Kaponga Dairy Company's Sound Balance-Sheet

Taranaki Daily News, 21 August 1942, Page 5

Kaponga Dairy Company's Sound Balance-Sheet

"From a fhiancial point of vicw the balance-sheet is the best you have cver had. and the company is on a more stable bnsis now than It has evcr been," said the auditor, Mr. H. A. Lennon, at thc annual meeting of shareholders of the Kaponga Dairy Factory Co. Ltd. on Wednesday night. Tlic paymcnt of 18. Old a 1b buttcrfat was the highest for 12 years, the lowest being 9.81d in 1933-31. Climatic conditions were less favourable than in the previous two seasons, said the chairman, Mr. A. V. Tait. This accountcd for an 8.1 per cent. decrease in ihe butterfat handled by tlie company. The decreased butterfat was exprcssed in the higher working costs per lb butterfat. This was, however, more than oifset by ihe excellent resuits aehieved In the ciuality of the chcese manufactured and the payment per lb butterfat to suppliers. The gross return from saies was 21.82(1, eompared with 21.2fid last year, said Mr. Tait. The ratio of cheese this year, in common with most other companies, was higher, but the aVeragc test was .02 per cent. lower. Deducting the costs of nianufacture, there rcmained a surplus of 18.19(1 a lb butterfat. Advances amounting to 17d xvcre made in the season. and it was recommended that of the balance a further payment of l.Old be made. Provlsion was made for the puyinent of 2 per cent. intcrest on shares, and the absorption ot .08d a lb butterfat bv taxation and the carry forward to the reserve aceount The total payment inclusive of intercst was lS.llod. Milk supplied was of a high standard, the nercentage of second grade being

,79d, eompared with 1.22 the previous year. Statistics, with last year's iigures in parentheses, included: Suppliers 96 (101); milk 32,837,7831b (33, 550, 6851b) ; eream 14401b (24201b); average test 4.570 (4.593); average test for cheesemaking only 4.568 (4.588) ; total charges to f.o.b. 3.633d (3.310d) ; cheese 1661 tons (1772 tons) ; average grade 93.18 (92.92) ; creamery butter 5| tons (8} tons); average grade 91.01 (90.70) ; whey butter 52J tons (40 J tons); average grade 88.57 (88.59). The retiring directors, Messrs. Tait and G. R. HUI, were re-elected unopposed. Mr. H. A. Lennon was reappointed auditor.