RECORD OUTPUT

Franklin Times, Volume XXX, Issue 89, 13 August 1941, Page 3

RECORD OUTPUT

FRANKLIN DAIRY COMPANY COLLECTION COSTS LOWER SHAREHOLDERS’ MEETING The attendance was not as large as usual at Hie fourth annual meeting of shareholders of the Franklin Co-oper-ative Dairy Company. Limited, held at the town hall, Tuakau, yesterday. The chairman of directors, Mr H. H. Chapman, who presided, welcomed the shareholders. The following report on the past year’s operations was presented by the directors: — “Output: The number of suppliers 499, as compared with 488 last season, an increase of 11. The season under review has proved exceptionally favourable for dairying, with the result that the output of butter has proved a record in the history of the company. The total butter manufactured was 2887 lons 18.7 89 cwt. which was 802 tons 8.880 cwt. in excess of Ihe previous season. This inr crease is equivalent to 18.34 0 per cent.

Production Costs

"Costs: Total costs to F. 0.13. total 2.13 Gd per Hi. of butterl'at, and again compare very favourably with the costs of other companies. The total costs have shown an increase of ,068 d or 3.288 per cent, on the previous season. This increase is due largely To the higher cost prices of manufacturing materials, to an increase in maintenance costs incurred by the repainting of the whole of the factory buildings, and to increased Bank interest charges caused by considerable quantities of butter remaining unshipped. It is pleasing to again record a decrease in cream collection costs to .4 98d, this season being the first that this cost has been below the half-penny per lb. of butter fat.

“Assets: The com, any's assets have, as usual, been thoroughly overhauled and maintained in excellent condition, and reasonable depreciation-has been provided in the accounts. During the season your directors decided to instal a new 100-box churn, and this was recently installed and is now in operation in the factory.

“Piggeries: In spite- of a difficult year in many respects, the profit from the company’s piggeries has been well maintained, the nett profit being £8;>0 10s 4d, an increase of ft 31 Is id. or 17.99 a per cent on tiie previous season. Arrangements have been made with Mr G. A. Ryder for a further .12 months renewal of bis agreement ~s ■piggeries manager. Butterfat Payments “Accounts: The estimated average payment over all grades for the year ended 31st May, 1940, was 10.134(1 per lb. of butterfat plus a shareholders’ bonus to bona-fide members ot .25d on ail butterfat covered by share capital in respect to seasons 1937-38 and 1938-39, and this proved to be the actual payment. Unsold butler at 31st. May, 1941/ lias been valued at fcb,e Government Guaranteed Price based on grade. The accounts lor the past year reveal a balance of £40,073 12s 6d available for distribution, and this has been distributed as follows: — Dividend of 3 per cent on share capital to 81st May. 1941; shareholders.’ bonus of id per lb to bona-fide members on butterfat covered by share capital to 3fst May. 1941: turlher payment of 2.07 d per 11). on alt, butterfat supplied during Hie 1940-41 season. it is estimated that these payments will absorb £39,054, and that the remaining balance will be sufficient to cover taxation charges. The final average payment irrespective of grade is 15.972 d per lb. of butterfat, plus the 3 per cent dividend recommended, equivalent to .024 d per 11). butterfal, and plus the shareholders’ bonus to bona-fide members of .23d on all butterfat covered by share-capital to 81st May, 1941. “Directorate: Messrs. Walter Barnaby and H. J. O. Smith retired byrotation at the end of the season, and there being no further nominations, these two have been re-elected unopposed. “Auditors: Messrs. Wilkinson, Campbell, Christmas and While, public accountants, of Pukekohc, the retiring auditors, again offer their services.’’

The report and balance sheet were adopted. Messrs. Wilkinson, Campbell, Christmas and White were re-elected auditors. ' it At a subsequent meeting of the directorate —Messrs H. 11. Chapman, W. Barnaby, H. Carey, G. F. Mclnnes, A. F. Reed', H. .T. 0. Smith and C. H. j. wily —Mr Chapman was re-elected chairman.