WAIKATO DAIRY COMPANIES.

Horowhenua Chronicle, 20 August 1928, Page 3

WAIKATO DAIRY COMPANIES.

REVIEW OF PAST SEASON. THE N.Z CO-OPERATIVE COMPANY The ninth annual meeting of tin New Zealand Co-operative Dairy Com pany will be held in Hamilton on Wednesday next. The directors' report comments on the high quality of the company's pro ducts as indicated by the fact that their butter commands a premium on the Londou market. The directors express entire satisfaction with the marketing which has been in the hands of Amalgamated Dairies, Limited, for the past 12 months. The report says it is very pleasing that despite the drought experienced during the past season the output of butter slightly exceeded that of last vear. • MANUFACTURED PRODUCTS. The outputs of the company's manufactured products are as follows: — 192*5-2(5 192(5-27 1927-28 Tons. Tons. Tons. Butter 22,2(i(5 25,772 2(5,072 Cheese 4,7(57 5,019 4,250 Casein 922 7(57 723 Milk Powders 2,2*50 4,114 4,110 Condensed Milk For the same years the following table shows the total value of the property and plant, and also capital paid up: — Land, buildings and plant: 1925-26, £1,128,027 (excluding collierv); 192627, (£1,131,224 (excluding colliery); 1927-28, £1,118,938 '(excluding colliery). Paid-up capital: 1925-2(5, " £907,936; 1926-27. £1,000,039; 1927-28, £1,056,041.

The report also states that the colliery lias lieen successfully operated during- the season, the demand for coal fuel being heavy. The liability on 27 debentures of £100(1 each, securing' the assets of the Te Awamutu milk-powder group, was extinguished during the past season. The milk-powder market developing account lias lieen written off. An additional sum of £2.">,r>oo has lieen placed in the reserve, which now stands ;ii ii-14.:i57 7s lid. SEASON 's sI'MMARY.

The past season's operations are briefly summarised in the following ligure's:—Milk leceived for luuter-mak-nig, 172,9'1.Vd01b; milk received for cheese-making, 9;s,<'>-lfi,.SoOlb; cream received for I.utter-making, 101.420,954 lb; total butterfat for butter-making, - .•:;.:,■.■, -i. 1 ;,- 4U1,0:521b; over-run, '20.(578 per cent; total butterfat used for cheese-making, 3,(i,85,9b71b; total cheese made, 9,52.1,0791b'; casein made l,(Jl!»,:iS(>lb; milk powders made, 9,200,0041 b; condensed milk made, 4(19,16411). The average price advanced for butterfat received for butter-making during the season was 1D.243d. THE TOTAL PAV-OTT.

The total average price paid for butterfat of superfine grade will be 17.49(5(1 In addition (lie payment made by the company f'ot subsidy on cream cartage and railage on cream amounted to ,l!m'd. thus increasing the average price paid at centra] factories for superfine butterfat to 17.b'92d. A further amount equal to .115(1 per lb butterfat has lieen placed to reserve, making the total amount for superfine butterfat 17.507 d per lb. Cheese factories will, in accordance with their respective manufacturing results, receive varying payments. Casein suppliers have, in addition to butter payments, received an' average premium of 1.98 d per lb butterfat in cash. A further payment of .od to casein suppliers will be credited to shareholders on capital account. All prices stated above are conditional upon unsold produce realising at sale the value placed upon it for balance purposes.

THE CAMBRIDGE COMPANY. The total advance payment of the ("'<*! in bridge Co-operative Dairy Company for July supply is £3050, against £3500 for the corresponding period of last year. As previously published the rate of pay-out is Is (5-id for first grade. Tin' company is not quoting for finest at present. MORRINSVILLE COMPANY. The Morrinsville Co-operative Dairy Company's pay-out for July was at the rate of Is Ojd per lb butterfat (for butter-making). The rate for July last year was Is ; ">d. SUNNY PARK COMPANY. The Sunny Park Company made no cheese last month. The payout is Is od per lb butterfat (first .grade) for butter, against Is 3d in July, 1027. The total is £4BB against £315. THE MORRINSVILLE COMPANY. According to the report the Morrinsville Co-operative Dairy Company enjoyed a very successful season, and during the past six years the company had prospered beyond expectations. Its suppliers had increased from 00 to 240. and its out put. from 247 tons to 877 tons. The grade had increased from 91 points to an average of over 03 points, while the cost of manufacture had decreased from £23 10s a ton to £l3 10s. in other figures the cost of manufacture to f.o.b. had decreased from 2.6 d per lb. butterfat to 1.43 d per lb. The deductions for .share capital had decreased from 4d per lb butterfat to .{(I II). The company had £13,000 in uncalled capital, and no liabilities by way of overdraft on its buildings and plant. The average payment to suppliers for the season was 17.893 d per lb butterfat, A dividend of 5J per cent, on paid-up capital was declared. ♦

PIO PIO COMPANY. In the report of the eighteenth annual meeting of the I'io J'in ''oinjiany it is stated that the season's output amounted to 'M)C>h tons, an increase of 4o tons over the previous year. The average cash advance payments amounted" to Is 4.8 per lb., and it is proposed to make further payments of Itjd per lb for December, January, Februar}', March and April, and i'd for May, bringing the total average for the season, irrespective of grade, to Is 5.558 d per lb. It its also recommended that a dividend of 6 per cent, be paid oh all paid-up capital. CHELTENHAM DAIKY CO. £34,402 FOB DISTRIBUTION. The following is the report to fee

presented this week at the 35th annual report of (lie directors of the Cheltenham Co-op. Dairy Co.:

There is a balance of £24.41)2 12s Sd in the Appropriation Account available for distribution. Your Directors propose that this amount be allocated in the following manner: — TIIK PAYING OCT. To pay ji dividend of 5 per cent, per annum on all Share Capital paid up as at 30th June, 1928, £lo4f>. To make a final Payment of 1.(535d per lb. on butter fat supplied during [ the season £23,011. To pay a bonus to the Company's employees of o per cent, in their wages during the year X.o.i-1. To carry forward the balance of £6 10s 4d. The average advance on butterfat supplied during this season is Is 4.3ih"u. and the proposed final payment of 1.035 a per lb. will make the season's average payment Is 6.034 per lb. on butterfat qualified for shareholders' rates. The bonus and dividend cheques will be prepared and posted out immediately after the annual meeting. DEJ'BEC'IATION. Provision has been made for depreciation as follows: On factory buildings and plant 5 per cent, on book. Values: on motor lorries 15 per cent, on original cost; on pig farm plant and buildings 5 per cent, on cost; and on farm improvements 10 per cent, on cost. THE PIC ENTKKPRISK.

The pig farm department !i;is retuni- | ci| ,-i ii;-; pre.Jir of t.iri, after providing t'sir .■i(!' , f|'.i:i!i' depreciation, inlerest on i;ipi!.Mi invented, ;!11> 1 ;ii| «ivcrlii'ml ex-pcji-i'.-'. A!l !ic-u;;li jl)!' profit mi this depart niciii for ;!:,■ pas; year is not large, your directors have expectal ions that a «reater profit will bo shown in the future. Meanwhile the farm pineries are serving tiie purpose for which they were established, namely, the disposal of the unwanted buttermilk from the factory. THE OUTPUT. There were 1884 tons 18 ewt. 108 lbs of butter manufactured during the year, an increase of 255 tons 11 ewt. 151 b«. on the previous season'« output. Tltie increase is largely due to the favourable season which we have experienced, and it, is partly due to the moro general use of farm ferfcilisevs i»- c thia district.