MANGATOKI.

Hawera Star, Volume XLV, 19 August 1925, Page 9

MANGATOKI.

ANNUAL MEETING OF THE DAIRY

COMPANY

The twenty-fifth annual general meeting of shareholders .of the Alangatoki Co-operative Dairy Company, Ltd., opened in the Mangatoki hail this morning. Mr. Jacob Marx, chairman of directors, presided' over a representative attendance, the number totalling approximately 70. In moving the adoption of the report and balance-sheet, the chairman briefly traversed the balance-sheet, which he thought shareholders would admit was a creditable production, concerning both the results disclosed' and the manner adopted by the secretary in presenting the details.

Under the heading of statistics, pro. ceeded Mr. Marx, they had the past year’s quantities of milk, butter-fat, cheese and butter tests, over-run, and quantities of cheese andi butter made. Dealing with the past season’s cheese and blitter, the figures showed 1566 tons 17 cwt. 26 lb of the former, 59 tons 6 cwt. 20 lb of creamery butter. and 32 tons IBj. cwt. of whey butter, the total value being £164,840 10s 6d. Total charges were clearly set out under the various headings. They included £4123 16s 4d maintenance and depreciation, a total of £25,718 15s 4d, or 4.537 pence per lb butter-fat, while the total charged from f.o.b. amounted: to £24,510 12s 6d, or 4.324 pence per lb fat. The total charges as, from the time the milk was received amounted to £50,229 8s 10 d, or 8.871 pence, to payment to suppliers. The milk producers received a total of £114,611 7s Bd, or Is 8:1 d per lb fat, this, however, beiug only 15-16ths of the total supply. It would be interesting to note the approximate average return for the 10,000 acres or thereabouts supplying the company, the total average being £l6 9s per acre gross Home market, of which oyer £5 per acre went to meet manufacturing and freight charges, etc., leaving £ll 9s per acre to the producer. In round numbers the past season’s export value of cheese from New Zealand was just over £7,000,000, of which £2,000,000 was used' in expenses. The Hom e market averaged 99s per cwt. It would, therefore, be seen how a few shillings per cwt. meant a great deal to the producer, as expenses varied but slightly, and almost the whole, of the setback in price had to be borne by the £ll 9s per acre previously mentioned. This figure, explained the speaker, was based on 1361 b of fat per acre, or 13,6001 b per 100 acres. Reverting to the past season’s work, ing, the chairman said! he could only repeat his remarks made at the previous meeting as to the good services rendered by the whole of the staff. The quality of both butter and cheese had been good, and: well above the New Zealand average, though there was room for improvement in the quality of some of the milk supplied.

The directors bad placed the 1925-26 season’s cheese output with Messrs Andrew Clements, Ltd., London, the price up to December 31 being 9jjd per ll> f.0.b., and the balance to be on open consignment. Continuing, the chairman said he had to deal with a personal matter. He had acted as .chairman of the company continuously for the past 25 years—in fact, since it had. first been formed —and now felt the time had come for him to retire. He wished to pay a jqst tribute to the loyal support lie had at all times received from liis co-directors, ajid to express his heartfelt appreciation of the continued confidence of the ,shareholders. He trusted the same loyal assistance and confidence would be accorded his successor. Th e past season had been a good one, and the 1925-26 promised to afford even better prices. In conclusion, he wished to refer 'briefly }to the earlier ‘years of the company. I n the 1900-1901 season, at which time the company made butter only off a smaller area than was at present affording supply, 772,0951 b of butter-fat had: been received. In the 1924-25 season 1,360,2231 b had been received, an increase of 588,1281 b. This increase was no doubt due in part to better farming, hut even allowing for the bigger area from which supply was drawn, it could be ascribed principally to the great improvement in dairy herds, and he hoped the standard would bo maintained and still further improved. While twenty years ago a farmer had to, and did, do more with 10s than with 20s to-day, the or ices received in earlier years were orrespondingly low, under 9d per lb butter-fat having bee n paid by the company for the 1900-1901 supply, and it was not till seven years later that the price reached U.BBd per lb.

The motion to adopt the report and balance-sheet was seconded by Mr. E. Beech.

Mr, D. L. A. Astbury asked concern, ing the substantial sum written oft in respect of shares in the Box Company.

The chairman replied that this had lieen done in accordance with the policy of the factory, it being considered advisable to be on the conservative side in regard to the value of shares held in subsidiary concerns.

Mr. Astbury then asked i i the N.D.A., to which the company ha a guaranteed £1609, would be of assistance to the company now that the Control Board had com© into existence. . i i The chairman said it was considered that the better prices, consistent with quality, ottered by the N.D.A. on supplies indented was well worth the company’s guarantee. The association s representative was visiting Europe with a view to placing the indenting of machinery on a better basis, and a good deal of .benefit was expected. The directors felt that the association of the company with the N.D.A. was fully justilied, and did not intend to break away. . .Replying to a question regarding the Rennet Company, the chairman, explained that this company was making a good article at a lower pi ice than it could otherwise be obtained, and the directors had decided to keep going with calls although the value of the shares had been written down on the balance-sheet. If the Rennet Company ceased operations the Mangatoki Company would have t.o pay up the full value of its shares. The motion for adoption was carried. Messrs Burdekin, Walkley and Cameron were reappointed auditors at the same remuneration as last year. Six nominations were received . for the vacancies on the board of directors caused by the retirement by effluxion of time of Messrs F. Hoskm, G. Preece and T. Linn. The .lastnamed did not seek re-election, and the ballot resulted as follows: J. P. Marx (325, G. Preece 526, T. R. Anderson 4P5. F. Hoskin 393, E. Beech 347, and C. T. Nicholas 119. Messrs Marx, Preece and Anderson were accordingly declared elected. Prior to the election the chairman paid a tribute to the work done on behalf of the company by Mr Linn during the 12 years he had served on the Hoard of directors, and moved a vote of thanks, which was carried by acclamation. Suitable appreciation of the support given was expressed by the respective candidates, and on the motion of the chairman a vote of thanks was recorded in appreciation of the services rendered on the directorate by Mr Hoskin. Votes of thanks to the staff and officers concluded the meeting.