JUBILEE YEAR

Wairarapa Times-Age, 7 August 1939, Page 6

JUBILEE YEAR

MAURICEVILLE DAIRY COMPANY ANNUAL GENERAL MEETING. SOUND FINANCIAL POSITION SHOWN. The fiftieth annual general meeting of the Mauriceville Co-operative Dairy Company, Ltd., was held at Mauriceville today. Owing to the unavoidable absence of the chairman, Mr V. K. Lemberg, who is in hospital, the deputy-chair-man, Mr Hartley-Myers presided over an attendance of approximately 40 suppliers. Mr Myers apologised for the absence of Mr Lemberg and the meeting wished the chairman a speedy recovery. A tribute to the work done for the district and the company by the late Mr James McGovern was paid by Mr Myers, those present standing as a mark of respect. “On account of the exceptionally dry weather al the beginning of 1939, our output of 945 tons shows a reduction of 49 tons as compared with last season,” stated the deputy-chairman. “In respect of the previous year, 1937-38, the estimated seasonal average payout per pound for butterfat, all grades, which was quoted in our last year’s report, was 14.558 d, which was the amount actually paid out. In respect of the current year, the unsold butter in grading store has been valued at the guaranteed price for export, and the unsold butter at the factory has been valued at Is 2jd per lb. Full allowance has been made for all accrued charges, such as levy, freezing and storage and all charges to f.o.b. The estimated seasonal average payout per pound of butterfat, all grades, which should result from the disposal of unsold butter, should be 15,7877 d. “During the season, advances to suppliers were at the rate of one shilling per lb for finest butterfat from June to August inclusive, and 14d from September to May . inclusive. The average advance payment for all grades is 13.1877 d. “The Appropriation Account shows a balance of £14,776 10s lOd available for distribution. On July 20, a further payment of twopence per lb butterfat was made, absorbing £14,458 8s lOd and making the total payment for the ■ current season 15.7877 d per pound butterfat all grades.

“Your directors recommend a dividend of 5 per cent on paid-up capital as at May 31, 1938. This will absorb approximately £ll5, leaving £203 2s to be carried forward.”

Mr H. A. Templer, Masterton, congratulated the company on its sound financial position and splendid balance sheet.

Mr A. Keith, A.P.A. (N.Z.) was reappointed auditor. Messrs V. K. Lemberg and S. J. Clarke, the retiring directors, were re-elected unopposed. Mr Myers also paid a tribute to the manager, Mr F. W. Scherf, on the high grading he had secured, and votes of thanks were accorded the staff, the secretary and the Press.