EKETAHUNA

Wairarapa Times-Age, 15 August 1941, Page 7

EKETAHUNA

DAIRYING INDUSTRY ANNUAL MEETING OF COMPANY. ("Times-Age” Special.) The annual meeting of the Eketahuna Dairy Company, Limited, was held in the Municipal Chambers last night, the chairman of directors, Mr G. Olivant, presiding over a moderate attendance of shareholders.

In moving the adoption of the report and balance sheet, Mr Olivant said that taking all things into consideration the balance sheet must be considered very satisfactory. He drew the attention of suppliers to the average grade of the butter which was 94.09. A premium of .125 d per pound was attained on 81.5 per cent of the butter manufactured and this amount was equivalent to £133 10s. The manager and his staff were to be congratulated on this pleasing result. It was unfortunate, Mr Olivant continued, that some of the suppliers had decided to supply cheese factories, and this had resulted in the output having been lower by about 29 tons last seasen as compared with the previous season. He felt confident however, that the company could carry on . successfully and return to the suppliers a payment equal to other factories in the district. There was every indication that during the coming season the supply would be further reduced owing to the change over to cheese. The possible decrease was not yet known, but he estimated that it would be in the vicinity of 40 to 45 tons of creamery butter. Against this, however, the company would probably increase its quantity of whey butter by 30 to 35 tons. The total payment this year (16d per lb. of butterfat) was slightly better than last year, which was a satisfactory result. Although the percentage of second grade was small it must be borne in mind thaj second grade butterfat was not wanted and he appealed to the few suppliers concerned to see that they provided no second grade during the season. Mr Olivant expressed thanks to the manager and his staff and to the secretary and his staff for the good work they had accomplished during the year. He also thanked the directors for their loyal co-operation. After one or two questions had been satisfactorily answered by the secretary, Mr O. Walton, the motion was carried.

It was agreed that a dividend at the rate of 4 per cent on paid up capital be paid. The retiring directors, Messrs J. Olivant and E. McAnulty, were re-elected unopposed. Mr S. Hogg (Pahiatua) was re-elect-ed auditor.

A hearty vote of thanks was accorded the manager and staff for their loyal co-operation, to which the manager, Mr A. Hardingham, briefly replied. At a subsequent meeting of directors, Mr Olivant was re-elected chairman of directors unopposed. The annual report stated inter alia: —During the year 155 tons Bcwt. 191 b. of creamery butter and 71. tons Bcwt. 3qrs. 191 b. of whey butter was manufactured, which 'is a decrease of 46 tons in creamery butter and an increase of 17 tons in whey butter as compared with the previous season. In the directors’ report for the previous year it was estimated that the average payment per pound of butterfat (all grades) would be: Creamery, 15.766 d, and whey 14d, and this payment was made. In respect to the current year, the butter unsold has been valued at f.o.b. according to its grade and on this basis it is estimated that the average pay-out for the season per pound of butterfat (all grades) will be: Creamery 15.934 d, and whey 14d. The amount available for distribution is £3,084 6s, and it is proposed to make further payments of 2d per pound for creamery butterfat and Id per pound for whey butterfat. Your directors recommend the payment of a dividend at the rate of 4 per cent on the paid-up capital, and that after the payment of Income Tax, Social Security Tax and National Security Tax any balance be transferred to the Reserve Account. Suppliers are notified that in future second-grade butterfat is to be paid for at Id per pound less than firstgrade.