GREATER PRODUCTION

Waikato Times, Volume 127, Issue 21215, 11 September 1940, Page 2

GREATER PRODUCTION

NOREOLK DAIRY COMPANY CHAIRMAN’S ANNEAL REPORT Due mainly to the favourable summer and autumn, an increase of 17 per cent in butter production over the previous year's figure is shown in the annual report of the Norfolk Cooperative Dairy Company, Limited, which will be presented by the chairman of directors, Mr S. A. Ferguson, at the annual meeting on September 19. During the year 4663 tons of cheese were made. The directors’ report for the 193839 season, states the report, indicated an estimated average of 17.74 d a lb, but the actual pay-out was 17.636 d. The valuation of export cheese in cool storage was made on the basis of the guaranteed price for the various grades, less provision for all charges to f.o.b. Factory stocks were valued at a lb. Suppliers received an average advance including interim deferred payments over all grades of 16.998 d, and the balance transferred to appropriation account would permit an estimated further payment of 1.387 d. making the season’s average pay-out 18.385 d. The dividend, if passed, and taxes would take .228 d of this amount. The report states that the directors recommend a dividend of 3 per cent. The directors retiring by rotation are Messrs W. F. Stark and C. Iveson, and both offer themselves for reelection.