CO-OP. DAIRY COMPANY

Evening Star, Issue 23094, 21 October 1938, Page 13

CO-OP. DAIRY COMPANY

AVERAGE PAY-OUT IMPROVES The annual meeting of suppliers and shareholders of the Co-operative Dairy Company of Otago, Ltd was held yesterday. and presided over by Mr William Blackie. The chairman referred to the Illness of Mr John Christie, who had been a director for many years and a motion of sympathy was passed. Moving the adoption ol the report and balance sheet, the chairman said that the average pav-out per pound of butter-fat, over all grades was 14.148 d. as against 12.904 d the year before, and represented an increase of 9.64 per cent “ Our turnover for last year was £145.485. against £125,055 the.previous year, and £115.239 the year before, said Mr Blackie. “Over last year we sold 990 tons on the local market which was 108 tons more than we manufactured. The total butter manufactured was 882 tons, against 1001 tons the previous year. As you know, the Waitaki Dairy Company was jointly bought by ourselves and another company, and we received approximately one-half of the supply. We actually had more suppliers' on the books than ever before, and yet, owing to the excessively dry season and other factors our make was down 11.9 per cent. “ Our fixed assets show at £ 18,552, against £18,927 the year before. Full provision has been made for depreciation. and I express the opinion that our balance sheet is the best ever presented to the shareholders. Sundry debtors for butter and farm accoun.s show at £16.893. aaginst £8,493 the year before. The increase of £B4OO is due to our increased local market. Bad debts for last year totalled £l3O on a turnover of £145,485. and over the last three years we have lost under £2OO on a total turnover of over £300.000 This reflects good management and I compliment Mr Field on this very excellent showing. “ The zoning suspense account of £6953 has been covered in the report Issued with the balance sheet, and after the land and buildings of the Waitaki Dairy Company are sold, the account should then be reduced to several thousand prunds representing goodwill. ~S . Mr F Waite, M.L.C. seconding the motion, said that the company compared more than favourably with comoanies working in similar circumstances. Production for Otago was decreasing, and that was bad for the dairy farmer and bad for the nation The guaranteed price plan had the advantage of giving some stability to the industry, but in so far as Otago was concerned the price was inadequate. A price worked on a system of a Dominion average must penalise Otago and Southland. it was resolved that a dividend of 4 per cent, be paid out, and that the balance of £llsO 9s lid less income tax, be carried forward. Messrs F Waite, of Balclutha (representing supplier-shareholders) and William Blackie, of Mosgiel (representing company-shareholders) were re-elected directors of the company. Messrs Barr, Burgess, and Stewart were reappointed auditors. At a meeting of directors held after the annual meeting Mr William Blackie, of Taieri, was re-elected chairman.