CO factories graded at MotUroa. After writing off £l5O 19s 6d for depreciation, and setting aside £IOO to reserve account, the profit and loss account snowed a credit of £2611 Ids 4d. The directors recommended that this be allocated to suppliers by a further payment of 7%d per lb of butter-fat supplied, making the pay-out Is ll%d per lb. They regretted to lose the services of the manager (Mr. Burfett), who was leaving for England. The following table of quantities and averages as compared with three preceding years was also presented; Milk received: 1910, 2,544,972; 1917, 2,417,224 ; 1918, 2,186,386; 1919, 2,067,334. Butterfat: 1916, 96,796; 1917, 91,950; 1918, 53,364; 1919, 78,134. Cheese made: 1916, 255,042; 1917, 237,850"; 1913, 219,030; 1919, 209,680. Lb3. milk per lb cheeso: 1916, 9.98; 1917, 10.1; 1918, 9,98; 1919, 9.86. Lbs. cheese per lb. butterfat: 191 C, 2.63; 1917, 2.0; 1918, 2.02; 1919, 2.67. Average test: 1916, 3.8; 1917, 3.8; 1918, 3.81; 1919, 3.79. J Average price paid 'suppliers: 1916, 18d; •1917, 19Md; 1918, 20% d; 1919, 23?4d. . The chairman moved that the report and balance-sheet be adopted. Mr. W. A. Corbett seconded the motion,' During a short discussion which ensued reference was made to the splendid results of the past year's operations, and to tho generally eatlsfactory position of tho company. Regret Was expressed that Mr. Burfett, the manager. Was severing his connection with tho company, and suppliers spoke In appreciative terms of his splendid services on their behalf. The motion was carried. ELECTION OF DIRECTORS. There were five nominations for the three vacancies on the directorate, two of which Were caused by the retirement in rotation of Messrs. D. Brophy and P. O'Suillvan, und the other by the resignation of Mr. W. E. Haylock, Who has left the district. The ballot resulted as follows: P. O'Suillvan 54 votes, L. Haylock 46, W. A. Corbett 30, D. Brophy 28, C. J. Sears 19. Messrs. O'Suillvan, Haylock and Corbett were therefore declared elected. Mr. E. P. Webster was re-elected auditor. The chairman was voted an honorarium of £5, and each of the directors £2 10s. GENERAL. Shareholders spoke ln appreciative terms of the work of the secretary (Mr. Pcpperell), remarking that, the success achieved by the company during the past season was in a great measure due to his good management. He was unanimously voted a bonus of £lO. Mr. PeppSfell suitably acknowledged the vote, and expressed his appreciation of the kindly remarks made by various speakers. A discussion arose with reference to the feeding of turnips. The general opinion of suppliers was that provided they were fed with care they would not injure the mill;, and that therefore suppliers should be allowed to feed turnips. It was pointed out that the manager had power to refuse to receive milk of inferior quality, und that If suppliers did not feed turnips judiciously they would do so at the risk of having the milk sent back to the farm. No resolution was moved, but It was understood that suppliers would be allowed to feed turnips, the manager, however, always having the right to refuse tainted milk, whiph would follow If the roots were not fed Judiciously. A discussion also arose as to whether the company should commence the manufacture of whey butter, but it was ultimately agreed to leave the question in abeyance for the time being. Suppliers were urged to do all they posalhlv could to Increase the production of their farms, It wob decided to contribute 6d per ton on the coming season's output to the funds of the Taranaki Agricultural Society, and In addition to the list of suppliers who are already members of the society Messrs. .T. G. Harper and C. J. Sears also agreed to become members. ELECTION OF CHAIRMAN. At a subsequent meeting of directors Mr, L Haylock was elected chairman. BROOKLANDS DAIRY COMPANY. The third annual meeting of the BrooHandfl Co-operative Dairy Company was held at the ractory, Punlho, on Wednesday, Mr. S. 8. Wellß (chairman of directors) presiding. ANNUAL REPORT. 1 SUr'H "<!?" ,3tn(Gd: During the year ih» V J k has been received, from 15 5 .2401b of cheese, factory vIJ),I J'mE, V?" 1 b V, lter - f:lt ™ 72,7771b., the yield 2.681b.; lbs. milk per lb. cheese, 10 09; average test, 3:7; average grade. 88.71. Acting on the. Instructions of the shareholders, £344 33 Bd was written off the curing room additions, and after writing off 20 per cent, depreciation, amounting to £l2l, your profit and loss account shows a credit balance of £1577 us 7a. lour directors recommend a further , of . M P" lb for butter "fat, making a m n P er lb. for butter-fat Table of quantities compared with the. two previous seasons: 1 Min, mr 1918 1919 Rutta. ;„7 1,354,314 1,962,497 1,971,250 Butter-fat 50,976 72,725 72777 Los. milk per lb. ..cheese 10.l 10.2 10.09 Lbs. cheese per )b butter-fat .... 262 3.65 37 1 Average test 3.70 365 37 Paid suppliers . 18 OScl 20.14 d 2MI Tho chairman moved the adoption of tho re-' port and balance-sheet, Mr. Harding seconding the motion. A short discussion ensued, in which it was t pointed out that in addition to writing ofT 2d 1 per cent, on the factory buildings and plant, 50 per cent, had also been written off the new curing room, otherwise the total pay-out would! have been Increased. Further, £B9 had been' went on repairs and renewals, which would not be recurring. ' | The report and balance-sheet were adopted. ELECTION OF DIRECTORS. The meeting was asked to elect one direclor In place of Sir. Wells, who retired by rotation, but was eligible for re-election, and two ■in place of Jlossrs. R. 0. Knight and T. C. Brudin who were leaving tho district. Mr. Wells wa3 re-elected, and Mr. D. MeEldowney was elected to fill 0110 of the extraordinary vacancies, leaving one other to be anpointed by thy directors, Mr. A. j, TunbrlUge was re-elected auditor. GENERAL. ! The manager was voted a bonus of £5. It was decided to donate £2 2s towards tho Agricultiira l Society's prize fund, and Mr. IN. J. Payne, a new settler, expressed his will- ■ ingness to become a member of tho society. ! On tbc motion of the chairman, seconded by , Air. D. Mcflldnwney, the secretary (Mr. Pepperell) was voted a bonus of £lO in recognition , of his splendid services during the past year. I The chairman wus voted a bonus of £5 in recognitlnn of Ills services, several suppliers speaking In eulogistic terms of the rnnnner in which Mr. Wells cnrrled out his duties as chairman. ELECTION OP CHAIRMAN. At a subseQuent meeting of the directors Air. Wells was re-elected chairmun for the enstilne year.