DAIRY INDUSTRY

Manawatu Standard, Volume LVII, Issue 233, 1 September 1937, Page 4

DAIRY INDUSTRY

PAPATAWA COMPANY. annual~meeting. The annual meeting of suppliers of the Papatawa Co-operative Dairy Company was held recently, when the chairman (Mr AV. H. Nixon) presided. The annual report stated, inter alia : The financial position of the company is very sound, and each year is being improved by a gradual writing noun of assets. The factory, plant and machinery have been kept in a high state of efficiency and we go forward into a new season with the knowledge that suppliers’ interests will be well served in this respect. Cheese unsold lias been taken into account at the price fixed by the Government. The final payment for last season was Is per lb. of butterfat, while for the season under review you have received advances equal to 11.99 d per lb. to which has been added a further 2d per lb paid to you on August 20, the average payment for all butterfat received thus being well above the previous season. The retiring directors are Mesrs B. J. Golder, J. M. Hutchinson and E. Martin. In view of the fact that the wish has been expressed that the number of directors be reduced to five, Mr Martin has offered to assist by not again standing. It is desired to jilace on record the services which Mr J. M. Hutchinson has rendered this company. His association with us has been continuous since 1920, both as a supplier and a director.

Referring to the balance-sheet, the chairman said that the total cost per lb. butterfat f.o.b. was 3.418 d, an increase of about over last year’s figure. Wages were up but the company had no control over that matter. One pleasing feature was that fuel costs were down about £6O 17s 6d and the manager and staff were to be congratulated.

A letter from the auditor (Mr W. C. Harrington) remarked that the shareholders were to be congratulated on the state of the finances. The chairman at the-last annual meeting had moved a notice of motion that the number of directors be reduced from seven to five but as only five nominations were received —Mr Martin consenting to stand down —he withdrew his motion. The directors are: Messrs Nixon, C. F. Baker, Golder, R. T. Mabey and R. H. Morgan. Mr Harrington was re-elected auditor. The secretary drew attention to the guaranteed price which had been made known and expressed his personal disappointment with the amount fixed. Mr Nixon was re-elected chairman at a meeting of directors.