SEFTON DAIRY PRODUCE ASSOCIATION.

Press, Volume LIV, Issue 16322, 20 September 1918, Page 3

SEFTON DAIRY PRODUCE ASSOCIATION.

ANNUAL MEETING. i thirtieth annua.] general meeting' of shareholders of )the Sefton Mutual Dairy Produco Association was held in tie .Rink Hall, Sefton, yesterday afternoon. There was an attendance of twenty-three. Hr J. ■ Wyllie, chairman of directors, presided. The da rectors, in their report, congratulated tho suppiiers and shareholders on the completion of another successful season, and stated that tho export butter was commandeered by tho Imperial Government at Is 4 3-16 d per lb, f.0.b., with a promise of a further payment; of 50 per cent, of the profits when the butter waa., marketed. Up. to dato the pO per cent, had not been paid to the Company, and under these conditions the directors felt highly pleasod that it had. been possible to pay practically is 6d per 'b for butter-fat, and show a balance of £256 6s 4d. Tho output for tho year showed an increase of 50 tons over that of the previous season, which had been tho principal cause of tho success of the past year. The number of suppliers was 76 more than last year, which proved the general satisfaction given by the Company, and the confident* of the suppliers.- The directors proposed to pay a dividend of 6 per cent, on all paid-up capital, amounting to £142 19s 6d, leaving a balance 'of £113 6e lOd to be carried forward, and to pay to suppliers in the shape of a bonus any profits derived from tho 50 per cent, due from the . Imperial Government. A summary attached to the report showed that during the year 1,275,5731bs of "milk had been, received, as compared with 2,132,2511b in the previous year; cream, 939,7571b (640,1601b); average overrun, 17.1 (17.8); number of suppliers, 324 (243); lowest price paid for butter-fat, Is 4d (la sd); • highest price, Is Ed (Is 6d); average price, Is 4Jd (Is 5Jd); butter manufactured, 220 l-10th tons (171 l-7th tons); cost of manufacture per lb, 1.94 d (1,55 d). The balance-sheet showed tho Company's liabilities to bo £6572 OS 3d, fully covered by assets. Tho trading account showed the value of the stock of butter on hand at the beginning of the year to havo been £3465 Ss, the expenditure on requisites £1082 lis Id, and payments to suppliers £30,358 17s 2d, a total of £34,906 16a 3d. The income from sales of butter was £38,635 4e 7d, buttermilk £25, and £770 6s. 8d value of butter in hand, made a total of £39,426 lis 3d, leaving a gross profit of £4519 15s. The profit and loss account showed the working and general expenses to havo been £4267 183 Bd, and not profit £256 6s 4d. The chief items of expenditure were:—Coal £531 15s 4d, wages £1110, interest, rates, and insurance £368 10s 4d; freezing and Government charges £561 10s 4d, railage and cartage £753 Os 2d, and repairs and renewals £222 10a 3d. The chairman, in moving the adoption of tho report and balance-sheet, congratulated the " shareholders on the gratifying position of the Association. Tho improved position was due to the increased number of suppliers, and to the overrun, which was now sufficient to pay working expenses. Mr J. E. Burns, who seconded the motion, remarked that tho coal bill was a heavy bhe, and asked whether there was any prospect of obtaining electric power.

1 The chairman replied that nothing had yet come of the direatora' application to the 5 Public Works Department for a supply of current, but Mr Birka informed him about two months ago that tho matter was receiving consideration. Jin reply to another shareholder, tho chairman stated that there was no official information available as to the price the Government intended to givo for tho butter this season. The Association had been ablo to make very satisfactory arrangements for cool storage. After some further discussion .the motion vras adopted. It was reeolvod to adopt tho proposals of the directors in respect to the allocation of tho profits. Messrs C. E. Skevington, J. E. Burn?, T. Hanna, and A. Petrie were nominated for election as directors, and tho first three named were elected. ■ Messrs J. Marshall and 0. I. Jennings were re-elected auditors. Votes of thanks were accorded lo tho directors, auditors, and to the favtory manager (Mr J. J. Henry) and staff.