MANAKAU DAIRY COMPANY

Evening Post, Volume CIV, Issue 51, 29 August 1922, Page 2

MANAKAU DAIRY COMPANY

VALUE OF THE LOCAL MARKET.

The seventh annual meeting of the Mauakaii Co-operative Dairy Company was held on Thursday last at Manakau. Mr. Ceoil Dimock presided, and there was a large attendance. The report and balance-sheet were adopted. In the discuasion which followed, some of; the suppliers expressed concern about the evening up of the "pay-out," maintaining that the monthly payments should have been brought up to the actual value from month to month. It was pointed out that this, was no doubt right in theory, but almost impracticable, because a minute profit and loss and stocktaking would have to be taken out each month. The best that could be done was to apportion the further payment to secure equity as nearly as possible. Mr. Hornig then raised the question of paying for the butter plant in on« season, maintaining that it should have been spread over three years ir more.. But it was reported that the company was able to pay cash on delivery, instead of giving bills, without depriving suppliers of one penny, of their butter-fat payment. Messrs. L. H. Atkins, J. H. V. Nicholson, and F. W., Robinson were elected directors. A motion to reduce the directors' fee to 10s failed to find a seconder. Messrs. Dempsy and Litchfield, of Palmerston North, were unanimously reelected auditors. A vote of thanks-to the directors, manager, and secretary closed the meeting. At a meeting of the new board, held afterwards, Messrs. Atkins and Robinson were proposed for the office pf chairman, and the election was held over in order that Mr. Bobinson could be present when the vote was taken. The board was waited on by seven representatives of export houses with a view to. the disposal'of the coming season's output. The board reserved its decision. The balance-sheet of the company shows no borrowed capital, creditors, outside suppliers and shareholders £41; fixed assets, £2822 • liquid assets, £1746. After paying out the bonus for the seaSon, there remains a reserve account of nearly £2000. The year only ended on 31st July, the balance-sheet was in the hands of the chairman on 4th August, the annual meeting was held three weeks later, and the-whole, business'-of the year will be cleaned up before the month is out. The average "pay-out" for the season is Is 2.52 d. The report shows a large increase ;in the output, and though prices obtained for the produce were not so payable as last year, the directors adopted their ordinary policy of consigning, and had to accept London values. At time of closing the books, 134 crates of cheese were on the water, and are taken in at 80s, and the average net proceeds were 7.17 d per lb. Butter exported (38 tons) averaged net 117s 7d, or 12.6 d per lb. The local market averaged Is 5.23 d per lb. The output, on a butter basis, showed an. increase of 24 tons, or 35 per cent, more than in 1921. Profit and loss account showed a surplus of £1115 16s 6d.