Wanganui Dairy Factory.

Hawera & Normanby Star, Volume IX, Issue 1740, 28 September 1887, Page 2

Wanganui Dairy Factory.

The following report will be presented at the annual general meeting of shareholders to be held on Thursday : —

In presenting their annual report and balance sheet for tbe past year, yonr directors regret having to record a loss on the season's operations. This has been caused, to a large extent, by the unprecedented quantity of cheese produced in this and tbe neighboring colonies durtbe past season, tbe markets of both Sydney and Melbourne having been practically closed to New Zealand shippers, owing to the heavy supplies constantly poured into them from their own local factories. After vainly eodeavouriug to find an outlet for our cheese in tbe various towns on tbe West Coast, yonr Duectors were encouraged to send a trial shipment to London ; this was at the suggestion of a member of a London firm of produce merchants, who kindly undertook to see one ton free of charge. Upon receipt of a cablegram reporting that the cheese sold at 45s (though landed in a heated condition) the directors decided to forward another shipment ot five tons by the Arawa, on top of the cool chamber, in ordinary cases, in place of the tin-lined cases as the sample ton, and purpose forwarding the balance of cheese now in stock to tbe same market as poou as an arrangement can be made to ship in a cool chamber. There have been 105,070 gallons of milk received into the factory this season which has produced 46 tons 18 cwt and 14 lbs of matured cheese, atid,- although there is a somewhat heavy stock of cheese on hand, viz., 21 tons 6 cwt 2 qra., this will be of advantage, as there is every prospect of the London shipments realizing a better figure than has been obtained in tbe colonial markets. The contributors have assisted the directors by waiting for the payment of their milk, and lor the latter half of the season agreed to accept 3d in place of 3£d as heretofore ; and it will be noticed that there is an amount of £387 0s 2d now owing to them. The overdraft, which stands now at £1734 2s lid will, after the assets have been realised and the milk and outstanding accounts paid, be reduces to £1016 6s 2d. To place the future operations on 6uch a basis as may fairly entitle the shareholders to anticipate an improved state of affairs, a meeting of contributors has been held, with the result that they have ngreed to accept 2£d per gallon for their next season's milk, and at the conclusion of the season to make a further £d a first charge on any profits that may he made after payment of all working expenses, including interest. This, even at the prices obtained during the past year, would ensure against such a loss as is now shown, and the whole of the balance, if any, would be applied to th reduction of the overdraft. — J. E. Wilson, Chairman.