CAM DAIRY PRODUCE COMPANY.

Lyttelton Times, Volume CXVII, Issue 17586, 17 September 1917, Page 6

CAM DAIRY PRODUCE COMPANY.

ANNUAL MEETING. Tlie first annual meeting of the Cam Dairy Produce Company Ltd., was held at the factory, Rangiora, on Saturday. Mr W. Stalker, chairman of directors, presided over an attendance of twenty-one. Bcforo commencing the business, a motion was carried expressing sympathy with the relatives of those killed and wefunded in the'war.

The directors, in their report, recalled the steps taken to form the company, and to establish the cheese factory, which was opened on October 14. They congratiilated the sh-ire-holders on a very successful year's operations. In spite of the imposition of the butter-fat tax of three farthings per pound, progress payments of Is 6d per pound on butter-fat were mado throughout the year, and a surplus of £935 Ss lOd had accumulated. Out of this surplus the directors proposed to pay a, bonus to suppliers of on© penny per pound on butter fat, amounting to MSoi Ds Id; to pay a dividend of 10 per cent on paid-up capital, amounting to £2S; to write off the from guarantors' capital reserve account; £57 from the preliminary expenses account, and to placo £367 13s 7d to the "credit of the suppliers' capital reserve account, leaving £7l 6s 2d to be carried forward. A summary appended to the report stated the number of suppliers to be thirtv-fivo; total quantitv of milk ieceivecl, 2,190.9071 b; total butter-fat received, 80,0691 b; cheese manufactured, 99 tons Stwfc; pounds of milk per pound of cheese, 9.84; pounds of cheese per poufld of butter fat, 2.75; price received per pound of choese, 9j[d : cost of manufacture per pound of butter fat, 2.26 d. The trading account in t!>e bal-ance-sheet showed the gross profit to have been £2148175. The suppliers were paid £6005 8s 3d, and requisites cost £3iX> 14s 9d. Sales of cheese realised £8077 13s Id. and stock in hand represented £377 6s lid. The profit and loss account showed a net profit of £985 8s lOd, the ahief items of expenditure being—Wages and salaries,_ £363 16s 3d; cartage and railage, £147 10s; interest, rates and insurance, £lB2 12s 7d: coal, £96 16s 3d; butter fat tax, £250 4s sd, and storage and shippingcharges, £6O 18s 3d. The liabilities of the company, fully covered by assets, were stated to bo £4494 3s 4d.

Jn moving the adoption of the report nud balance-sheet, the chairman said that when the company was formed the output of cheese for the first year was estimated at 80 tons, bub thisjind been exceeded by about 20 tons. A iewed front all points the year's operations had he«n most satisfactory. Throughout the year Is 6d per lb had been paid for butter-fat, and to this •would be added a bonus of Id per lb. Tliev had an assurance that the price to be paid by the Government for the cheese would in the coming year not bo less than that paid in the past, and consequently there was every prospect of another cquatty successful year. Ibev had heen exceedingly fortunate in securing the services of Mr S. G. Jones as. manager, he being one of the best cheese-makers in tho Dominion. The secretary of the company (Mr E. E Crawshaw) had been called up for military service, and the manager had carried on his duties, but now wished to be relieved of the work. Mr E. E. Fantham seconded the motion, which was carried without discussion. Messrs W. Crane nud R. Yolckman were re-elected directors, and Messrs J. Marshall and C. I. Jennings auditors. ■ ' . It was resolved that the surplus or £985 10d should be nllocntod as propose! by. the directors in their report. Votes of thanks were passed to the director': and the members of the staff.