MOA DAIRY COMPANY.

Taranaki Daily News, 2 August 1921, Page 8

MOA DAIRY COMPANY.

TWENTY-SIXTH ANNUAL MEETING. The twenty-sixth annual meeting of the Moa Dairy Company was held at Ingrewood yesterday, when Mr. R. B. Sutton presided over an attendance of about 150, including several ladies. REPORT AND BALANCE-SHEET. The report showed that: "The amount, of milk received was 6, i 978,3391b5., producing 282,078.531b5. of butter-fat. The amount of cream received was 872,1471b5., producing 307,059.25 lbs. of butter-fat. The amount of butter manufactured was •692,753ibs. —309 tons scwt. Oqrs. 151bs. Tie overrun fur the year was 17.58 per cent. The average tests for the milk and cream were 4 per cent, and 35 per cent, respectively. The amount of casein manufactured during the year was 23 tons 9cwt. 2qrs. When the Anal payment is made out of the balance standing to the creuit of the surplus account, suppliers will have jeceived equal to 2s 7%d per but-ter-fat. A further payment equal to 2d per ib. butter-fat supplied will he paid out on August 1, 1921, and the balance at a later date. There will be a further payment to those suppliers who left their skim milk for casein manufacture, making a total for tie season of per lb. butter-fat. The store account*’ shows a loss on the year’s working of £406 9s Bd, which is accounted for by the big drop in the price of goods. The stock in hand has been written down heavily. Mr. R. Buckley has resigned the secretaryship of the company, after having occupied the position for tte last thirteen years. Your directors received the resignation with regret. Mr. R. J. Penn has been appointed in his stead." The balance-sheet showed that butter sales and stock totalled £84,988 Is 6d, and butter milk £35. The principal items of expenditure were wages £l6OB, repairs and renewals £1603, fuel £6Bl, paper and boxes, etc., £ 1774. lorries £983, insurances £'397, depreciation £904. A sum,of £34.716 had been advanced to cream suppliers, and £32,368 to milk suppliers. The casein account showed that casein sales had totalled £551. The store account showed that sales had totalled £10,566. CHAIRMAN’S ADDRESS. The chairman, in moving the adoption of the report and balance-sheet, said that .many had prophesied that the concern was in a sinking condition, but "the old Moa was still afloat.” and he thought, that he. could congratulate suppliers on a successful season. He did not. intend to make comparisons with other factories, but he thought their factory had come out well above the average. At the last meeting it was decided that creameries must either be self-supporting or be closed down, with the result that four creameries had been closed, and three remained open. It had been seated that the closing of these creameries would result in the loss of considerable butter-fat, but this had not proved to be so. In fact, during the flush of the season, they were manufacturing half a ton more butter daily than previously, but the very dry autumn had caused a. sudden big drop, and this accounted for the decreased yield for the season. Ti e manager

