CAPE EGMONT DAIRY CO.

Dominion, Volume 4, Issue 972, 12 November 1910, Page 8

CAPE EGMONT DAIRY CO.

I' ANNUAL BEPOHT. The annual "meeting of tho Cape Egmont- Co-operativo Dairy Company, Ltd., was held at Pungarehu on Alonday. The annual report stated: —The amount of'milk received was 8,562,871 lb., being 1,333,2321b. in excess of the previous nine ' months. Shareholders received an average of 11.20 d. per lb. butter-fat delivered at the cheese factory, and an average of 11.22 d. per lb. butter-fat delivered at both cheese and butter factories. Milk received at cheese factory, 8,091,3441b.; milk received at butter factory, 471,5271b.; butter-fat total, (cheese and butter factories), 332,4711b.; average test, 3.88; cheese made, factory weights, 796,043 lb.; cheesc made, selling weights (shrinkage deducted), 777,8741b.; butter, made, 22,2321b.; an average of 2.55 lb. cheese (factory weights) or 2.5 lb. (selling weights) from lib. of butterfat. - After paying advances on milk received, there remained a gross balance to credit of £1641.165., which,.after deducting £268 lis. Bd. for depreciation, £1038 ■ 19s. sd. already, paid to shareholders as a final advance of threefarthings per lb. butter-fat, and £107 9s. 7d. as a dividend of 5 per cent, on paid-up shares, there remains a credit balance of £226 14s. 4d. Of this sum £61 12s. 2d. is carried forward on facaccount, and £165 2s. 2d., the crcdit balance of the store department, is still to be dealt with; During the past year the balance of the 3000 shares in. tho company has been allotted. The directors have deemed, it wise to ask the shareholders to increase tho capital of the company from £3000 to £6000, as the applications for shares received and the allotments necessary per Articles of Association ennnot at present be satisfied. As requested by the shareholders at the last annual meeting, . the directors added a co-operative and public storo to the business of the company. The shareholders are to bo congratulated on the venture, which has proved most successful, the store department showing a net profit of £165 2s. 2d. for a period of little over seven months' trading, after allowing for depreciation and a liberal sum for bank '■ interest. This will permit a rebate of 10 per cent. lon purchases made by , shareholders and share-milkers. '