CITY MILK VENTURE

Dominion, Volume 15, Issue 181, 28 April 1922, Page 6

CITY MILK VENTURE

SATISFACTORY YEAR’S WORKING PROFIT OF OVER £4OOO “The main thing that is exercising the members of the council is as to whether the Department has been losing heavily this year or not,” remarked Councillor C. J. B. Norwood, chairman of the City Milk Department, in reporting to the City Council last evening on behalf of the Milk Committee. Notwithstanding the fact, Councillor Norwood proceeded, that contracts for the year had been made at the top of the market, the department showed a profit for the year of £4474 16s. ,Bd. One point he' would like to emphasise, and that was that it was impossible to adjust- what the running of the department was going to cost the council in any season until the season’s products had been sold and the returns obtairted. He considered it very satisfactory that on a turnover of £lBO,OOO they had been’ able to shew a net profit of £4474 16s. Bd. They had set aside a reserve of £18,334 2s. 4d., which would be ample to cover all ,‘payments, and) allow seme small amount being transferred to the contingency account. He considered the satisfactory position disclosed would be a complete answer to the pessimists who were declaring that the city milk department was being run at such a great loss.