DAIRY COMPANIES.

Taranaki Daily News, 28 August 1919, Page 7

DAIRY COMPANIES.

T. L JOLL COMPANY. ELEVENTH ANNUAL MEETING. The eleventh annual meeting of the T. L. Toll Dairy Company was held at Kapunl on Wednesday, when Mr. A. C. Johnstone prosided over an attendance of about 150 suppliers. THE CHAIRMAN'S ADDRESS. The chairman read a report from Mr. J. B. Murdoch, chairman, of the company, written prior to his departure. Mr. Murdoch trusted he would be able to bring back Information which would either be of benefit to the dairy farmer, or reliove them of tho cxritemont caused by the statements as to the possibilities of gain in the manufacture of some other product than cheese and butter. He strongly advised them to keep calm, and to base their venture on their present prices, which were no doubt good, and he thought would keep ao for some, years. The price arranged with the Imperial Government was a good one, and the conditions' were much Improved on what they were the previous year. The buildings and machinery were In good order, and on account of the larger supply of milk at some of the branches, additions had to be made and were being ereoted in concrete, with the Idea that when the wooden portion requires renewal, the building will be completed In concrete. . In referring to the Influenza epidemic, lie sympathised with tho bereaved and thanked those who had rendered aid, many of whom refused payment for their Services. Arrangements had been mado with the Bank of New Zealand, for a much larger accommodation on account of the business of the company increasing. In moving the adoption of the repori and balance-sheet (already published), tho chairman said that all would agree that the company had done remarkably well in wiping off their liability of £20,000 to the Joll estate In eleven years, and they wore now in the very gratifying position of having their plant and buildings free of debt. He did not know of any other company that had done so well. All buildings with the exception of the old wooden butter factory were In good order. He would not, however, advocate erecting any wore wooden buildings, the policy of the company being to build in concrete, as the saving In depreciation In a few years more than compensated for any extra cost' in the first Instance. The plant was in splendid order. Nothing was kept that did not give the best results, being superseded by new machinery. In the balance-sheet, the charge for repairs and renewals might look high In comparison with other companies, but the Joll Company charged nothing of this to capital account, charging it all to repairs and renewal. That, he considered, was a wise policy. A certain amount for depredation was being written off all the time. The motor carrying plant had been written down to £1470. The additions at To Nrutu were now rearing completion. As the lowest tender was £2600, tho directors decided to have the work done by day work, and he believed that tho work would be completed for £IBOO. Their share holding in various other companies had largely Increased, the payments during tho year amounting to £2982. Their holdings now consisted of 981 shares In the South Taranaki Shipping Company, 4496 In the Box Company, and 2980 in the Bacon Company, fully paid up, 1000 In the Rennet Company paid up to £125, 40 In the Winter Show Company, paid up to £l7O, and 8818 In the West Coaat Refrigerating Company. Extra shares would have to be taken up In the Box Company, as negotiations wero In progress with the Tongarlro Timber Company to acquire rights over 4000 acres of bush, estimated to contain 130,000,000 feet of timber, including 60,000 feet of white pine, sufficient to last 28 or 30 years, even allowing for the estimated development of the dairying industry, besides which there was a large quantity of building timber. The present price of 2s lOd per crate was very reasonable. In regard to requisites, he mentioned that rennet, which in 1914 cost £420, last year cost £4194; salt £3OO to £1785, bandages and caps £602 to £1785, wire, nails, etc., £2O to £3OB, freights £94 to £377, fuel and power £lBlB to £2571, boxes and crates. £2120 to £4299, wages £5946 to £8298, total cost of manufacture £11,749 to £24,438. Their last year's cartage amounted to 10s 9d per ton, which he considered reasonable. In future, the directors recommended that depreciation be written off as follows: 5 per cent, on buildings, 7% per cent, on cheese plant, 10 per cent on butter plant, and 23 per cent: on carrying plant. Mr. Walshe seconded.

