DAIRY COMPANIES

Press, Volume LXIV, Issue 19459, 5 November 1928, Page 12

DAIRY COMPANIES

OKAIN'S BAY. DIVIDEND OF 7 PER CENT. The animal meeting of shareholders of the Okain's Bay Co-operative Dairy Company, Ltd., was held on Wednesday. Owing to the inclement weather there was a .small attendance. In the absence of the chairman through illness, Mr J. R. Thacker presided. A motion of sympathy with Mr L. Grant in the death of hia wife was carried in silence. Motions of sympathy were passed with Mr P. E. Moore and Mr P. L. Cummings in their illnesses. The report and balance-sheet wero adopted without alteration, after a number of questions had been answered. The annual report stated:— The 1927-28 season was a successful one. Though owing to a dry summer and to a smaller number of cows milked, the output was slightly smaller than in the previous year, better prices for dairy produce have enabled the company to make a considerable increaso in payments to suppliers. Statistics—Milk, 6,757,4351b; butter-fat, 246,8891b; average test, 3.653; cheese manufactured, G59,1961b tons); lbs of milk to lib of cheese, 10.251; lbs of cheese to lib of butter-fat, 2.670; whey butter mado. 1 12,1591b; 154J tons of cheese (mostly pasteurised) were exported on consignment; 131 tons (unpasteurised) were sold to our Auckland client; and the small balance was disposed of locally. Grading averages for the season were; Pasteurised cheese, 93.480; unpasteurised, 91.984; total average, 92.746 points. Herd-testing operations were carried out efficiently by Mr A. W. Ericksen, testing officer, the expense, as in previous years, being paid out of the company's funds. A total of 959 cows qualified for the Government subsidy under the group system, and 40 cow? under the association system, thus earning a total subsidy of £4B 19s. The total number of cows tested during the season was 1077, the cost, less subsidy, being £l9l 19s 2d, or 3s 6Jd per cow. The balance to - credit of profit and loss is £4368 16s Id. which we propose to allocate as follows:—Dividend of 7 per cent, on £3OOO, £210; depreciation of buildings £IOO, and of plant £SO; a final payment to milk suppliers of 3gd per lb butter-fat (mak1s 7Jd for the soason), £3986 4s 7d; and carry forward £22 lis 6d. A sum of over £250 having been spent on repairs to and replacements of plant during the year, we consider £SO sufficient to write off as depreciation of plant. Wo recommend an addition of £SO to fixed deposit account, making it £BOO. We desire to thank Mr P. C. Milne (manager), Mr A. W. Ericksen officer), and their assistants for efficient services during the past season. The retiring directors are Messrs A. W. Coffin, P. E. Moore, and J. E. Thacker. They are eligible for re-election. It was reported that the factory was now handling 3500 gallons of milk daily, about the same as last year, and that the cheese had been graded up to 93J. _ Improved facilities for can washing, for boiling water, for loading cheese and for backing in to the stage were recommended. Owing to the increasing number of suppliers' motor-lorries, arrangements were made for the company to procure the petrol in bulk. The retiring directors, Messrs A. W. Coffin, P. E. Moore, and J. It. Thacker, wero re-elected unopposed. A vote of thanks was passed to the directors, manager, and staff. •At a snbsequent meeting of directors Mr P. E. Mooro was re-elected chairman. It was reported that the whey butter had been sold at ft satisfactory price. Mr O. W. Leete was re-elected auditor. Herd-Testing. The Okain'u Bay Dairy Company's herdtesting . averages for the October 30-day period were as follows: Best Herds — ' l" 8 No. cows, lbs milk. Test, butter-fat, 1. 80 averaged 1512.00 3.50 52.94 2. 25.averaged. 1384.80 3.53 48.91 3. 24. averaged 1238.75 3.70 45.83 4. 9 averaged 1256.67 3.63 45.57 Worst Herds—1. 7 averaged 655.71 3.47 2^.75 2. 83 averaged 809.19 3.38 27.34 3. 