HINUERA DAIRY COMPANY.

Matamata Record, Volume XVI, Issue 1446, 31 July 1933, Page 6

HINUERA DAIRY COMPANY.

11th ANNUAL MEETING. Great Increase in Output. “ Apart from the one item of butter sales, I think the balance-sheet is the most satisfactory which the company has ever published,” stated Mr. J. E. West, chairman of the Hinuera Co-operative Dairy Co., Ltd., in opening his annual address to about 90 suppliers at the annual meeting on Thursday. The Hinuera Company manufactured 1033 tons of butter during the 1932-33 dairying season, an increase of 237 tons, or 29.87 per cent. The payout for the season 9.74 d per pound butterfat at-farm gates. The company was started eleven years ago, with about 40 suppliers, and an output for the first year of 147 tons of butter. Few suppliers had then expected to reach an output of 1000 tons, but now there seemed no reason why it should not reach 2000 tons.

Chairman’s Address.

“ Naturally the item of butter sales is one over which we have only a limited control,” said the chairman. “We have this year pursued our usual policy of selling on consignment or f.0.b., whichever appeared to us the most attractive. The best we have been able to do is to give you a payout of 9.74 d per pound at your farm gates. “ This payout compares very favourably with other companies; in fact, it places us well in the first flight. But you have got to go back to the time when co-operative dairying was in its infancy to find such small payouts as are being made this year, especially when one remembers that nearly 2id of this is by way of exchange, and that the actual worth of the butter is about 7id. Reduction of Costs. “ Costs show a very remarkable reduction on last year, totalling .24d per pound of butter, or in money £2412 5s 6d, considerably more than the total cost of cream cartage. “ Railway freight showed a reduction of 5s 5d per ton, and the installation of butter-packer, etc., contributed something towards the decrease, but the principal saving has been brought about by keen management and solid team work by the whole of the staff. The directors 1 appreciate the service rendered the company by the whole of the staff.”

! Nearly All Finest Butter.

Of the butter manufactured between the middle of September and the middle of May, 99.5 per cent, graded finest. Mr. Rowson when out here recently commented on themarked improvement in quality.

Factory Clear of Debt.

The Hinuera Company was one of the first dozen companies in New Zealand to install a deodoriser. It was now one of the most up-to-date factories in the Dominion, capable of handling from 1500 to 2000 tons. The factory was clear of debt. The water supply was of the best and apparently inexhaustible.

Company’s Finances.

There were more unallotted sharesthis year than last year, and this j was because more shares had beert resumed. Where a small amount had been paid up on resumed sharesthese had been added up and entered as fully paid up.v The balances ! were thus entered in the books as unallotted shares. The interest ex--1 change payment of £63 11s 5d wasoutstandingly low in view of the fact that the sales .amounted to justunder £IOO,OOO. In seconding the adoption of the report, Mr. Phil Hawke said he ’ bekeyed there were only two companies which had shown a greater payout than that of Hinuera. i j Auditor Reappointed. | On the motion of Messrs. P„ Hawke and J. F. Vosper, Mr. T. J. j Ryan was reappointed auditor. I Mr. Hawke said that he thought ' everyone held the utmost confidence in Mr. Ryan, and he doubted if they I combed New Zealand whether they | could get a better man. He did j not know how to vote on the rej muneration, and would like to know j the position. I Mr. Ryan said that the work had ' increased considerably, but as the price of butter was so low he was agreeable to carry on until a rise took place. Remuneration Increased. | Messrs. Hawke and Vosper moved that the auditor’s remuneration be the same as last year. An amendment that an increase to £SO be granted was moved by Messrs. N. S. Griffiths and I. Black, and carried on the voices. Directors’ Fees. The directors’ remuneration was fixed at the same figure as last year, £2O, with £25 to the vice-chairman, and £BO to the chairman.