MIDHIRST DAIRY COMPANY.

Taranaki Daily News, 29 July 1919, Page 5

MIDHIRST DAIRY COMPANY.

ANNUAL MEETING. Mr. fieorie Sangster (chairman of directors) presided at the meeting of. suppliers held at the Mtdhlrat Hall yesterday. Despite the cold weather there were about 180 members present. The enmial renort stated that the working results wore as follows: I{HT-:S 1918.18 Milk received 82,400,839 19,807,534 Average test 4 11 418 Lbs. hutterfat 1.331.750 827,845 Butter made i 1,569,001 880,705 overrun 17 80 18.46 Ratio 2004 20.19 The balance-sheet, showed « surplus of £7155 Os (Id. which would suffice to mnke a further payment of 2\id m all fat (Septemher to May, incliißlvc). A further payment was due liv the Government, and as soon as received, will he paid out. A sum of £1776 16s 3d will be paid out to all who suppllod milk for casein. Those suppliers who left their milk prior to 10th November receive o bonus of Id. These after 10th November T-Bd. Those stinpllo™ who .aralled themselves of caßeln from August to-Slav have heen paid out Is for fat and casein. A sum of £6OO oa'4d had been written off for depreciation, e.t Iho rate of 2ty pe» cent, on all concrete bultdlii"a. nml'-R per, cent, off wooden buildings ottd plant • . The amount shown on balance-sheet (£1328 14s lid) In hand for season 1917-18 was equal to y< September to "lay frit, and would be pnjd nut when "final payment was received from tho Government. Suppliers Itnd hen paid'for this season as follows; Aumist i» rid,' September ]s October Is fl'/id. November la Oyd. Tlecemher to May (Inclusive) Is 7>,'.d—an average over the whole season of la 6.77 d. Cost of manufacture, 1 87d. The balance-sheet showed liabilities on share account at £10,801; accounts payable, £4058; farm purchase account. £707; due to bank. £8634; reserves, £1957; with assets amounting to £35,353 The working recount showed payments to suppliers as £".27.1; wages, etc., £7646; other diaries (Including £BOO for reduction of bank debentures), E'WlO. The butter sales amounted to A 74.455; casein buttermilk. £248; store accrgint.' filfi7. <ftie advan"" from the Gpyam»i<>ot on accmylt of 50 per cent amounted to £6367. * ; The chairman. In moving Iho adoption of the report, stated that what concerned them most was the pay-nut, for which they worked all the year, and ho thought they could "claim that the season had proved a fairly Rood one. Suppliers of, the factor'; wlu> supplied' the ciseln throughout, found the pay-out Is 9%d, while another'Wd was due from tho Government. Tie could not say when this would ho paid, but he thoimht It should come' out of the Consolidated ttund. If they did not Ret the full amount be thnußht thoy were entitled to some comitensatlon. A huge protest was belnß made bv all the factories aenln.t the keeping hack of the payment The Labor Party had forced the Government to fix tho local prices,.., The Katlonal or Liberal Party hfid nothing to (rain by the Labor vote, r.nd be felt sure that the factories would receive consideration when tho question was before Parliament They, .had also n payment of VVfl to come from last year, end this would probably b« paid ,)iefnro; tho end of tho rear The cost of manufacture, hta Increased, hut this was only natural, ss %ija the inereaso In wasea. When the present mMSger took he found It necessary to' make sovcral purchases, and theso wore secured on a dear market., The epidemic hud also proved a costlv business to the suppliers, but through It all they had kept Rolnc. Under these* circumstances he thought the cost of manufacture was not too hhrh, and was well within-tho mark—ln fact, below many factories In cost. The sum of £BOO had heen taken from the worklnc account to reduce lite bulldltiß loan, equal to Hd Previous to tills yoar the .company let the buttermilk jrn bv contract, but last, season thev had made £219 by selllnß. The new buildings erected ot the four creameries were really clicese moms, and could he converted Into cheesemakliiß with little-alteration. They were modern In everv respect, and a- credit to the manager (Mr. Howm.in), These cost. £0000: and were decidedly cheap, as some other concerns paid as mucli for one bulldlne an they had paid for the four. He mentioned that the rompanv had cottages and land valued at £1609, and these were, exceptionally good valuo. The weakest asset was the main building, which would drop considerably If not used as a factory, but the other mllldlnss easily balanced the position Ttegordhiß the furore, he reminded supnllers that the factories had combined to send Home and to America men who were to gather all the Information uons'hle as to the manufacture of sugar of milk, dried milk, casein, etc, and his directors would he largely guided by the knowledge secured bv the representatives now abroad as to what the future manufacture would he. The question of pnttlnß In a drying plant had been considered for. casein, and Jie wna fvillv convinced they were hot getting themost out r.f tho milk they should, and a drying plant could Imnrove matters, but until tho return Of the representatives he believed it', wise not to make env move In the matter Should thoy ei in for dried milk, It would mean Increasing tho chare capital, and he preferred this to a levy Later, en he hoped the eompanv would-be In a position to purchase shares at tho face value from those who had to leave the district.

The question had- been ralsm) as to whrthtr II w?<> payable to run the foctorv fur n .Iron of milk In tlio white* months. Ho was scsritloal on the point. When wood was 17s u cord It wns not much', hut now the added cost "f manufacture mntto It that nil the enntpariv sot after meeting the post was the overrun, efhd he was satisfied this did not meet the nisi, Again, In the slack period the manager ami Ms assistants reoulrctf'tho time In overhaul t!w machinery, and It wns awkward to have to run the plant for an hour or so before gett'ng on With that work. Regarding the sfnff, the fll-, rectors had to make the men comfortable In their rjunrteraj >nd lie believed theylwere well satisfied. ■•■■■■■' > *•• • '

The renort and balance-sheet' were sdop'cj|. : Mr. Hooper , desired Information refywl(h;r casein. He thought the pay-out should 1* unl-. form, whereas a distinction had been made. ' Mr. Hogg (seeretarv) said that was one of the evils of being tied up to a proprietary concern. In accepting a contract the casein c.imnany* wment of Sd •»»■ those sttpoiving right through the season, imd' those who came In later had to take a lesser figure The chairman, said that next season's casein had not been sold." At present the Intention was to consign. His experience had been In butter that consigning was preferable to selling, and he thought they should do the same with ossein, and put It on the open market. They had received an offer to purchase U» casein for the next three years at the same price as last yo:n\ hut ho was not disposed to .make a contrac. Casein was being used In ever so many wars. nnd.lt was becoming more valuable every dav. A supplier stated that he noticed that while the total amount of milk received was a little less than previous years, the wages had Increased. '

Mr. Bowman, manager, said the fairest comparison was to compare the tons of milk handled and tbo wages paid with other factories, and If this was done they would find Mldhlrst was up to the average and below a, good many similar factories. *

Pour candidates stood for vacancies on the directorate caused by the retirement of Messrs. Snngstor, Wellington and Mahon These were renominated, end also Mr, Crofsky. Messrs Wellington (returning officer), J. Andrews and F. Oram were appointed scrutineers, the polling being as follows: gangster, 366; Wellington, 338: Mahon. SIS: Crofsky, 14ft. Mr. T. H Penn was" re-elected auditor. Votes qf thanks were passed to the stall and dfreptors.' At a aubaeQUtnt meeting of dittatnt lb'.