31 averaged 877.74 3.C2 31.76 4. 20 averaged 903.75 3.55 32.12 Assn. average—--776 1149.99 3.47 39.86 Best Cows — „, 1 .. 2010 4.2 84.42 2 .. 1620 4.6 74.52 3 .. r.1530 4.6 70.38 4 .. .. 1590 4.4 69.96 Worst Cows — 1 ..' . i 450 2.8 12.60 2 b .i i.. 480 2.7 12.90 ', 3, .. 360 3.7 13.32 4 .. .. 720 2.0 14.40 Highest individual test, 5.1. . Lowest individual test, 2.0'. .- Number of cows testod: Group 77G, Association. 33; total, 809. . METHVEN. Tho annual meeting of shareholders of the Mt. Hutt Co-op.erative Dairy Co., Ltd., was held in the Methven Town Hall, when Mr James Carr presided over an attendance of about twenty. In presenting tho annual report and balance-sheet, the chairman said that although the directors wero not overjoyed at the result of their work, the company had come through a difficult year with a small profit and not a loss, as some suppliers anticipated. This was in spite of the fact that the, largest supplier had gone out of dairying during the past year. The policy of the directors in connexion with the sale of the output had proved wise. Tho minimum price obtained on the London' market had been 160s per cwt. On this occasion the balance-sheet had been made up for a period of eleven months, the directors considering it wise to close the company's year at the same time as the bank. "The chairman referred to tho high overhead expenses. The output "for the period was slightly over 95 tons, and for a very small increase in expenses double tliis amount could be handled, which would enable an increased price for butter-fat to be paid. So far this season the output was very considerably above that for the same period last season, and if the supply continued during the year in proportion, the suppliers could look forward to a good return. The report and balance-Bheet were adopted unanimously. A vote of thanks was passed by acclamation to the manager and staff for their excellent work during the year. The retiring directors were Messrs H. Maginness, R. W. Wightman, F. Poff, and Jas. Oarr. Messrs Maginness and Poff did not offer themselves for re-election. Messrs Carr and Wightman were re-elected, and Messrs J. B. Dalton and Jas. Mauger were elected to fill the other vacancies. Mr W. S. Mac Gibbon was re-elected auditor. It was recommended to the directors that future annual meetings should be followed by a smoke concert. A vote of sympathy in his illness was passed to the manager, Mr G. W. Woods, who is at present in the Ashburton Hospital, and the wish was expressed that he would soon be able to resume his duties. METHVEN STOCK SALE. The usual fortnightly stock sale was held in the Methven saleyards on Friday, when there was a large attendance of farmers.' As is usual for the time of the year, entries of sheop and cattle were email, while pigs numbered over 60 of all grades. With the heavy rains which have, fallen throughout the district recently, tho feed will now come away very fast, and farmers are looking for anything that is likely to show a'profit. Consequently there was a good sale for all stock offered. Cattle wero few in numbers, and Vtrhile there appears to be a good demand for dairy cows, those offering were not altogether tempting in quality, but nevertheless good .prices were realised. Pigs were again yarded- in large numbers, and as the dairying season- is now in full swing, there was a strong demand and prices were good. For produce there was also a good sale, and an exceptionally large . quantity of potatoes brought good prices. ■ A four-horse team was offered, but failed to reach the owner's idea of value. The principal sales recorded were: — Sheep—Nineteen fat ewes at B'3s, 8 fat ewes at 355. 3d, 18 fat ewes at 355, 115 threeqnarterbred full and failing-mouth ewes and lambs at 20s Id all counted. 95 half and three-quarterbred ewes and lambs at 19s lOd, 3 fat wothers at 41s 6d, 96' four and six-tooth halfbrcd fat and forward wethers at 395.

