CAMBRIDGE CO-OP. DAIRY CO.

Auckland Star, Volume LVI, Issue 180, 1 August 1925, Page 6

CAMBRIDGE CO-OP. DAIRY CO.

ANNUAL MEETING. The twenty-fourth annual meeting or the Cambridge Co-operative Dairy Co. was held in the Town Hall yesterday, when the chairman (Mr. M. Wells) presided over an attendance or 200 suppliers and shareholders. The directors' report stated that, arter allowing ror depreciation amounting to £2932 on buildings, machinery, and transport plant, there remained a balance or £24,758 on account or butter,, and £3515 on account or cheese. The year had been a record In potnt of supply ana in prize-taking. The directors had laid down a policy or three years' cheesemaking, with a period or butter-making from March to August. Two groups had been rormed Tor herd-testing, and it was Intended to continue this year on similar lines. Money was advanced for the purchase- of thoroughbred bulls. The pay-out for butterrat for buttermaking had been 1/3.54 gross, and lor cheese-making 1/3.7 gross, which, together with the divisible surplus, -would make a total pay-out ror butter or 1/6.09, and Tor cheese 1/7.79 per lb. Factory returns were:—Butter-making: Suppliers, 328; milk received. 42,169,001 lb; cream received, 1,737,1121b; butterrat received, 2,325,3151b; butter made, 1245 tons; butter to lb rat, 1.19; average test, 3.87; average price realised per lb, 1/6.56. Cheese-making: Suppliers, 20; milk received, 5,630,4421b; butterrat, 205,863; test, 3.65; cheese made, 250 tons; -yield, 2 721b- milk to green cheese, 10.401b; whey, butter made, 5* tons; average price realised, 10.29 d. In the course or a lengthy address, the chairman said the balance-sheet ' showed the company to he sound and healthy. Its total indebtedness had been materially reduced, and the volume or supply had increased by 253,0001b butterrat. The bank overdraft on the dried milk account had been reduced £3113; reduction on returned soldiers' account, £694; bad and doubtrul debts reduced, £647. The report and balance-sheet, together with auditor's report, were unanimously adopted without comment. Messrs. Lawson and O'Meara werie reappointed auditors. An election of two directors, caused by the retirement by rotation or Messrs. M. Wells and Edward Allen, resulted: Edward Allen, 508 votes; M. WeUs, 485; V. H. Nolan, 447; R. Feisst, 156. It was decided, arter an amendment to reduce directors' honorarium to £300 had been defeated, that the honorarium should be the same as last year, viz., £500. A lengthy discussion ensued relative to the payment or interest on dry shares, and finally a motion was carried that no interest be paid.