MEREMERE.

Hawera & Normanby Star, Volume LXIX, Issue LXIX, 6 September 1915, Page 6

MEREMERE.

The twentieth annual meeting was held on Saturday at the Schoolhouse, Ohangai. There were present about twenty suppliers. Mr D. J. Williams (chairman of directors) presided. Minutes of/the last annual meeting were read and confirmed. The annual report showed that the past season was the most successful in the hisJ tory oi the company. The season's output was sent on open consignment to Lane and Co., of London. Prices realised ranged from 76s to 99s 6d per cwt. Shipping facilities were on the whole satisfactory, the only bad stoppage being in the autumn after the bulk oi' the produce had been shipped. Statistics for the season were as follows (1914 season in parenthesis): — Milk supplied, 9,399,385 lbs (9,335,199); butter-rat, 318,719 lbs (348,867); average t.Nst, 3.796 (3.740); chees manufactured, 734,2981bs (864,050); butter, 62,503 lbs (18,374); cheese to butterfat, 2.69 lbs (2.58); cheese exported, 4497 crates; butter exported, 1009 boxes; cost of manufacture, .94d (.84d) per lb. It is proposed to make a further payment of 2d per lb, leaving a balance available of £476 2s 9d. The directors reported that they had gathered a lot of information re pasteurising, and considered it would be wise to instal a plant for that purpose, if a good supply of water can be secured. The chairman proposed that the report and balance-sheet be taken as read. In moving the motion, the chairman said that he was pleased to say the company was in a better financial position than ever before. At the beginning of the season the directors had no option but to consign. Afterwards several tempting -offers were received, but it was decided not to accept any one of them. Though they did not top the market, the prices realised on the whole averaged as well as the High Commissioner's report. There was a shrinkage somewhat higher than last year owing mainly to the delay in waiting for ships during a portion of the. season. Freights were, as expected, increased, but later in the season . a reduction of id per lb was secured, which meant a saving to the producers of the Dominion of £20,000. The dvec-t'iis. considering -the question of pasteurising, visited Warea and Riverdale in search of information. At' Warea they found a very up-to-date jjlant, which gave a considerable increase in amount and quality of cheese and a saving in firewood. They also considered the results at Mahoe, which the Government took over as an experiment. Pasteurising secured a gain of 1.198 per cent, in production of cheese. This was in the flush of the season. Later in lie season*-the result would be even better. Undoubtedly the quality of pasteurised cheese was far superior. In reference to the assets,-he said that the property was not at all over-valued at £5907, while shares held in other companies were good payable investments. A good sound policy had been instituted of building up adequate reserves. It strengthened the position of the company very materially. The net indebU edness of the company was considerably reduced the past season, and would, he hoped, continue in this direction. Coming to the profit and loss account, he said that ocean freights were less than last year, partly owing to the -fact that more butter had been made. Cartage and inward freights had increased because rates were higher. With reference to repairs arid renewals, the amount seemed large, but the directors had given a deal of thought to the question, and after consideration had decided to charge one-third o£ the cost or new buildings to plant account and two-thirds to repairs, etc. The factory was now up-to-date and good. During the year 1100 lbs of whey butter were made wnich accounts in a large "measure for the increase in wages paid. Of the proceeds of the whey butter, the greater portion (about £900) was net profit. Against the amount paid tor interest must be «et the interest received on shares. One' item it was hoped that mioht bo eliminated from

the accounts was London exchange. Many companies were ab^e to negotiate their drafts with merchants who had payments to make in London. The increase in cost of firewood was mainly owing to the necessity of keeping up steam to work the refrigerator and to pump water from a new "dam, which was found necessary. Out of the balance available the directors considered 2d per lb could be with safety paid out to suppliers. Mr" Saxton asked if the amount of repairs could not have been spread over two years in view of the fact' that depreciation writen off was pretty high. The chairman said that directors, after conference with their auditor, had decided that the amounts as per balance-sheet were a wise provision, especially during a good year. In fact, they represent the upkeep of the factory. Mr O'Shea agreed, saying that in past years it had been a false step not to make provision for renewing the factory. Had this been done the company would have been in a better position when the work had to be done. Reference was made to the amount of hot water —about 1600. gallons— taken away from the factory. The Chairman, while urging suppliers to be as economical as possible, said it [ was really a good investment. The report and balance-sheet were adopted. DIRECTORS. For three vacancies Messrs J. McCarty, S. Dyson, and J. E. O'Shea were elected. AUDITOR, Mr H. A. Lennon was re-appointed at the same fee as last year. CHAIRMAN'S HONORARIUM. The Chairman was voted the sum of 25 guineas. In returning thanks for the vote, the Chairman said it had been a hard year because the" time and conditions were abnormal. The factory had done well. There were some complaints from suppliers in reference to the disposal of the output. Directors, however, had acted on the advice they considered soundest, and results had justified their actions. THANKS. . A vote of thanks has heartily carried to the directors, manager and Stan:. DIRECTORS' REMUNERATION. It was resolved that the remuneration to directors be 10s for each meet,iAt X°!t of tha. n'ks to the chair concluded the meeting.