Cattle —One yearling heifer £3 10s, 1 dairy cow £7 ss, Jersey bull £6 10b, Jersey heifer £6 12b 6d, yearling heifer at 455, yearling bull £3 2s 6d, cow in profit £5 10s, 1 bull at £4 15s.

Pigs—One porker 425, 1 at 325, weancrs 8 at 16s 6d to 21s 6d, 2 at 255, 3 at 265, 1 at 12s 6d, 2 at 16s, 8 at 14s, 8 at 235, 7 at 245, 1 at 18s, 5 at 17s, 6 at 18s.

REILLY'S (DUNEDIN) MARKET REPORT. Asparagus, inferior ss, 6s 6d, good 8s Gd, 10s 6d, special 17s 3d; lettuce, inferior unsaleable, extra choice 2a 6d; cauliflowers, choice 3s; cabbage, 3s; rhubarb, 2s 3d, 2s Sd; Bpring onions, 3s Gd; tulips, 265; rccurvis, 8s; guaranteed eggs. Is 3d; apples, Stunners, small 4s, 7s, choice 9s, lis; Delicious, choice 12s 6d to 14s, wast; 10s; pears, choice to 12s 6d; green peas, inferior, sweated 4d, choice sd, 6Jd; gooseberries, small 4d, choice 7Jd; tomatoes, seconds Is 9d, firsts 2s 2d. locals 2s 7d>; porker and bacon pigs 7d, 7Jd; new potatoes Bd, old potatoes -12s; onions 26s per cwt. —8 WAIMATE SALEYARDS COMPANY. Mr J. H. Mitchell presided over the annual meeting of shareholders of the Stud holme Junction Saleyards Co. The balancesheet showed the finances to be in a health; state. It was decided to pay a dividend of 10 ver cent.

OUTLOOK IN AUSTRALIA.

GOOD RAINS. A cheerful account of prospects in Australia is given by Messrs J. B. Were and Son in their weekly letter dated October 19th. It states that further good rains have iallsn over the wheat areas and most of the pastoral districts of New South Wales, Victoria, and South Australia, and these will be of inestimable value. . Coming on top of bountiful falls during the previous fortnight these rains almost assure an abundant harvest and luxuriant pastures in those Statee, exclusive or the northern Mallee, where the rainß came too late to be of real value, and of northern and western New South Wales, where pastoralists still are badly needing rain. Even in the northern Mallee it is believed that the farmers will get sufficient, grain for seed. In Victoria thp latest rains were heavy and general throughout the whole Stite, and falls of up to an inch and a half delighted the landowners in the Mallee. The besivy general rains have quite revolutionised the seasonal outlook, and with normal conditions primary producers throughout the greater portion of Australia should have a profitable season, which means general prosperity for the whole community. Shipment of WooL Trade, however, is • still depressed, and, until shipping matters revert to normal, business generally must continue to be dull. It will be some time, too, before the returns from woo] commence to make their influence felt. Money continues temporarily to be plentiful, but mainly only for short-term investments. As the wool sales have been resumed at some centres and some consignment are being ahicped, wool bills to a limited amount—but much balow normal —are now being preheated at the banks. The latter having mad-i provision for demands much in excess of those that have been received during the past six weeks find themselves with a surplus of funds for which profitable teuipovary employment has been difficult to find.

ELECTROLYTIC ZINC COMPANY.

The annual reports and statements of the Electrolytic Zinc Co. of Australasia, Ltd.. aro to hand, and givo very complete detoils of the operations of the organisation for the year ending June 30th. The annual meeting was arranged for last Thursday in Melbourne.

The gross profit, after debiting all costs nad charges necessary to maintain the full productive efficiency of the plant, and in addition carrying £145,000 to reserve for depreciation, was £460,847 4s 7d, and the net profit, after taking into account profit and loss items, including land tax, income-tax, and provision for the latter (totalling £37,439 6s 2d), was £383,025 4s 4d. This amount, added to the balance of £188,663 6s lid, brought forward at June 30th, 1927, made available the sum of £551,688 lis 3d, which has been appropriated as follows: — £ s d

Carried to credit of debenture sinking fund reserve .. 12,100 0 0 Towards development and new plant for West Coast mines (from profits of the year under review) .. 60,000 0 0 In payment of dividends Nos. 12 and .18 .. 312,000 0 0 Balance carried forward .. 177,588 11 3 . £551,688 11 3 Since the closo of the period Dividend No. 14, on all preference and ordinary shares, absorbing £158,000, has been paid. The results from the year's operations, together with the corresponding figures _ for the previous financial year, aro shown in the summary:— 1926-27. 1927-28. & £ Gross profit on working accounts .. 649,461 005,847 Lesß reserve for amortisation and depreciation .. 145,000 145,000 Balance transferred to profit and loss account .. 504,461 .460,847 Less profit and loss items, including land tax, in<rome tax, and provision for the latter 114,384 97,822

