CENTRAL DAIRY COMPANY

Press, Volume LXXVIII, Issue 23745, 17 September 1942, Page 3

CENTRAL DAIRY COMPANY

ANNUAL MEETING OF SHAREHOLDERS DIVIDEND AND PAY-OUT After writing off buildings, machinery and plant, the sum of £1635 3s 7d and £SOO off the rationalisation account, the appropriation account showed a credit balance of £21,770 11s lid, stated the directors’ report to the fiftieth annual meeting of shareholders of the Canterbury Central Co-operative Dairy Company, Ltd., yesterday. It was recommended that a final payment of 21d per lb be made to suppliers on the whole of butter-fat supplied during the year, to be Included with payment for the August supply, and that 5 per cent, dividend be paid on subscribed capital at July 31. 1942. The chairman of directors (Mr G. Nairn) presided. The report showed that the amount of butter manufactured for the year decreased by 34 tons on the previous year. In respect of the year 1940-41, the average pay-out per lb for buterfat (all grades) was Is 4.17 d. For the current year, unsold butter was valued at wholesale rates, less appropriate internal marketing differentials. , . "The average pay-out per lb of butterfat for finest grade cream is Is 4.25 d, the report continued. “The estimated season’s average pay-out per lb for butterfat (all grades), which should result from the disposal of unsold butter is Is 4.19 d. The total amount of cream cartage;costs incurred by suppliers individually, is £251 12s Id, which represents .027 d per lb on the total number of pounds of butterfat received by the company in cream from all sources. The weight of butter (correct to four places of decimals) made for each pound of butter-fat used for the manufacture of butter for the year ended July 31, 1942, is 1.22101b. The weight of unsalted butter manufactured was nil. ’ The energies of the, company must be concentrated on one issue—a greater, war effort, said the chairman, moving the adoption of the report. "I am of the opinion,’’ he continued, “that many difficulties of administration haye been largely eliminated by the co-operation between the Tai Tapu Co-operative Dairy Company and ourselves. The rationalisation of the Industry in 1937, while not simple to bring into being at the time, has undoubtedly reacted to the advantage of suppliers and paved the way to a better relationship, the two companies now working in the closest harmony in all matters connected with the industry. “This has enabled many economies to be effected. Overlapping in cream collection and butter deliveries has been extensively reduced, and with the zoning to be put into operation during the coming season, overlapping of cream collection will be eliminated entirely. The cooperation and goodwill existing between the two companies also permitted the successful reopening of the Cam cheese factory. “The weather during the 1941-42 season can be classed as good. While the manufacture shows a decrease of 34 tons, compared with the 1940-41 season, this decrease is more than offset by the diversion of supply from butter to cheese, the total butter-fat production showing an increase over last year. The guaranteed price is to be increased by .5d per lb for the coming season, the figure being 15.39 d per lb for butter grading 93/93 J. While it is not proposed to make any immediate change in the monthly advance payment of Is 2d per lb butter-fat for finest grade cream, the increased payment for butter will eventually reflect itself in the dairy farmers’ returns.” The average grade of butter was 93.54 compared with 93.67 last year. Cream grading percentages, with those of 1940-41 in parenthesis were:—Finest, 82.17 (78.51); first, 17.32 (20.50); second, 0.49 (0.98). The payment for finest quality cream, including the proposed final payment is Is 4.25 d per lb butter-fat, while the average over all grades of cream, including final payment, is Is 4.19 d. _ Messrs J. Parkinson, J. Page, and G. Nairn were re-elected to the board of directors. At a subsequent meeting, Mr Nairn was appointed chairman, and Mr J. Parkinson was appointed vice-chairman. COMPANY NEWS I’ukemiro Collieries.—The accounts of the Pukemiro Collieries for the year ended August 21 show a net profit of £2lOl, against £5425 in the previous year. The final dividend recommended is 11 per cent., making 32 per cent, for the year against 6 per cent, last year. The directors state that all profits have come from investments and none from coal operations.—(P.S.S.) 0 , MINING West- Coast Dredging Units.—During the first half of September the Barrytown-Kanieri-Arahura dredging units realised 16210z of gold from a total yardage of 256,000. Barrytown returned 189oz from 84.000 yards in 228 hours. Kanleri returned 781oz from 83,000 yards in 227 hours, and Arahura returned 5510z from 89.000 yards in 263 hours. POULTRY PRICES ..Smith’s City Market, Ltd., report the. following-' prices ■at (their • week's sales,