THE DISCUSSION. In reply to questions, the lichalrman state! that only three crates of third grade cheese had been made, and that was during the epidemic. He considered that the epidemic cost suppliers equivalent to y«d per lb. butter-fat over the whole season, including the loss of about 15,000 lbs. of whey butter, and glvinit of the employees a fortnight's holiday oa full pay. He thought they had got off very lightly. Tho chairman stated that the average payout totalled 24 25d per lb. butter-fat, and with Interest added 24 30d. The report and balance-sheet- were then adopted.

ELECTION OF DIRECTORS. For tho three vacancies on the directorate caused by the retirement of Messrs. A. C. Johnstone, J. J. Klsstck, and F. J. Kllev, thor« were Ave nominations, and the election resulted, A. C. -Johnstono 420, W. A. Guy 270, J. J. Klasick 244 (elected); J. P. Kiley IST, and B. G. Betts 14. Mr. J. B. Murdoch was unanimously reelected to the vacancy on tho directorate caused by his resignation in order to proceed wltli the delegates to America, the chairman ruling that he was eligible under tho Articles of Association. During the discussion speakers referred In high terras to Mr. Murdoch's valuable services In placing the company In its present fine position, the general opinion being that the company could not afford to lose bin services from the directorate. Mr. H. A. Lennon was appointed auditor in succession to Mr. W. O'Callaghan, who did not seek re-election.

THE PRICE OF BENZINE. Mr. York said that the president of the Auckland Chamber of Commerce stated thai benzine was quoted at 5s 10% d f.0.b., Hona Kong, and he thought thoy should Import their benzine from Hong Kong, and so save being exploited by the merchants at 30s por case. The secretary stated that the company could not indent its benzine as It must doal through the New Zealand agents of the oil companies. They were ollowed for empty tins. Mr, Harrison held that the leaky benzine cases should be used by the company for its lorries and not passed off on to shareholders. The secretary stated that suppliers had the privilege of refusing delivery. Tho company bought its benzine wholesale, and made nothing out of the sale to suppliers. Once they took delivery they had no redress.

AN APPRECIATION. Mr. Crowley referred to the good work done by the general manager during tho senson, and particularly during the epidemic, and on his motion, seconded by Mr. Marr, It was resolved to vote the general manager a bonus of GO guineas. On the motion of Messrs Harrison and Meull, It.was resolved to Increase the general manager's salary to £SOO, tho mover stating that they had a good manager and should recognise this before some other company did. Mr. E. G. Betts moved a hearty vote of thanks and appreciation to those voluntary workers during the epidemic, especially those who would accept no remuneration. This was seconded by Mr. Watahe and carried.

THE PRICE OS VELLS. Mr. Marr considered that factories should havo a uulform price for veils. Some factories were paying 5s and others 2s Cd, the Tolls being sent to the factories that paid the most. •, The chairman said that tho company paid 2s 8d for veils, first-grade, and 2s second-grade. Ho urged suppliers to bo- loyal to their own company and supply as many Tells as possible. Tho motion was carried. .. .

•■■■ GENEItAL. ■■; ' ,; In reply to Mr. Marr, tha chairman stated that It was Intended to build a store and stock it with goods ordered by suppliers. It was intended tio run the store so that It would not Interfere with the finances, of,,.the company. Requisites In everyday use would be stocked, but other than that orders would be expected from suppliers. SPECIAL MEETING. A special meeting was hold subsequently, when amendments were made In the Articles of Association, tho principal alteration being the deletion of tho article prohibiting a shareholder who ceased to supply during the season from being a director.

CARDIFF DAIRY COMPANY. ANNUAL MEETING. Tho twenty-eighth annual meeting of the Cardiff Co-operative Dairy Factory Company was held in the Cardiff schoolroom on Monday evening. About thirty shareholders were present, and Mr W. Richards, chairman of directors, presided. The report for the year ending July 3lst last stated that the new factory, which, admittedly, was ono of the best In the Dominion, was opened on October 1 and having regard to the unavoidable losa of two months' milk the result of the season's workling as disclosed in the balance-sheet must !h UWsu M t-'Kflwiiii, SttMtii ft*