and secretary had stated that if it were not for the creameries the factory would pay out l’A<l to IV’d more than it had done last season, and this proved to be the case, for though the three creameries were run dur- 1 ing rhe winter months, when otherwise they would have been closed, (hey got !%d more put of the overrun, thus bearin'! out the remarks made by the manager and secretary last. year. * There had not been much casein made during the season. Personally, he was of the opinion that until North Taranaki had established its own co-operative drying plant, it was not worth while undertaking the manufacture of casein. At present a few suppliers were leaving their milk. The directors considered it necessary io procure a new retry, and were going io ask suppliers to allow Vid per pound io be deducted off last, seasons butter-fat io help to pay for it. Including the cartage of their coal and firewood from the station, etc., the cartage had only cost %d per pound butter-fat, which must be considered reasonable, and could be decreased ! with an increased supply. He thanked the manager and staff for their loyal support, remarking that they did not study hours, and that nothing was too much trouble for them. - At the last meeting, he said, there had , been a good deal of discussion over the store, and ti e directors considered there was nothing left for them to do but to close it. Therefore,| they decided to close the retail store. This they could have done at a profit, as they could have sold the goods in a rising market. No sooner had they decided to do so than a petition was circulated, and a further meeting held with the same results. Meanwhile, they had got on to a falling market, but were fortunate in that their shelves were not full, otherwise there would ha ve been a much ‘ larger loss to chronicle. The goods in slock had been written down very low, and if the store were carried on next year and did not show a profit, it never would. Regarding the prospects for next season, he hoped that they would have a free market, and be considered the prospects for dairy produce very good. In concluding, he said that it l ad cost them 1.94 d per pound of butterfat to manufacture their butter on »n output of 300 tons, and when it was noted that a concern manufacturing 1400 or 1500 tons had cost 2.23 d per pound, their' return must be regarded as very low. He then moved the adoption of the report and balance-sheet. Mr. J. Slachurski seconded. THE DISCUSSION. There were very few questions asked, the chairman remarking that evidently shareholders were satisfied with the results. Replying to Mr. Reesby, the chairman stated that the £983 working expenses on lorries included wages. Replying to Mr. Hopson, *fie stated that the stoppage of the creameries was responsible for a considerable reduction of wages. Replying to Mr. Reesby, the chairman said that the purchase of a motor lorry was dependent. on shareholders finding the money. The directors favored purchasing a Leyland lorry. In reply to other questions he stated that creameries were charged with the actual amount of firewood used during the season. Any rebate from tte Egmont. Box Company was received in the shape of reduced price of boxes. The report and balance-sheet was then adopted. THE STORE BUSINESS. Mr. A. AV. Yeates moved, in accordance with notice, that the incoming directors take immediate steps to close the store .and dispose of the stock in hand by such means as they consider best in the interests of the < ompany. This was seconded by Mr. R. Ritchie, and after some discussion, lost. A £urtter motion, proposed by Mr. Bowler and seconded by Mr. Reeve, in favor of altering the -articles of association to permit of the store’s activities being Increased, was also lost.

DISPOSING OF CREAMERIES. Mr. Todd complimented the directors on shutting up the small creameries. Other creameries should be shut up when they came to the same state. If they had not shut up the small creameries the creameries would have stilt them up. The chairman said the shareholders had passed the resolution that creameries be shut up. He wished to know if the shareholders would give them authority to sell the land, buildings, etc. It tad been considered that it might, be neccessary to re-open some of the creameries, but in any ease there was a lot of land that would not be required, as the company would never revert io horsei*. He moved that the directors be authorised to sell all closed creameries and plant which they wish to dispose of. This was seconded by Mr. Reesby. Mr. Todd pointed out that the time, might come when cheese would be the best, and the land might be required. The chairman said that the directors would give each case careful consideration. The resolution was carried. PURCHASE OF A LORRY. The chairman brought forward the question of procuring a new lorry, and he suggested that the suppliers should contribute ’,4d per pound of butter-fat towards its cost. This would produce £6OO, and shares could be Issued to the amount. It was not iiossibl® or advisable now to lean so much on the bank. Mr. D. Todd said that the old directors had bought the first freezing machine In Taranaki, and had paid for it out of that year’s bonus, and shareholders had been reaping the benefit of it ever since. Mr. Angeistein considered that the present lorry had outlived its usefulness. There came a lime in the life of every lorry when it did not pay to run it, and that time had now arrived. Mr. Yeaies then moved that the company: purchase * Leyland lorry, and leave J 4d of the "past season’s bulfter-fat towards its payment. Mr. Buckley seconded the resolution, which was carried. ELECTION OF DIRECTORS. There were twelve nominations for the positions of directors, viz., the seven retiring directors, and Messrs. R. Buckley, T. S. Burson, A. Corkill, J. W. Henwood, and A. C. Reeve. Messrs. A. Lile, 11. Luke, .1. Dravitzki and W. Eager were appointed scrutineers' and the election resulted as follows: Messrs. R. Buckley 462, J. Stachurski 418, R. B. Sutton 377, C. W. Baldwin 319, A. (’. Reeve 310, A. Gamlin 306. T. S. Burson 257 elected ; T. S. Bowler 254, J. W. Hcenwood 194, J. H. W. Angeistein 176, A, Corkill 147, A. W. Yeates 111. Mr. T. C. H. Nicholls was re-elected auditor. It was resolved that in future the addresses of the candidates should be placed, opposite the names. At a subsequent meeting of directors Mr. R. B. Sutton was re-elected chairman.