RAHOTU DAIRY CO.

Taranaki Daily News, 30 July 1921, Page 8

RAHOTU DAIRY CO.

ANNUAL MEETING. The annual meeting of the Rahotu Cooperative Dairy Company was held at the factory yesterday, Air. W. C. Green (chairman of* directors) presiding over an attendance of about forty shareholders.

The fourteenth annual report stated: Your directors can again congratulate the shareholders on the result of the year’s working, and the position of the company. The quantity of milk handled shows a considerable increase over last year, and the average test has again exceeded 4.0. The quantity of cheese made also shows an increase. The issues of shares to suppliers has increased the issued capital te very nearly the full nominal capital of the company, and you will be asked to pass the special resolution set out on page two, increasing the nominal capital to £6OOO. On closing the books for the year there remains to credit of the profit and loss account of £10,626 3s 9d. Out of this your directors propose to pay a further SA per lb butter-fat over the cheese-making period, which will absorb £10,505 3s, and leave £l2l 0s 9d to be carried forward, or otherwise dealt with. As 2s per lb has already been paid out as an advance this will make a total payment of 2/8J over the cheese-making period, and make an average of 2/8| (approximately) over the whole year, including the butter-making period, in addition to 5 per cent, interest on fully paid shares. The payment at the an* nual meeting will be at least 6d per lb butter-fat. The balance will be. paid as soon as possible afterwards. The White lorry has again shown a substantial balance on working account, which has been written off the cost. During the year your directors have successfully acquired the freehold of the factory site.

Figures submitted in connection with the working of the factory were as follows:—Milk received (cheese 7,365,697 lbs; butter 364,840), 7,730,537 lbs; cream received, 10,909 lbs; butter-fat (cheese 292,431 lbs; butter. 17,241 lbs: cream whilst cheese-making. 4,185 lbs), 313,857 lbs; average test, 4.02; cheese made (sale weight), 752.571 lbs; cheese made per lb butter-fat (factory weight), 2.64: butter made from starter, whey cream and cream, 28,524 lbs; buttermaking—butter made, 19,441 lbs; average price received per lb butter, 2s 0.7 d; average price advanced per lb butter-fat for cheese, 2s; official average grade (whey butter), 85.78; official average grade (creamery butter), 88.23; official average grade (cheese), 90.77.

The chairman moved the adoption of the report, and referred to the satisfactory year’s working. He said that at the" present time there were no offers for cheese available'which were sufficient ly definite to enable one to make any foiecast as to-what next season would bring forth. In dealing with the bal-ance-sheet, Mr. Green explained that the profit from the motor lorry had been written off its cost so that the accounts did not show any profit from this source. Referring to the manufacturing side he stressed the fact that it was desirous good milk should be supplied, and that it was in the interests of shareholders to look after this aspect. The motion for the adoption of the report was seconded by Mr. A. F. Chapmqn, and was carried after discussion by Messrs. W. C. Field, W. R. Wright. A. Voullaire, and F. Gibson.

The following special resolution was carried without dissent: ‘‘That the capital of the company be increased to the amount of £6OOO by the-creation of additional capital to the amount of £lOOO divided into JOOO shares of £1 each: tKjrh shares to be issued as ordinary shfties. ranking as to dividend and distribution of capital on a winding-up p<.n passu, with the ordinary shares in the

existing capital of the company.” The election to fill three vacancies on the directorate resulted in the return of Messrs. C. E. Prosser. D. R. Wright, and W. H. Butler (returning members).

The-chairman-and directors were voted the same fees as last year. A vote of. thanks to the staff, proposed by the chairman and seconded by Mr. Gibson, terminated rhe meeting. At a meeting of directors held later Mr. Green was re-appointed chairman.