PROFIT FOR TEAR

Ashburton Guardian, Volume 55, Issue 291, 21 September 1935, Page 7

PROFIT FOR TEAR

MOUNT HUTT DAIRY COMPANY.

REVIEW IN ANNUAL REPORT. The fifteenth annual meeting of shareholders and suppliers of the Mount Hutt Co-operative Dairy Company, Limited, will be held next Friday. The report states: “The past season proved a difficult one for suppliers owing to the advent of a very dry summer, which was felt all over New Zealand, resulting in a decreased yield of butter and cheese to the extent of 4.831 per cent, from that of the previous year, and also the continuation of low prices for .our products, with high costs for all we have purchased. “As will be seen from the figures supplied by the balance-sheet, the decrease of cream is practically the average for the Dominion, while fortunately our returns have been oyer a penny per pound higher than the previous year. “The outlook for the future is certainly much brighter than for some time, for, owing to the low prices, consumption of butter in Great Britain has increased from 14.761 b per capita in 1924 to 25.21 bin 1934; while stocks of New Zealand butter in store as at September 14 have decreased from 10,948 tons in 1934 to 4332 tons in 1935. The price of New Zealand butter a year ago. was 72s to 76s per cwt., while the present market quotation is Ills to 112 s, showing an increase of approximately 36s per cwt. We trust that the improvement will continue and give encouragement for the industry to expand. “The working account shows a profit of £1034 17s 4d and the directors make the following recommendations:

“That a final payment of one penny per lb. for butter-fat supplied during the months of September, 1934, to March, 1935, and lfd per lb for butter-fat supplied in July and August, 1934, and May and June, 1935. “To write off plant and machinery account £lßl 4s lOd. “To carry forward the balance, £57 3s 9d. “Bonuses will be paid with the advances payment on October 20, 1935. “The directors desire to record their appreciation of the excellent sendee rendered by the staff during the year. “The total quantity of butter-fat purchased by the company was 172,523 lbs, which produced 94 tons 2cwt. 103 lbs of butter, being an average of 1.22231 b of butter from each pound of butter-fat, representing an over-run of 22.227.

“Messrs G. A. Franks and J. T. Mangin retire from the directorate and are eligible for re-election.

“The directors hope that every shareholder will make a special point of being present at the meeting.”