SEFTON DAIRY ASSOCIATION.

Lyttelton Times, Volume CXVII, Issue 17274, 15 September 1916, Page 9

SEFTON DAIRY ASSOCIATION.

ANNTJAL MEETING

The twenty-eighth annual meeting of the Sefton Mutual Dairy Produce Association was held in the Town Hail yesteiday. Twenty-five shareholders were present, and Mr J. Barclay, chairman of directors, presided. The directors, in their report, stated that the number of suppliers had increased during the year from 165 to 201. The quantity of milk received was 2,322,9471 b, as compared with 4,380,7931 b during the previous year, and the quantity of cream 435,4161 b, as against 249,6341 b. The butter manufactured was 136 1-5 tons compared with 136 3-5 tens last year, cost of manufacture 2.2 d per lb, and average price paid for butter-fat Is 3d pt-r lb, as against 12£d per lb last year. During the year the financial position of the association had improved by £442 12s 9d, and ill addition to that amount £i9B 17s 6d had been written off tho asset* to cover depreciation. The bank overdraft at tho end of the year wai more than covered by book debts and stock in hand. It was pointed out that owing to the extremely dry season tho company had been working on a maximum of expenditure with a minimum of output. Referring to tho coming season, it was anticipated that with tho greatly increased number of suppliers and implored weather conditions the output would be increased by nearly one-half, and the cost of manufacture would be correspondingly reduced from 2.2 d t<> a little over lsd per lb of butter. It was recommended that a 6 per cent, dividend amounting to £145 19s should be paid to shareholders. During the year several improvements had been effected in the factory, which was now up to date in every way. Tho statement of accounts showed that on the year's working thero was a net prcfit of £641 10s 3d. There was paid suppliers £16,034 3s 4d, and tho butter sold amounted to £18.892 12s 7d, whilst there wa? stock in hand valued at £621 8s 6d. The expenses of management and manufacture totalled £2,818 8s od, tho principal items being wages and salaries £SO7 12s, coal £351, cartage £357, railage £207, and salt, paper, boxes, etc., £2BB. Tho balance to the credit of tho prcfit nnd loss account at the beginning of the year was £722 2s 4d, and at the end of the period £1164 15s Id. The value of the freehold property was £1534 5s 3d, and machinery and plant £2233 19s Bd. Tho paid-up capital was £2433 Ost Id, and the bank overdraft £2477 17s Cd.

Tho chairman said that had the season been a normal one the profits would have been doubled. There vrt*n now an abundance of grass and the "uppliere wero promised a Lumber season. It would bo noted that tho bank overdraft was large, but this was accounted for by the stock of butter on hand when the balance-sheet was made being large. It was disnrrsod rf a days and practically esinguishod the hank debit balance. He moved that tho report and balance-r-beet should be adopted. The motion was seconded by Mr T. '. Scott, and was carried. Mr J. Barclay was re-oloctcd a. director. Mr W. Haves was Hooted n <-nrrotor in place of Mr G. A. M'Lean, vho became ineligible for office owing o ceasing to be a Minplier. Messrs J. Vlarshnll and C. I. Jennings were rejected auditors.

On the motion of Mr A. Boyce. it vas resolved that a meeting of the jeithfield shareholders should be convened to confer with the directors ,re-

gardtng the disposal of the L«»ch'">otd creamery, which is no longer used On the motion of the chairman, it was resolved to pay a dividend of 6 per cent on all paid-up capital. Votes of thanks were passed to the directors for their services, and to the factory manager, Mr J. J. Henry, and staff.