NIREAHA DAIRY COMPANY.

Dominion, Volume 2, Issue 604, 6 September 1909, Page 10

NIREAHA DAIRY COMPANY.

RECORD PAYMENT. TIMELY HINT AS TO SHAKE CAPITAL. At tlio annual meeting of shareholders of the Nireaha Oheeso Company.last wtek the directors in their report said:—"There has been a very large increase in the supply of milk at tho factory, and consequently a large increase iii the output. The prices received in the Homo market have rauged from 595. t0.645. per cwt., and tho price lor local sales lias been 6oV per lb. I'ou have been advanced 10d. per lu. for butterfat during the season, and it is now proposed to pay 2jd. per lb. more, bringing the total payments up to. 12Jd. After .writing .off ±!W9'9s. Bd. for depreciation on building, machinery, etc., aud placing a further £100 to reservo account, it is proposed to pay a • dividend of 6 per cont. to shareholders on paid-up■ capital, which will absorb £78. This , will leave a balance of £30 75.-6 d. The quality of our cheese has been very good, the whole seasoh'3 output having obtained first grade—ninety-onu tons receiving 90 points or over. The thanks of the shareholders are due to the manager and his staff for their efforts in trie interests of .tlio company! It is earnestly hoped that the suppliers will this season assist- the- manager in upholding or oven improving the quality of our produce by delivering their milk' in good condition. It has been fouud necessary to further en- i (argo the factory, last season's supply having taxed the accommodation to its utmost. With this object in view the necessary meetings .were called,, and tho. capital I increased to £3000. Five hundred odd new shares have been allotted., Tlio enlargements and improvements mado to copo with tlio increasing supply are to be paid for immediately. Whereas the'sharcs wliich represent tho amount. (according to tho articles) will'tako five years to collect.' it is asked that those wlio can' possibly do \so should nay their shares off'as speedily' aa Suppliers are being paid more this year than in any previous season, and hardly a single supplier had-been optimistic enough.to expect . more than ' lljd. It is thought that suppliers might pay their.shares in full.out of the unexpected'.amount.received." ~'..'■ -. ■ The hint for full;payment of share capital was'repeated by.the auditor, Mr. Hoist, but .the;meeting escaped without committing itself in'fhe matteer. ■'.-.-. •