THAMES VALLEY DAIRYING CO.

Auckland Star, Volume XLIV, Issue 185, 5 August 1913, Page 7

THAMES VALLEY DAIRYING CO.

A PROSPEROUS TEAR. (By Telegraph.—Own Correspondent.) PAEBOA, Monday. The annual meeting of the shareholders of the Thames Valley Co-operative Dairying Company, Limited, was held in the Criterion Theatre. Paeroa, to-day. About 130 shareholders were present, and Mr A. C. Hubbard i iChairman of Directors! presided. The] ann.'.al report was adopted, on the motion of the chairman. The report summarised is as follows: The turnover for the year was £114.050: the output of butter was 870 tons, against 750 tons for the previous year, an iucrease of 16 per cent: the increase to 31st December, 1912. was at. the rate of 35 per cent. Of last year's output. 461} tons were locally, and 40SJ tons were exported. The average price obtained for the output was 12.28 pence per lb. After aiowing £1.071 for depreciation, the profits amounted to £4,132,1 which is to be allocated as follows: 5 per cent interest on paid-up shares. £390; bonus to shareholders, £3,571 15/8: to add to bad debts reserve. £130 5/; to write off the goodwill of the Auckland business, £40. The price paid Tor bntter fat for the year averaged 1/ to 1.10 per lb. The Waiui branch (despite the labour trouble) showed n credit balance.! Premiums ou shares received during the year ant] surrender share capital, amounting to £271 7 li and £31 103 respectively, have been

adedd to th fire insurance fund, which now stands at £1,012 8/(>. The company's trading department sold goods to the value of f3,763 to shareholders during the year. The directors have decided to erect a creamery at Hunga Hnuga. where tbe prospects are good. The value of cream supplied from the Hauraki Plains last season was £4,614 against ©46 for the previous year. In order to cope with this increased supply, a branch factory is to be erected at Kopu at an estimated cost of £2.500. The directors have decided to purchase a motor lorry with which to do the Paeroa carting. The cost of the lorry will be £TBO. Of the 10,000 shares of the company, only 674 remain unallotted, and in order to cope with the expansion of the company's business it will be necessary to increase the capital of the company by an additional issue of shares. Tbe directors in their report expressed their satisfaction and appreciation of tbe services rendered by the company's st.-'ff during the year.

The annual statement of the company is as follows: Number of shareholders, 389; pounds of milk received. 33,583,844: pounds of cream received, 931,518: pounds of butter fat received in milk. 1.297,793: pounds of butterfat received in cream. 380,570: pounds of butterfat sold in cream, 3,729: pounds of butter manufactured. I.94C.t>9*i: averagetest. 3.53: average over-rnn, 17.4; average price received per lb. butter. 12J2Sd; average price paid per lb butter fat (bonus Included), 12.1: cost of manufacture per lb butter, LOSd.

After the adoption of the annual report considerable discussion took place regarding the quality of butter manufactured out of home separated cream. Mr Hubbard stated that the average grade of last year's output was very nearly one point below any other year's grade, and he impressed upon the shareholders the great importance of keeping all their milking machines, separators, and other milking utensils absolutely clean. The .creat necessity of cooling home separated cream was also mentioned by Mr W. C. Dixon, the company's manager.

On the notice of motion of Mr A. C. Hubbard, it was decided that the company's capital be increased by the issuing of a further H.OOO shares to be issned at £2 per share, plus .V premium. It was decided to allow the tllrectnrs of the company 10/ per day and tra'-clllui: expenses while travelling on the company .- h-isiuess. Mr J. W. Smith «as re-elected auditor fur the company at a remuneration ot £30 per annual audit. There were dye vacancies ou tbe board of directors, and ten nominations were received. The result of the election of directors was as follows: Vv". F. Ward 324 P Flynu 291. T. Rax 253. (}. Buchanan 220' W Moore IK7 (elected!. T. A. Mears 179 A a" Wight 172, J. L. Hanna 111, V. Young 80, .1. I*. Rae SS. A motion of condolence was passed by the shareholders to the widows and families f.f the late directors. Messrs F. Cock A .1 Thorp, and W. Jones. At a subsequent meeting of the directors Mr A. C. Hubbard was re-elected chairman for the ensuing year. It was decided to pay id per lb for butterfat for the month of July. This rate of payment will be paid for August, provided the market justifies It