OUTPUT DECLINE

Ashburton Guardian, Volume 55, Issue 305, 8 October 1935, Page 6

OUTPUT DECLINE

ASHBURTON DAIRYING YEAR.

DUE TO THE DRY AUTUMN.

REPORT TO SHAREHOLDERS. The annual report and balancesheet to be submitted to the annual meeting of shareholders in the Ashburton Co-operative Dairy Factory Company, Limited, next Friday afternoon has been issued. The directors’ report is as follows:“The profit and loss account discloses a surplus of £BIO2 2s 5d for distribution. In common with other parts of the Dominion, the output shows a decline owing to dry seasonal conditions ex perienced during the autumn. The directors make the following recommendations: (a) That a final payment of 2 l-8d per lb butter-fat be made to suppliers, in accordance with clause P. of the Memorandum of Association, on butter-fat supplied over the whole year, August 1, 1934, to July 31, 1935;, (b) that a dividend at the rate of 4 per cent, per annum be declared on paid-up capital; (c) that the sum of £SOO be written off for depreciation; (d) that the balance be _ carried forward. Bonuses will be paid out with September butter-fat, and dividends with the October butter-fat. All dividends and bonuses not claimed by June 30, 1930, will, in accordance with the Articles of Association, (clause 17a) be forfeited to the company. The death of Mr Ansley •Moore, who w ? as a director for many years, has removed another efficient and conscientious member .from the Board. We desire to place on record our appreciation of his valued services. In order to give the Wineh-more-Highbank district representation on the Board, the directors appointed Mr H. Ledgerwood, Highbanlc, to fill the vacancy caused by the death of Mr A. Moore.” ' . .

The balance-sheet, showed the following Authorised capital, £IO,OOO, shares at £1 each £IO,OOO, less unalloted £2457, subscribed capital £7543, less uncalled capital £SO 19s, called-up capital £7492 Is, less calls in arrear £IOB 10s 9d, £7383 10s 3d, add calls paid in advance £34 16s, paid-up capital £7418 6s 3d, general reserve account £3637 14s 4d, sundry creditors £2025 14s 4d, Bank New Zealand £22,892 3s Bd, balance at profit and loss account £BIO2 2s sd; total £44,076 Is. Assets —Properties, leasehold, main factory £2OBB 5s lOd, freehold, Ashburton property £Bl3 8s Bd, freehold, cheese factory £1866 15s Id, freehold, Staveley property £490 10s. Plant, butter factory £3571 12s 4d, electric plant (butter) £339 11s 2d, motor plant £1396 17s, cheese factory £666 15s lOd, electric plant (cheese) £2l 3s sd, office furniture £238 7s 6d, stocks on hand £18,761 3s 6d, sundry debtors £13,575 17s 4d, cash in hand £245 13s 4d; total £44,076 Is.

The profit and loss account shows: — To suppliers £31,941 16s 3d, salaries and wages £4063 5s 9d, trade expenses £6204 2s 7d, freezing, harbour, grading and export charges £684 19s 6d, rent, rates, insurance, taxes and charges £1163 6s 4d, repairs and renewals £BO7 4s 9d, law costs and bad debts £36 14s lOd, stamps, stationery and advertising £295 0s sd, directors’ expenses, executive £llO 10s, full board £139 10s, balance £BIO2 2s sd; total £53,548 12s lOd. By balance brought forward from July 31, 1934, £5279 10s 2d, less dividend, depreciation and final payment to suppliers £5105 0s 9d; £174 9s sd; butter sales, etc. £53,373 13s sd, share transfers 10s, £53,374 3s sd; total £53,548 12s lOd.