TARURUTANGI DAIRY COY.

Taranaki Daily News, 27 June 1922, Page 7

TARURUTANGI DAIRY COY.

ANNUAL MEETING. The annual meeting of the Tarurutangi Dairy Company was held on Saturday afternoon. The chairman of directors (Mr. Geo. Ixmgstaff) presided over an attendance of about 30 shareholders. The annual report was read by the chairman as follows: Your directors have pleasure in submitting the twenty-fourth annual report and balance-sheet for the year ended May 31, 1922, and have to congratulate the shareholders on the success of the company for the past year as regards the> increase of suppliers and the record quantity of . butter-fat supplied. Your directors are of opinion that the pay-out to suppliers for butter-fat will exceed any other butter company in New Zealand, and cannot allow this occasion to pass without referring to the very sound financial position of the company. After paying all debts, further payments. to x suppliers, etc., the uompany will have a credit cash balance in' the bank with which to commence next season’s operations. After writing off the sum of £5O by way 'of depreciation, there remains a» credit balance in the profit and loss account of -£24’97- 9s 2d, and your directors propose to make a further payment of 3%d per lb. of butter-fat supplied during the year, bringing the total average up to a small fraction under Is 7d per lb. The quantity of butter manufactured was 197,6911 b., the average test was 3.729, and the over-run 20.30 per cent. The total amount ,of cream received was 440,622Jb., from which was obtained 104,3261 b. butter-fat, being an increase in butter-fat of 50,1961 b. over , the previous In moving the adoption of the report, the chairman congratulated the shareholders on the satisfactory financial position .of the company, and said he thought a good many other companies in the Dominion would be giaa to be In a similar position. He attributed the result largely to the good work of the manager and staff, and also to the good services of Messrs. Collett and Co., with whom the company did its business. He said the latest advice from Home was to the effect that butter was now quoted at 224 s to 2265, and cheese lOjfs to 102 s, and the prospects for the industry looked very bright, while he jokinglj' remarked that since there had been a turn in the price of butter and cheese there had been a good many more smiling faces. He referred to the increase of 50,000 lb. of_ butier-fat over last year’s returns, and said that while there had. been seven new suppliers during the season, the larger yield had been due to a generally increased production. He then moved the adoption of the report and balance-sheet. The motion was seconded by Mr. W. Casey, and carried without discussion. It was decided to pay out a bonus of 3 per cent, on -.all paid-up share capital. Mr. Hugh Baily was re-appointed auditor, at the same remuneration as for last year. It was decided that the directors’ fees be the same as for last year. Appreciative reference was unade by the chairman to the work of the manager - and the secretary, in which the meeting heartily concurred, and the secretary was voted an increase of salary, bringing it up to £lOO per annum, and a bonus of £l5 was voted to the manager. An honorarium of £l5 was voted to the -chairman for his services during the. year. The election of five directors resulted in the re-election of the following: Messrs. G. M. Longstaff, J. F. Giddy, C. W. Norton, N. B. Bishop and F. L. Bishop, these being the only shareholders nominated.

At a subsequent meeting of directors Mr. Longstaff was re-elected chairman.