THE DAIRY INDUSTRY.

Taranaki Daily News, 24 August 1922, Page 7

THE DAIRY INDUSTRY.

BIVERDALE COMPANYANNUAL MEETING. The annual general meeting of shareholders of the Riverdale Co-operative Dairy Factory Co., Ltd., was held in the factory on Monday. Mr. J. S. McKay (chairman) presided over a good attendance. DIRECTORS’ REPORT. The directors reported, inter alia: The output, largely due to the splendid season, shows a record in the history of the company. Your directors' regret that they have not yet been able fo pay out the final balance on account of the 1920-21 season; every effort has been made to bring about a settlement in connection with one or two items affecting the 1920-21 season’s pay-out, and hopes are now entertained that finality will soon be reached in the matter. The balance affected has been placed to a suspense account. The balance of the year’s working, after allowing for depreciation, amounts to £4478 8s lid. From this your directors recommend a dividend of 6 per cent, on the paid-up capital of the company, absorbing £454 7s 6d, and a further payment to suppliers that will bring the payments on account of butter-fat supplied up to Is 3"Ad, and to carry the balance forward. The general store has. considering that the past year has been the most difficult one in the history of the Dominion from a traders’ point of view, again had a successful year. The stock has been reduced by one-third, and a profit of £446 15s 2d has been made. From this your directors recommend a rebate on purchases of 3 per cent., and to carry the balance to store reserve, which will then stand at well over £lOOO.

The statistics for the season, with those of the previous season in parentheses, are as follows: Lb milk, 18.877,019 (15.713,575).; total lb butter-fat, 744,573 (603,475); lb cheese made,. 1,669,919 (805,531); lb creamery butter made, 42,056 (17,960); lb cheese per ]b but-ter-fat, 2.68 (2.74); average test for season. 3.93 (3.84); average payments for season, Is 3%d (2s s|d). In moving the adoption of the report and balance sheet, the chairman said he wished to explain an item appearing in the appropriation account, viz., the amount appearing under the heading of suspense account. For purposes of the balance sheet an estimate had to be made for the season 1920-21 of produce unsold. Considering that cheese was at 140 s and had an upward tendency, the estimate of lOd was a conservative one, but unfortunately that portion of the cheese output arrived home in an almost unsaleable condition, and. handicapped by a sudden drop in the market, it was not sold until six months afterwards, and then at a considerable loss. The company had got a little insurance on it, and "were trying to get some more. Then he would also explain 'that 267 crates of cheese had. owing to a clerical error, been consigned under the name of another company, and. although some money had been obtained on account of the missing produce, there was a great difference between the amount received and. the 140 s per cwt. at which the cheese had sold. The directors hoped to have the matter fixed up shortly and the balance of the 1920-21 season paid out.

Mr. Hickev compared the company’s balance-sheet with that of the Joll Dairy Company, and contended that the reason why Riverdale’s pay-out would be %d lower than Joll’s was due to other causes than that of manufacture.

The retiring directors were Messrs. E. A. Washer and J. W. Snowden, both of whom were eligible for re-election. Mr. J. T. Short was also nominated. ' On a poll being taken the retiring directors were re-elected, the voting being Messrs. Washer 184, Snowden 181, Short 102. The chairman was voted an honorarium of 80 guineas.—Abridged from Star.