DAIRY INDUSTRY.

Hawera Star, Volume XLVI, 6 August 1926, Page 7

DAIRY INDUSTRY.

NORMANBY FACTORY

ANNUAL MEETING OF SUPPLIERS

The thirty-second annual general meeting of shareholders of the Normality Dairy Co. was held in the Normanby Town Hall to-day. The retiring chairman (Mr It. J. B-allawtine) presided over an attendance of 40. CHAIRMAN’S ADDRESS.

In moving the adoption of the annual report and balance-sheet, _ the chairman said that for the 1924-25 season the pay-out was estimated at Is 8d per lb butter-fat, and the final realisations amounted to Is B|d per lb. At the commencement of the season under review the directors received‘and accepted an offer for the whole .season’s cheese output at 91d per lb f.o.b. This sale at such as satisfactory price proved to be a very fortunate: one for the company, and in consequence the pay-out was not affected by the fluctuations and decline on the Home market. Up to the close of the season the distribution had been equalised to Is 8d per lb butter-fat over the period. Since then a further Ed had been paid, making a total distribution of Is 91 cl pea*, lb to date. After providing for interest on shares and other appropriations there would be a further distribution, which would bring the grand total for the season to almost Is 10Id .per lb. A great advantage of the f.o.b. sale was that the final payment will be made almost immediately instead of having to await the return of account sales, which often delayed, the settlement until October or even later. This .sale of the whole season’s cheese output at 91d .had enabled the company to pay out from 2d to 4d per lb more than the consigning factories Unfortunately the season opened with a. very late spring, which was reflected in the decrease of 4.89 per cent of milk and 3.45 per cent butter-fat on the previous season’s figures. In the early oart of the season the hold-up due' to the shipping strike caused a considerable increase .in storage charges and bank interest, as money bad to be raised on store warrants pending shipment, but the company, being m a sound position financially, experienced no difficulty in obtaining advances. Electric motors had been installed at the factory and the engine had been sold, as it was too small to do the work im the event of trouble with the waterwheel The old engine-room had been altered to allow of the extension of the making room should production increase. Necessary replacements had been made from time to time., and the plant was kept in very good order. The working account showed an increase in coal, and this was owing to the fact that the spring was much colder, making more firing necessary. The wages of employees were now paid under a new award, and there was a slight increase under this heading. The report and balance-sheet were adopted. . ~ Several shareholders, deprecated the experimental work in connection with the manufacture of Zeal a cheese, being undertaken at the factory in. veiw of the expense. It. was explained that a guarantee for the satisfactory sale oi all cheese made by this process had been received, and that the cost of manufacture bad been small. One shareholder remained: adamant, however, and declared that the company could not use milk supplied by him for this purpose. The ..secretary drew attention to the fact that the present articles of association held by the company were not satisfactory, and that he proposed the adoption, with suitable amendments, those articles drawn up by the solicitor to the National Dairy Association. It would be necessary to call a special general meeting of shareholders for the adoption of these articles. Messrs H. A. Lennon and W. J. Tristram were reappointed auditors at the same remuneration.

It. was decided, to pay interest at 4 per cent on all paid-up capital. The honorarium of the chairman, of directors jvas fixed at the’ same figure as last year. A motion authorising a bonus of £2O was lost.

Messrs A. Thrush and A. E. Spratt were nominated to. fill the extraordinary vacancy on the directorate, caused by the resignation of the. chairman, and on a poll being taken the. former was declared elected.

The retiring directors, Messrs H. I. Crocker and F. W. Atkins, were returned unopposed. A vote of appreciation was passed to the- secretary, manager and staff. The chairman expressed his thanks to the shareholders and directors for their loyal support. A motion placing on record the appreciation! of the work done by the retiring chairman was carried.