butterfat had totalled Is 9d per lb and the balance of working accounts would give fully twopence mor«. If the estimates of cheese still lying In store proved correct. The following details of cheese-making were given: Lbs of milk 6,165,254, average test 3.95, lbs fat ;;?' 6 P• J bs of cneoae (factory weight) 644,936, lbs whoy butler 13,983, Iba of milk to lba of cheese 9.56, lbs of chese to 1 lb of butterfat 2.65. The working account showed the following Hems: Milk £21,310 Hs 9d, wages £1,252 ICa 7d, fuel and requisites £2,193 13s sd, renewals and repairs £255 19s, depreciation £561 18s, cartage, railage and storage £356 12s lid. Insurance £223 17s Id, secretary and office expenses £133 Is 6d, rales and taxes £3 Os Id, interest £BO2 3s 7d, Stratford A. and P. Association £ls 15s, directors' fees £29 2s, National Dairy Association £l7, butter and cheese committee £4 lis, employers' union £1 ss, agricultural instruction £l7 7s, Red Cross Society £5 10s Bd, sundries 14s, surplus account 191S £l9 lis, balance £2141 7s Id Recolp.ts: Cheeso £27,919 17s Id, whey butter £9Bl 7s Bd, T. J\ freezing works dividend £2O. The report and balance-sheet were adopted. Messrs E. Bennett, 0. A. Marchant, Brimton, Clemow, and Hancock wore appointed directors. Mr A. Coleman was appointed auditor. The chairman was voted the same honorarium as last year and a hearty vote of thanks was passed to the staff . At a subsequent meeting of directors Mr Richards was re-elected chairman, and Mr Coldwell wsb appointed director in place of Mr Belton whose seat had become vacant on account of his ceasing to be a supporter. j

KAUPOKONUI. The twenty-second Bnnual report of the Kaupokonul Dairy Company states that shareholders will be pleased to notice that while the total cost of all lands, buildings, factories, and store buildings now amount to £53,439, this amount Is offset by the redemption account, £31,889, and the reserve account, £19,575, together totalling £51,444, without trenching on share moneys paid In by shareholders. The' business of the general store again shows a substantial Increase and a satisfactory proflt, and during tho year It was extended by the purchase of the existing store at Kapunl to afford greater convenience to our, suppliers around that centre. Of the profits, amounting to £2961 83 3d, it Is recommended that approximately £1490 be distributed amongst purchasers who are shareholders In proportion to their purchases. The profit and loss account shows a halance of £51,436 8s 3d, after writing oft £2091 14i 0d for depreciation. Out of this it Is proposed to pay Interest at £6 per cent., amounting to £1720, and further payment for butter-fat of £48,964 lis, making a total payment for the season of 24.20 d per lb. These payments do not Include the rebate on store purchases, amounting to about one-seventh of a penny per lb. The directors, In keeping with their usual progressive policy, have during the past season again Increased the company's cool storage and machinery by making provision for an additional 16,000 crates, and the expenditure has proved a very profitable investment for the company, as already £6OOO has been earned and set aside towards the cost of the buildings. Durlnj the past season very large extensions were made In concrete to the Kapunl, Skeet Road, and Sutherland Itoad factories, almost amounting to the rebuilding of these factories, and It Is expected to complete the remaining branch tactotiea In the same permanent manner during the coming season. At present, Mr. Edwards, the factory builder, together with his staff are engaged In enlarging the tunnel and concreting same throughout with a view to replacing the two 28-h.p turbines with two 75-hp. turbines, thereby providing an ample, cheap, and permanent power for all time, and enabling the company to charge their electric lorry and further develop their transport on electrical 11ns. Subjoined Is a list of the company's factories showing the average tost of teach:—Katua 3.J5, Skeet 3 78, Kapunl 3.82, Sutherland S 83, Watokura 3.87, Kaupokonul 3.92, Auroa 3.93, Oeo 3.97 The proflt and loss account shows the following receipts: Cheese £264,996, butter £9123, Interest £224. The store account showed that the turnover was £73,339 and the stores In stock were valued at £35,133. The sum of £2107 was carried to the reserve account, £2370 to surplus account, and there was a balance remaining of £2961.