Page 7 Advertisements Column 3

Feilding Star, Volume 9, Issue 3793, 10 August 1932, Page 7

CHELTENHAM CO-OP. DAIRY CO. Its Thirty-ninth Annual Report. SUPPLIERS TO SHARE £20,000 BONUS DIRECTORS’ REPORT Your Directors have pleasure in submitting for your consideration the Thirty-ninth Annual Report, Balance Sheet and Accounts. PRODUCTION AND PRICES The past season has been one of many trials for primary producers. Prices for their produce have remained at an exceedingly low level, whilst, unfortunately, unfavourable weather conditions were the cause of a decrease in dairy production in this and the neighbouring districts. As a result thereof, the Company’s output of butter shows a reduction of 11 per cent, on the previous season’s returns, notwithstanding the fact of the greater number of suppliers this season. In the circumstances, it is pleasing to report there is a fairly substantial surplus of £20,504 Is 5d available for distribution. SURPLUS It is recommended that this amount be dealt with in the following manner:— £ s d 1. —To make a further payment of One and three-sixteenths pence (1 3-16 d) per lb on the Butterfat supplied during the season. covered by Shares 19,532 11 4 2. —To pay a Dividend of 4 per cent, per annum on all Share Capital paid up as at 30/6/32 864 16 7 3. —To make provision for Income Tax on the above-mentioned Dividend 90 0 0 4. —To carry forward the balance of 16 13 C £20,504 1 5 The average of the advances made against butterfat supplied during the season is IO.OOd per lb. The abovementioned further payment of one penny and three-sixteenths (1 3-16 d) will make the season’s average payment eleven and three-sixteenths pence (11 3-16 d) per lb on butterfat covered by shares. Including the amounts provided for Dividend, the season’s total average payment on the qualified butterfat is equivalent to Hid per lb. Arrangements are in hand for payment of the bonus and dividend cheques as early as possible after the annual meeting. COSTS From the Table of Statistics and Averages submitted herein, it will be seen that the cost from farm to f.o.b. shows a slight reduction, which, in the face of the lower output, must be considered satisfactory. If the output of butter had equalled last season’s in volume, a greater saving in costs of manufacture, etc., could have been effected. EXPORT MARKETING All shipments of the Company’s butter to Great Britain were forwarded “on consignment,” which policy ensures obtaining the return of the highest market values ruling at the date of delivery. PIG FARM The accounts for the Pig Farm Department disclose a nett loss of £76 10s 3d. In view of the very low rates ruling for bacon and pork last year this loss was not unexpected. A greater number of pigs were reared on the farm this season, otherwise the loss would undoubtedly have been much larger. The stud breeding side has been developed; this has improved the class of pigs carried on the farm and has enabled the Company to supply pedigree pigs to shareholders at reasonable rates. COW TESTING The working costs of the Cheltenham Cow Testing Association for the past season is Is per cow tested, towards which cost the Company has subsidised Is per cow, thus making a nett cost of 10Id per cow to each individual member testing with the Association. GENERAL The past year has given birth to many new features unprecedented in the commercial history of dairying, chief of these being— Tn New Zealand— The commandeering of all export exchange. In England 1. —“The British Import Duties Act,” imposing a 10 per cent, duty on foreign butter and cheese. 2. —The introduction of the Marking Order whereby all imported butter must be marked according to country of origin. Recent world happenings, and action by Great Britain in particular give reasonable grounds for expectation of a gradual but general improvement of trading conditions. DIRECTORATE The following nominations have been received for the two annual vacancies on the Board of Directors, namely, Messrs. J. W. Batchelar, W. B. Faulding, and E. Sinclair. Voting Papers have been issued in accordance with the recently amended Articles and the result of the postal ballot will be announced at the annual meeting. AUDITOR Mr. S. M. Hobbs, the Company’s auditor, retires and offers himself for re-election TABLE OF QUANTITIES AND AVERAGES Number of Suppliers 897 Weight of Cream received 9,776,0081 b (4364 tons scwt. 881 b) Average Test of Cream 40.51 per cent. Quantity of Butterfat received 3,960,8351 b Quantity of Butter made 4,799,0381 b (2142 tons Bcwt. 621 b) Over-run for Season . . . 21.16 per cent. Average Grade of Butter 93.381 points 93.37 per cent . 6.41 per cent. .22 per cent. Percentages of Cream Grades Finest First Second ... , . .