DAIRY COMPANY MEETING

Evening Star, Issue 19724, 26 November 1927, Page 2

DAIRY COMPANY MEETING

A FAVORABLE STATEMENT There was a fair attendance of shareholders at the fourth annual meeting of the Co-operative Dairy Company of Otago, Ltd., which was held in tlio Chamber of Commerce rooms on Thursday morning. Tho chairman _ of directors (Mf Fred. Waite, M.P.) wired from Wellington regretting his inability to attend, and in his absence Mr Charles R, Smith presided over tho meeting. In moving the adoption of the report and balance-sheet, tho Chairman said the directors were pleased to be able to present such a favorable statement to shareholders. The company had made steady progress during the four years it had been in existence. Butter manufactured had trebled in this period, and with an output of 775 tons for the year the factory was now the second largest in the South Island, being next to the large Canterbury Central Factory in Christchurch. Of butter graded, 15,176 boxes had scored “finest” (93 points and over), and 842 boxes “first” grade_ (90_ to 92 points). The Chairman said this splendid result was mainly duo to the Government cream grading regulations, which undoubtedly had the effect or raising tho quality of cream. The excellent quality of the butter had also been reflected in sales of butter on the local market. These sales had increased nearly fourfold in tho four years. During the seven months covered by the report that the cream grading regulations were in operation 89 per cent, of the cream had been graded as “finest,” 6 per cent, “first,” and 1 per cent, “second,” while 4 per cent, represented whey cream received from all cheese factories in Otago. Referring to the financial side of the statement, tho Chairman said that the company, for tho second time in the four years, had been able to pay to its suppliers a better return for butter-fat than any other company in Otago. Ho was pleased to announce that the proposals referred to in the report had been enthusiastically taken up by the suppliers, and already some 2.500 additional shares had been applied for and allotted. This, the directors thought, was an indication of the feeling of security held by Otago dairymen in the future prospects of the company. The premises, plant, and motors had been kept in thorough order, and a substantial sura was written off as depreciation. The directors had every confidence in tho future, and with a repetition of the success of previous years it might be possible at next annual meeting of shareholders to announce that the company was free of debt. The water bore bad been a decided success. There was an ample supply for more than requirements, and reports of the analyst stated that the water was of a high degree of purity, and eminently suitable as a source of supply for domestic or any other general purposes. After allowing for tho cost of pumping and other charges tho result was a considerable saving to the company. . The motion was seconded by Mr A. W. Amos, who congratulated the directors on tho excellent report and bal-ance-sheet submitted, and the very lull information given by the chairman. Tho motion was supported by Mr Joan Christie, and carried unanimously. The retiring directors, Messrs I 1 red. Waite. M.R., and G. T. M/Callum, were declared to bo re-elected, and the directors’ fees wero fixed at the same figure as last year. Messrs Barr, Here's, and Co. were re-elected auditors, also at the same fee as last year. At a meeting of directors field niter the shareholders’ meeting Mr Fred. Waite, M.F., was re-elected chairman for the current year.