A SUCCESSFUL YEAR

Hawera Star, Volume L, 7 August 1930, Page 6

A SUCCESSFUL YEAR

MANGATOKI FACTORY | ANNUAL MEETING HELD REVIEW OF OPERATIONS'. A good a,tendance of suppliers and shareboUlers, to the number of about 00 was present at the annual meeting of the iVlangatoKi Co-operative Dairy Co., Ltd., in the ball an \\ odn-eeiday, Mr'll. H. Free, chairman of directors, presiding. . . . The chairman, in moving the' adoption of the- report and) balance-sheet, said : “I think that you will agree that very satisl-act'orv results have neen attained for tihe year's operations, despite the unfavourable markets, tjhe aveiragjeipriee for the season 1928-1929 on the London market being about 91s 7\d. per ewt, as against 82s 91d per e.wt lor tiie present« season. , . i; “Costs to 1'.0.b. ocean steamer snow a considerable reduction this. year, chiefly through the substantial reduction in manufacturing costs, whack phase comes directly under the supervision of the manager. It is a matter for congratulation, that It© has been able, in his first year, to accomplish this. , “Considerable improvements were effected i> l the plant during the 'past seasoar and. as a result, there has been a crreaitlv increased efficiency at a lesser cost. ' Bv the installation of a tiled whey tank at Managtolyi, and tlue shift- | inn of the separators from the butter room to the making room, we hay© eliminated the necessity of pumping the whey through about 60 feet of pipmg before skimming. Further improvements have been effected during the recess notaliiv the building of tiled whey tanks at Matap-u and Alaibn©, and the setting up of a new 'pasteunser at Managtoki. This new maohuie will do the work of the two previously in use. and will assist, the 'Staff to deal more expeditiously with the supply, as the hoists will he eliminated. “A factor of the season's operations ■that has been favourable to the- corn - pally as exporters has been the 'premiums we have been receiving -for 'drawing on London, latterly 3i per cent, and amounting to nearly one farthing per lb butter-fat. Although thus reads well from the point of view of the coinpan v, there is another side to the story, * in that the individual farmer lias to pay an exchange rate of 6|- per cent on imported goods. This fact, together with the increased taxation to be levied) on the community, makes the need for eec.nc.mv on the part of the 'farmer more insistent, and it therefore behoves us either bv improved methods or by the elimination of waste, to produce' our o-ooclis at the lowest possible cost. " “It has been our policy in the past t"< purchase fertiliser for our suppliers. Last year we followed our usual custom and although we were able to supply basic slag at a figure considteratllv below the price charged by the march-rants, there wa s a large reduction in the amount bought. Owing to the large increase in price of slag oyer the previous pension, farmers were evidently of opinion the superphosphate was better buying, and we have handled a large quantity of this. Many of our suppliers are now top-dressing twicie a vena* with super, and are obtaining very satisfactory results thereby. “At oiir next directors’ meeting T propose to seek sanction for a. further pavnient on account of the season, iust defied by bringing the payment from December 1929. to .Time, 1930. up to Is "d Per lb. This wild amount to 1.1 Rd over the season, and will: 'bring the average- payment no to Is 5.36 d. Further payments, will be made later as the season's produce is realised."

Afr Free eonelucled by expressing cordial thanks to his eo-dtreatoirs far their co-operation, and to the manager and, staff for tlieir verv efficient service given .and also to the secretary for hi.* uniform courtesy and consideration and far simp'jving information to him during the "velar. He> also congratulated "everyone on the position new attained by the company.

REPORT DI SCTSSF.I). In rente to Mr Fov, the chairman said that about 7-J- per cent, had been written off for depreciation each year on the main factory. Questioned by Mr Antbvury, the seeuebary explained tlie position in regard to ’three' special reserves appearing in the. balance-sheet'. The chairman said that one of the lorries had been re-conditioned; in some parts and was now working better than ever. , „ . Mr As tinny asked about the final realisation of the previous season’s produce, and was informed by the chairman that the produce had realised a little more than the figure at which it was taken into account —•» matter of £43s—which had been capitalised and used to instnl new scales, the old ones being out of date and unsaleable. ‘•Would they he all right for weighing brrbbv calves’’ asked a supi-iicr, navel ■a, smile went round, iclievin® a. rather serious meeting.

PREMIUM SUGGESTED ON SI-TABES

Mr Astbury referred to the shares in the company and asked if it would not bo fan ana fast to pur a prcaniu.ni on them so that the men who had taken them up 30 yeans ago and. had worked hard for the company should reap a benefit instead of having the shares at the original value.

The chairman said that this was not a trading, concern and the .-proposal could not be agreed to. ‘lt is supply we want,” added the chairman, not; shares, hut we should be wilding to take shares- in at- face value.” Mr Aftbuirv also suggested that the rate of interest should be raised to six per cent, instead of five. The higher rate was paid, he said, by several! companies. ... “The matter,” said the chairman, “is for the directors to decide.”

The chairman referred also to the proposed levy on cheese of two shillings per crate to pay premiums for finest manufactured. Ho said the matter had been handed over to the Dairy Board and the proposal] to form two pools had come before directors. The matter, he isaid, meant a. great deal to the* suppliers. In reply to Mr Astbmy lie*: said that \( all factories made finest, the levy would all be divided amongst, them and they would lie as they were; “but.” hr; added, “only six per cent. ,/f finest went through Patea last season.”

The* manager gave? details of the grades secured by Mangatoki. The Kaponga. branch, .said the chairman in answer to a question, was quite payable and bad been only .Old higher in cost per lb than Malice and a little more, than Mangatoki.

Mr Astbury complimented the manager on the fact that lie had brought down the cost of manufacture by £SOO, due to close supervision on his part. The report- and balance-sheet were adopted. THE N. I). A. In reply to Mr McGuinnc-ss, the chairman said that the N.D.A. had

toon re-constructed and the directors had agreed to take shares. Afr McGuinness referred to the question of cheap cheese crates made outside the Dominion and questioned the need l of the N.D.A.

The opinion that the N.D.A. kept down prices cf requisites was queried bv Air Astbury.

The chairman said the N.D.A. had a turnover of £151,000 and added that Mangatoki would get 9f) shares in the association out of its propt-s.

VACANCIES ON DIRECTOR AT E. For the three vacancies on the directorate there were- four nominations, and a. pell resulted: El. T,-. Abbott, 1304: A. O. Pease. 1217; AY. Alt 1.-'Dowie, Sib; G. C. Willis. (538. Air Willis -said that lie had given liis host to the company and was certain liis successor would do likewise. On the motion of tlie chairman, a hearty vote-of thanks was carried to Air Willisfor liis work during the year. The chairman's honorarium and directors’ fees were fixed at the same rate as before. Messrs. Walkley and Cameron were re-appointed auditors at the same remuneration.

Air R. Grace congratulated the .secretary on the way ho had handled the manure bought for suppliers and said he had acted very judiciously. TJio compliment was happily acknowledged ')v Air Douglass, who said he was well repaid if lie had been of any service to the suppliers. Air Astbury complimented the chairman and directors for their good work, and in acknowledgment the- chairman thanked -suppliers for their loyalty and Air Astbury for his kind remarks. “Without your support,”. In* added“we cannot do the work of the company.”. He said it was good to see such a large attendance and lie hoped the company w-ouid have another great success this coining season.

A vote of thanks to the chair concluded tin* meeting.

Af R. FR EE R E-EL ECTE D

At the first, meeting of tlie new hoard Mr R. H. Free was elected cliairnian and Air A. C Pease deputy chairman, with an executive oi Aiessrs Free Pease and Aiarx.