CO-OPERATIVE DAIRY PRODUCE

Dominion, Volume 21, Issue 290, 7 September 1928, Page 14

CO-OPERATIVE DAIRY PRODUCE

The balance-sheet of the Co-operative Dairy Producers’ Freezing Co., Ltd., for the year ended June 30 shows a net profit. of £586, but there was brought forward from the previous year £7641, and the credit balance was thus £8237. The revenue from storage totalled £22,485,

from sales of ice and snow £1727, and from exchange £lO4. Freezing and storage charges absorbed £8869, rent, insurance, and interest £4862, repairs and maintenance £1216, salaries £2375, directors’ fees and expenses £5Bl, sundry charges £1707, and £2OOO was allowed for depreciation. The balance-sheet shows paid-up capital £52,866, sundry creditors £11,241, C.W.C. loan account £42,764, and bank overdraft £1456. The assets comprise buildings £86,955, plant and machinery, less depreciation £23,660, leasehold £1350, railway siding £2BO. office furniture £434, and sundry debtors £3882. The company handled during the twelve months 381,528 boxes of butter, against 327,056 boxes in the previous year, 961 crates of cheese against 163,627, 26.516 cwt. sundries against 30,668 cwt., and 991 tons of ice against 637 tons. TARANAKI OILFIELDS, LTD. Taranaki Oilfields Ltd. report for the week ended September 1 as follows: — Gisborne No. 1 well: Progress delayed by caving, which tilled hole to 280011. Have cleaned out again to 3020 ft. Necessary to use heavy mud fluid to hold caying ■in chock. Gisborne No. — well, drilled to 1570 ft. in shale and sandstone, lOin. diameter casing to 1558 ft. KAIAPOI WOOLLEN Dominion 'Special Service. Christchurch. September U. In moving the adoption of the report and balance-sheet at the annual meeting of the Kaiapoi Woollen' Manufacturing Company, the chairman ' (Mr. Arnaud MeKellar) snid it was the first time since 1022 that they were able to submit a statement of accounts covering the year s operations that permitted the payment ol n dividend to ordinary shareholders as well as preference shareholders, and at the same time permitted of adequate provision being made to meet possible fluctuations in prices. Depreciation had also been fully provided for, and a reserve for bad and doubtful debts all out of the year's profits. "IVbust tnc dividend is necessarily small, he said, “it may be regarded as an indication that the company is coming back to some extent to the period.of prosperity which it enjoyed for so many years. Before very much larger dividends can be expected, your directors consider it prudent to conserve the finances of the company by building up reserves and reducing to a much smaller figure the item •sundry creditors and depositors, which includes bank overdraft;’ The chairman continued that the mills at Kaiapoi and Radley worked to their full capacity during the year; in fact, it was the best manufacturing year since the war. The factories also worked full time, and were fullystaffed. Despite a very bad trading year generally, the turnover had been very satisfactory, with a considerable increase in the output of Kaiapoi products. J lie amount of £5OOO had been reserved for depreciation in view of the increased demands made on the mills and factories, and the reserve for bad and doubtful debts increased by £3OOO. The sale of part of the Dunedin properties realised £6477 Ils. 4d. above their value in the company’s books, and this sum, together with the contingency reserves (£7756 9s. 3d), created last year from the sale ot the Wellington warehouse, and the section at Auckland, had been transferred to the general reserve account, which now stood at £14,234 os. 7d. The two retiring directors, Messrs. Arnaud MeKellar and A. F. Carey, were reelected.