RIVERDALE DAIRY COMPANY.

Taranaki Daily News, 18 August 1921, Page 2

RIVERDALE DAIRY COMPANY.

ANNUAL MEETING. The twenty-seventh annual general meeting of shareholders of the Riverdale Co-operative Dairy Factory Company, Ltd., was held in the factory on Monday. Mr. J. S. McKay (chairman of directors) presided over an attendance of about 40 shareholders. DIRECTORS’ REPORT. The directors’ report read as follows: The output, owing to the unfavorable season both in the spring and autumn, shows a decline in comparison with the previous year, but the increased value of the dairy produce enables your directors to present to you a record balance-sheet. After allowing £439 10s for depreciation, there remains a balance of £14,048 7s Id for distribution to suppliers. From this your directors recommend a dlvidtend of 6 per cent, on the paid-up capital of the company, absorbing £446, and a further payment of 5 3-8 d per lb of butterfat supplied during the season, amounting to £13,515 6s, and to hold the balance of £l2l Is Id until the final returns are received from London, the balance then to be distributed as your directors see fit. The last 763 crates of cheese manufactured has now arrived in London, and as these were taken at a valuation of • tOd per lb they show a credit, balance when the final returns arrive. The general store fiaS, considering all the difficulties of the past half-year’s trading, had a successful season, showing a profit of £624 3s 3d. From this your directors recommend a rebate of 3 per cent, on shareholders’ and share-milkers’ purchases, and to carry the balance to store reserve. STATISTICS.

The statistics for the season, with those of the previous season given in parentheses, are as follow: Lbs of milk, 15,713,575 (16,492,214) ; total lbs butterfat, 603,475 (035,905); lbs cheese made, 805,531 (1,702,182) ; lbs creamery butter made, 357,856 (20,350) ; lbs whey butter made, 17,960 (36,170) ; lbs cheese per lb butterfat, 2.74 (2.695); average test for season, 3.84 (3.85) ; average payments for season, 2s 5 3-8 d (2s 11-8 d). CHAIRMAN’S ADDRESS.

The chairman, in moving the adoption of the annual report and balance-sheet, congratulated the shareholders on a very satisfactory season’s working, the price obtained for their produce having been a record for the company. The company did not manufacture any casein, but their balance-sheet still compared very favorably with that of any other company. Perhaps it had been just as well that they had not gone in for the manufacture of casein, as that product had been found to be a difficult one to manufacture. The past season had been a hard one for the directors, owing to the great market fluctuations, and they had had to consider the question of which of the two dairy products would pay them best to manufacture. After due consideration it had been decided to change from the mnaufacture of cheese to that of butter. Although this change, had been made on December 9, in the height of the season, work at the factory continued to run as smoothly as ever, and he considered this reflected great credit on those in charge. The grade of the butter had been the ’best obtainable, and although from April to July (inclusive) there had been large stocks on the local market they had been fortunate enough to dispose of all their produce during that time locally, thus taking advantage of a price amounting to Is HVL’d, plus a 2d bonus. The quality of the cheese had been exceptionally good, but he was sorry to say that some of it had been held up on the Wellington wharf for some time, and had been subjected to a temperature of about 75 degrees when it could have been in cold store. With conditions such as these it was no wonder that the factories were complaining of the percentage of shrinkage. There was now’ a proposal afoot to obtain a. fortnightly shipping service from the Dominion, by which this difficulty would be overcome. Continuing, the chairman mentioned that there may be a slight reduction in freights this coming season. With regard to the quality of the milk, he would point out that although the manager turned very little milk away from the factory there was a fair quantity which was found to be not of the best quality. It remained for the shareholders to remedy this defect. Feeding the cows on swede turnips was one of the causes of tainted milk. The prospects for next season, the chairman stated, were now very bright. Conditions all round seemed to be improving; and market reports showed that cheese was firm. All the stores in New Zealand were now absolutely clear of stocks, so that no delay should be experienced in getting the coming season’s produce on the Home market. In reply to Mr. Ratten, who stated that he thought the weakest point of the balance-sheet was the decreasing milk supply, which he thought might be caused by pastures going back, the chairman said the company had lost a number of big suppliers. In reply to a shareholder, who stated that the company should run their own lorry, the chairman said that as long as they could get goods carted for 6s 6d a ton he would never ,be in favor of having their own lorry. GENERAL. A resolution that veils be bought at Is Gd for first grade, Is second grade, anu 6d third grade, was passed. Mr. H. A. Lennon was reappointed auditor a*t an increased remuneration of 20 guineas. ELECTION OF OFFICERS. The retiring directors were Messrs. McKay and Hickey, and a poll resulted in the reelection of Mr. J. S. McKay and the election of Mr. Cox to the directorate. At a subsequent meeting of directors Mr. J. S. McKay was re-elected chairman of directors.