KAPONGA DAJRY COMPANY.

Hawera & Normanby Star, Volume XLII, Issue XLII, 14 August 1923, Page 8

KAPONGA DAJRY COMPANY.

ANNUAL REPORT.

ihe 25th annual report to be presented to the shareholders at the annual general meeting of the company on Monday, August 27, states: Your directors have pleasure in presenting the twenty-fifth annual report and bal-ance-sheet of the company. During the year further payments for 1921-22 were made making the completed payout for that season l/3.28d. The substantial increase in the milk received for manufacture recorded in the previi ous season was maintained and exceeded during that just concluded, the supply showing a further advance equal, in terms of cheese output to an additional 50 tons. As approved at the last annual meeting of shareholders, the manufacture of butter was undertaken throughout the spring months, but contrary to the opinion of those in the industry most qualified to judge, cheese proved by far the more profitable from that period, realising prices that in comparison with butter returned 6d per lb more for butter-fat, equal to at least 2d per lb in the total pay-out in favour of factories manufacturing cheese instead of butter in the early months of the year. Such bf&ing the circumstances, the results* achieved must be considered very satis-i factory indeed. Advances amounting to ls 6d per lb butter-fat over the sea--son's supply have been made to date, and it is proposed to make three payments of fd per lb each on August 20, and the next two ensuing 20th's, making a total of Is 8-i-d and the remainder so soon as the complete returns for the season are available as advices of realisations received since the balancesheet was completed indicate that the valuation placed on unsold consignments will be exceeded. The customary dividend of 4 per cent. on paid-up capital is recommended for distribution to shareholders. The retiring directors are Messrs. J. H. Bentley and W. A. O'Neill, who are eligible, and offer themselves for re-election. Mr. H. A. Lennon again offers his services for the position of auditor. Statistics attached to the report (last year's figures in parentheses) are: Lbs of milk used for buttermaking. 6,938,984 (4,877,205) : lbs milk used for cheese-making. 16.999,219 (18.072,400); total received. 23,938,203 (22,949,605). Lbs butter-fat used for butter-making. 266.094 (199,759); lbs butter-fat usfed for cheese-makins. 669.----296 (694,463); total received, 935.390 (894,922). Lbs milk to lib butter, 21.9 (20.4); lbs milk to lib factory cheese. 9.45 (9.56): lbs fsotorv cheeseto lib butter-fat, 2.69 (2.72): lbs whey butter to lib butter-fat. .05? (.06). Average test for year 3.91 '3.907 milk for butter-making 3.83 (4.10) r?ilk for cheese 3.94 (3.84), butter made from each pound of butter-fat u^ed in the manufacture of butter 1.1925 (1.196). Output: Commercial cheese reade 781 tous 10 cwt 97 lb (823 tons 6"cwt" U lbs), whey butter made 15 tons 9 cwt 82 lbs (18 tons 10 cwt 10 lbs), creamery butter made 141 tons 13 ewt 17 lbs (106 tons 13 cwt 55 lbs); total. 928 tons 13 ewt 84 lbs (948 tons 10 cwt 7 lbs) Ernenses per lb butter-fat to fob ooj .deprecation): Butter period 3.3d, cheese period 4.5 d, average for year 4.3d (od). The meeting will, in addition to its I general business, consider the following notice of motion by Mr. R. Dagg: "That in the opinion of the shareholders of this company it is in the interest of all dairy companies in this district that a federation should be formed for the purpose of considering and taking united action in matters affecting- their common welfare and that it be a recommendation to the direc- £ ors to endeavour to have a meeting of South Taranaki Dairy Companies convened at an early date to consider the matter and to intimate to such meeting that, this company is prepared to become a member of such federation ''