KAUPOKONUI DAIRY COMPANY.

Taranaki Daily News, 24 December 1920, Page 7

KAUPOKONUI DAIRY COMPANY.

"A" DEBENTURE STOCK. ISSUE OF £70,000 AT 7j PER CENT. Tlic Kaupokonui Co-op. Dairy Company, Ltd., have prepared a prospectus inviting subscriptions for "A" debenture stock. The total issue will be £70,000, repayable in 0, 8 or 10 years, and carrying interest .aj< 7„ l par'cent per annum (payable half-yearly). The list is to be closed on or before February 1 nextDebentures will be of £ 100 each and are payable, either in full or by instalments, at option of the investor at the time of making applications. The company's operations extend over a wide field, including the manufacture of cheese and butter, cool storage of cheese, carrying on the business of a general store, and making advances to assist farmers. The progress of the store business is indicated bv the fart that, while in 1010-11 the turnover was £20,00-1, in the 1019-20 period it totalled £92,111, and latterly the average monthly turnover has been £1.0,000. The company is operating in the Waimato Plains, a district recognised as one of the greatest dairying areas in New Zealand, and last season the production of cheese totalled 2,»3!) tons, valued at £280,941, which is probably the greatest cheese production in the world for one institution. The amount paid out to suppliers last season for milk totalled £24.5,042.

The new issue will rank in priority over all classes of shares botli as lo interest and repayment of capital Tim prospectus explains that the company is deliberately offering a better return than the current rate of interest for the reasons that the reserves the company had accumulated, the investments made, and the, increasing profits from the store business, justified nucli a course. The directors need not proceed to allotment of any of the stock offered, unless stock of the nominal value of £50,000 has been subscribed for.