New Zealand Company

Franklin Times, Volume XXVII, Issue 82, 15 July 1938, Page 5

New Zealand Company

SURPLUSES TOTAL £1,003,309 DEFERRED PAYMENT OF 2.1601 d TO BK .MAI) K THIS MONTI I HHJIIKB YALL'KS IN LONDON WHAT THEY MKAN TO DOMINION. In a statement issued yesterday, Mr C. J. Parlane, general manager of The New Zealand Co-operative Dairy Company, Limited, said that the total surpluses in his company’s profit and loss accounts for the 1937-38 season amounted to £1,003,309, this including the amounts due to suppliers to the company’s butter, cheese, milkpowder, casein and evaporated milk factories.

Mr Parlane added that tlie deferred payment to he made to shareholding suppliers to the butter department amounted to 2.1G01d, which would make the total payment to suppliers of finest quality butterfat 15.1279 d per lb, or including cartage 15.4464 d, whilst the average payment over all grades would be 15.0100 d, or with cartage added 15.3285 d.

The payments at the company’s cheese factories ranged from l/4.0254d per, lb. at Hairini to <l/5.1236d at Matatoki, the average over all factories, excluding town milk sales, being l/4.6282d. Mr Parlane said that the suppliers to the company’s evaporated milk factory would receive a further payment of 2.430 d, whilst there were also substantial deferred payments available in respect of casein and mdkpowder supplies. The payment to be made t-i butter and cheese suppliers included the increase in price recently granted by the Government, but did not include substantial trading rebates, and his directors had decided to make the deferred payment on July 31, notwithstanding that the total amount may not have been received from the Government by this date.

In conclusion Mr Parlane stated tffat the increased prices which his company w T as able to pay to its suppliers were simply a reflection of the higher prices at which produce had been selling in the United Kingdom.