MAURICEVILLE DAIRY CO.

Wairarapa Times-Age, 3 September 1938, Page 7

MAURICEVILLE DAIRY CO.

OPERATIONS FOR PAST SEASON. PAYMENT OF DIVIDEND RECOMMENDED. The annual report of the directors of the Mauriceville Dairy Co., for the year ended May 31 states: — “Your directors have much pleasure in submitting to you their forty-ninth annual report and balance sheet. In September, 1937, Mr W. P. Carter, who had for 11 years been associated with this company as its secretary, tendered his resignation, to take up a position with the Dominion Life Office. At the commencement of the season the Executive Commission of Agriculture zoned supplies away from us to the extent of 100 tons. This, along with an unfavourable production season, left us with an output of 994 tons, a decrease of 241 tons. However, in the 'face of adverse conditions, the costs of f.o.b. show’ only a very slight increase on last season. The improved method of transport of cream from the southern areas, although only in use at the latter end of the season, has resulted in a very noticeable decrease in the cream collection cost. With a full season’s working, we look for a further substantial direct saving as well as indirect benefits. In respect to the previous season, the estimated pay-out was 13.23 d. The actual average pay-out on all grades was 13.17 d. In respect to the current season the Appropriation Account shows a surplus of £20,134 13s 3d. Stocks on hand have been taken at the guaranteed price (13.25 d basis) for export, and at Is l? t d for local sales stock at factory. The increase of .41d on the guaranteed price being made by the Government has been taken into account also. Full allowance has been made for levies (local and export) and freezing and storage and other charges on butter in stock. During the season a fixed advance of Is on finest has been paid. The surplus named above provides for the further payment of twopence made on July 20, and a final payment of 5-8 d on August 20, making a total payment for the season of 14.625 d for finest, and 14.558 d average on all grades. . “Your directors recommend a dividend of 5 per cent on paid-up capital, amounting to £ll4. In compliance with Section' 131 of The Companies Act, 1933, your directors report that the company’s assets are in excellent condition, the values have been written down over a period of years, the ieserves are ample for all emergencies, and the financial position is unassailable. You will require to elect two directors. Messrs Madsen and Campbell retire by rotation, and are eligible for re-election. You will also be required to appoint an .auditor, and fix his remuneration for the ensuing year. Mr A. Keith, A.P.A. (N.Z.) offers his services. A hearty vote of thanks is accorded to the staff and carriers for their services during the year. V. K. Lemberg (chairman), H. Myers (director). ...