PRODUCE OUTLOOK.

Taranaki Daily News, 16 July 1920, Page 8

PRODUCE OUTLOOK.

MARKETS AND SHIPPING. PATUA COMPANY'S MEETING. Tiic annual meeting of the Patua Daily Company was held yesterday, about thirty-five shareholders being prefent. In moving the adoption of .the report and. balance-sheet (already published), Mr. Honeyfield (chairman), said he wished to congratulate shareholders on a very successful season. Although the number of suppliers had decreased by two, the supply of milk had increased by 226,000 lbs., this increase representing 10,000 lbs. of butter-fat, or 35,817 lbs. of cheese. The results would have been even better had not the {.asteuriser broken down in the flush of the season, and the manager became indisposed for several months, just when his expert assistance was most needed. Mr. Honeyfield said that it was difficult to say what the position would be next year, in regard to butter and cheese. The chee's* contract with the Imperial Government terminated on June 30th., and cheese was now decontrolled. With our produce coming on the open market, the position was very uncertain. "The shipping outlook is brightening, but as the Imperial Government has priority of refrigerating space, and as there is still a considerable amount of commandeered produce in store, it is unlikely that there will he space for decontrolled produce before at least," sai3 Mr. Honeyfield. "For the ensuing year we will have t to finance suppliers from bank overdraft, and the prospects of such overdraft, are very uncertain. The Imperial Government advanced 90 per ce»t. of 10Jd on stored cheese, but it is hardly likely that the banks would advance that amount." Latest reports from Home, he said, were not very optimistic as regards cheese, and there were indications of a decline in prices. The chairman said that he personally considered it advisable to make a new contract with the Home Government, but there were difficulties in the way. For instance, the Waikato Dairy Association viewed any further dealing with the Imperial authorities, as far as dairy produce was concerned, with strong disfavor, so that another commandeer was hardly likely. "The future prospects of casein are particularly bright," continued the chairman. "Hard white casein is- selling at £l2O per ton. Some - factories are endeavouring to promote a Cooperative Casein Company, ijnd if they are successful I advise that the Patua company become shareholders, providing that, we decide to make butter, and that we can devise ways and means of quick despatch of casein to the factory." Turning to the balance-sheet, Mr. Honeyfield said that wages paid to the factory hands were somewhat higher than previously, and that bonuses of £SO, £2O and £5 respectively, had been paid to the staff. Working expenses showed a total increase over the previous year of £l2l, including nistirance premiums and repairs to plant, buildings, etc. Owing to the increase in the \alue of plant and buildings, the directors had decided to raise the insurance cover to, £BOSO, as against a book value of £IOSO. Bank interest showed a considerable decrease, the subscribed capital of the company being nearly paid up, and another year should allow very little owing. During the year the sum of £ISI 19s lid was received from tne Tarnriski Producers' Freezing Works Co. Ltd., being a rebate on butter and cheese put through those works, and £l3 as dividend on 20 fully-paid up shares in that company held by the Patua Company. A sum of £lO9 4s has been credited to the share capital account and directors had utilised same in making further additions to the share depreciation reserve account. The remaining balance had gone to the credit of the freezing charges for the past year. The number of shares in the Egmont Box Company had bedn increased to 1171, on which 2s per share had been called up. The adoption of the report and bal-ance-sheet was carried.

ELECTION 01 BIRECTORS. The following directors were then reelected: Messrs. Honeyfiekl (chairman), Espin, Gatenby, Knight, Penwarden. Mr. £. P. Y.'ebster was re-appointed auditor. GENERAL. ' Addressing the meeting, Mr. A. 0. Penwarden stressed the necessity of supplying the best possible milk to the factory, as good products could not be manufactured from milk tainted by incorrect fodder, or insanitary conditions in the dairies. Now that our produce was coming on the open market we must supply the best article, or the interests of tjle company would be seriously affected, he said. Mr. Fulton, who addressed the meeting on behalf of the Herd Testing Association, upheld Mr. Penwarden's remarks, and also spoke to some length of the merits of careful herd-testing. The matter of forming a branch of the Herd Testing Association, was'left over till the next meeting of the company, when Mr. Fulton will again be asked to attend. Mr. Grant and Mr. Samson spoke on behalf of the Taranaki A. and P. Association, asking that suppliers deduct £1 from the December milk cheque in favor of the A. and P. Association. They .pointed out the advantages that would accrue, and how vital the A. and P. Association was to their own interests. Several suppliers immediately offered subscriptions, the majority already being members of the Association. Votes of thanks were accorded tile chairman (Mr. Honevfipld), the secretary (Mr. Garner), and the factory staff for efficient services rendered.