Net, profit •;• 390,077' 363,025 Reserves— Reserves for amortisation, depreciation, arid renewals .. 826,077 971,529 Equalisation reserve 100,000 160,000 Appropriation for new plant and . development ... 80,000 130,000 Dobenturo sinking fund reserve .. 71,567 88,931 Appropriation account balance, after providing for following September dividend .. 32,663 21,589 1,170,807 1,372,039 During the year the company continued development work or: its' properties in the Mount Read and Rosebery district, near Zeohan, Tasmania. Directors, in their annual report, state that the Rosebery and Hercules mines provided 32,563 tons of ore, averaging 22.1 per cent, zinc, 6.5 per cent, lead, and 7.10z silver and 2,:2dwt of gold a ton. The general manager writes that "the large amount of development work being done makes it definitely certain that the mines will, be in a safe position to supply tho requirements of the new mill when it is brought into commission early in 1930." The shape of the orebody in tho Rosebery mine is said to be such that prospecting of it can best be done concurrently with normal mining operations. Insufficient work had been done on the new ore body in tho Hercules mine, in which the zinc content of tho ore ranges up to 32 per cent., to enable reasonable estimates to be made of its contribution to ore reserves, but there was sufficient evidence to show that the shoots would contribute important tonnages. The concentrating mill at Zeehan was used throughout the year as an experimental unit, arid treated 39,698 tons of ore for a production of 2915 tons of lead concentrates and 16,183 tons of zinc concentrates. The roasting plant treated 12,632 tons of concentrates and produced 11,330 tons of calcines. MEAT PRICES. HOME QUOTATIONS. The New Zealand Meat Producers' Board has received the following cablegram from its London office, dated November 2nd, 1928, advising Smithfield delivered prices averaged for the week ending that date as follows (prices for the two previous weeks are also shown):—■

Heavy supplies ot meat of all descriptions depressing market. Beef Market—There is a slightly better demand. New Zealand Porker Pigs—Market weaker ; owing to heavy patchings of home-killed.

LONDON MARKETS. (Received November 4th, 5.5 p.m.) • LONDON, November 3. I Cotton —December, 0.98 d per lb. Rubber —Para, lid per lb; plantation smoked, BJd. Jnte—November-December, £32 5b a ton. Hemp—Not quoted. Copra—November-December, £24 15s # ton. Linseed Oil—£3o a ton. Turpentine—44a per cwt.—Australian Press Association. i

(Per lb.) Nov. Oct. Oct. 2. 26. 19. a. d. N.Z. Wethers and MaidensCanterbury quality, selected brands,: 56-under .. ., 05 7 71 57-64 61 7 7 65-72 68 6g 6! Other Brands: 56-under ... 63 6i 63 7 57-04 6J 6i 65-72 61 6J 63 N.Z. Ewes— 64-under . .■ ,... 42 43 Si N.Z. LambsCanterbury quality: 36-under .. .. 101 101 101 37-42 .. . 10i 101 101 43-50 91 9& 9 93 Seconds Si 91 Selected Brands: 36-under . .• 10 10 101 37-42 .. 92 10 10J Other Brands: First quality: 36-under n 9? 93 37-42 91 93 Second quality: 30-32 average » , 8S 9 91 Argentine Lambs— let Quality: • 36-under .r., 95 ?5 95 N.Z. BeefOx fores . .• i.. 4 4 4 Ox hinds ... 5 5 e Cow fores 35 35 31 Cow hinds 44 4i ■ 4J Argentine ChilL'd BeefOx fores .. .. 43 43 43 Ox binds .. .. 68 61 65 Frozen Pork— Porkers, 60-801b Porkers, 81-991b 71 71 71 7 71 71 Porkers. 100-1201b .. 7 71 71 Baconers, 121-1801b 71 71 71 Lamb and Mutton —Market continues dull.