RECORD SEASON

Waikato Times, Volume 121, Issue 20263, 4 August 1937, Page 6

RECORD SEASON

BIG COMPANY’S YEAR DAIRY MANUFACTURES. DETAILS OF OUTPUT, REPORT TO SHAREHOLDERS. “The season Just olosed been again a record one from the point of production," stated the dlreotora of the New Zealand Cooperative Dairy Company In their annual report to be preeented to the shareholders at the annual general meeting of the oompany on August 19. The Increase In the tonnage of products manufacture by the oompany waa In a large., measure due to the consupport of the suppliers, in conjunction with favourable cllmatlo oondltlons experienced during the season. The Indication at the oloae of the previous season that the Improvement In world prloes for dairy produoe would oontlnue has been maintained and the returns to the supplier for the season are better than for some years past. “The polloy of consigning produce to the United Kingdom was continued up to the time when the guaranteed prioe came Into operation. The output of commodities manufactured by i the company was as follows: —■ 1919 'SO 1934/35 1935/36 1936/37 Tons Tons Tons Tons Butter—--8.717 49,089 47,500 51,001 Cheese—--2.549 9,019 7,625 8.799 Casein—--386 931 1.239 1.506 Milkpowder—- — 5,345 6.011 6.369 Condensed Milk—- — 1.360 1.953 1.753 “For the same years the following table shows the total value of the property and plant, and also capital Issued and paid up:— Land, buildings and plant: 1919-20, £405,823; 1934-35. £944,172*; 193536. £895.705*; 1936-37, £922.501* (•excluding colliery). Issued capital: £290,068; £1,369,934; £1.378.473; £1.366,402. Paid-up capital. £175,019; £1,276,765; £1,300,575; £1,296,268. Quality Maintained. "The quality of the company’s products,” -states the report, “has been maintained at a high standard during the season, and every effort will be made to obtain further improvement in the future. The manufacture of produce of the highest quality possible is essential to obtain the full benefit of the guaranteed price, and the directors confidently anticipate that co-operation between the suppliers and the company will maintain and Improve the standard. “The company's buildings, plant and machinery have been maintained at a thoroughly efficient working standard and are In excellent condition throughout. A new butter factory is in course of erection at Tlrau, and will be in operation early in the new season. The colliery, despite exceptional difficulties from causes beyond the control of the company, has again shown a reasonable return on the capital invested In It. “All reasonable requests for financial accommodation have been met with the assistance of the New Zealand Dairy Finance Company, Ltd. The facilities offered by the New Zealand Dairy Mortgage Company, Ltd , for assisting land mortgagors have been availed of by a number of suppliers. Average Pay-out. “ The actual season-average payout for butter fat (all grades) finally made for the previous season was 12.696 d per lb butterfat for buttermaking. 14.481 d per lb butterfat for cheesemaking, and 2.435 Gd per lb butterfat for casein making. In addition to the payment for butterfat for butter-making. The stocks of produce, other than butter, cheese and casein, unsold at the close of the season have been valued at reasonable prices for balance sheet purposes. “Butter and cheese unsold at the close of the season have been valued upon the basis of export grading points on entry into cool store, with appropriate allowances for premiums and discounts. Casein stocks unso’l at the end of the season have, where required to fulfil contracts for forward delivery, been valued on the basis of such contracts. Other stocks carried over have been valued on the basis of anticipated realisations and In accordance with estimates from disposal markets. “The season-average pay-out per lb of butterfat (all grades) which It Is estimated will be made for the 1938-37 season Is 13.6243 d per lb butterfat for butter-making, 15.0348 d per lb butterfat for cheese-making, and 2.8321 d per lb butterfat for oaseln-maklng, In addition to the payment for butterfat for buttermaking. “ It is proposed to place the sum of £267 15s Id to the reserve account. “Milk powder suppliers have received. in addition to the butter ad- ! vance, the usual premiums for skim 1 milk. The amount to the credit of the respective milk powder profit and loss account for the season will ngft ; finally he dealt with until a quanUlJ I of powder equivalent to the seasojy make’ has been realised and tsfe ' final amount for distribution is definitely known. Shareholders will note that some depreciation has been written off inilk powder assets. The buildings and plant at the milk powder factories have been kept in a satisfactory condition of preservation and efficiency as a charge to working expenses. Election of Directors. “The following directors retire by rotation this year: Northern electoral district, Mr R. H. McKenzie. Hamilton: south-western electoral district, Mr J. T. Young. Te Awamutu; southeastern electoral district. Mr T. J. Bryant. Matanpi; Thames Valley electoral district (Haurakl Plains ward), ; Mr W. E. Hale. Turua. ; “Messrs McKenzie, Young and Hale are eligible and offer themseUes for re election, but Mr Bryant will not be a rand date for re-election. Messrs R. H. McKenzie. J. T. Young and W. K. Ilhle. representing the northern, southwestern, and Thames Valley ■ (Haurakl Plains ward) electoral districts respectively, have been reI elected unopposed, but an election will be held for the south-eastern electoral 1 dlstrioL •