Shannon Suppliers Review Past Year

Manawatu Times, Volume LIV, Issue 7241, 22 August 1933, Page 4

Shannon Suppliers Review Past Year

ANNUAL MEETING OF DAIRY COMPANY Mr E. W. Taylor was in the chair at the annual meeting of the Shannon Cooperative Dairy Company on Saturday. Mr Taylor as chairman of director® reported as follows: —‘‘The past season from a production point of view has been excellent, but as regards prices it has been the lowest for many years, but it is our earnest wish that by tlie time our next report is due, world conditions will have started well on the upward trend. The amount of butter manufactured for the year was 1270 tons, being 140 tons increase over the previous year, whilo tho average grade was 94,093. The average monthly payment for all grades of butterfat was 5.127 d per lb, and provision has been made in tho balance-sheet for a further payment of 1.166 d on the sea[son’s supply, bringing the average payment for all grades for the year to ; 9.293 d. A further payment of £SOO off . tho factory building account has been ; made, bringing this liability down to £O7OO. The store department put [through this year £27,057 in sales. A 2J per cent, rebate on all shareholders’ store accounts for the year will be made, after which a balance of £33 is left. The amount to profit and loss : account as shown on the balance-sheet

is £261, out of which it is proopsed to pay the usual 6 per cent, dividend and carry the balance forward.” In the following summary tho figures for the season 1930-31 arc given first, those for 1931-32 second, and those for 1932-33 third:—Number of suppliers, 224, 256, 259; butterfat, 2,033,0081 b, 2.089,4261 b, 2,337,3051 b; butter made, 2465,4501 b, 2,533,4491 b, 2,844,5001 b; 1102 tons 3131 tons, 1270 tons; average grade, 94, 94.007, 94,093; overrun, 21,44per cent., 21.27 i>er cent., 21.77 pier cent.; average payment, 12.64 d, 11.745 d, 9.293 d; store sales, £27,141, £28,914, £27,657; nett; profit, 2.7 per cent., 2.8 per cent,, 2.1 per cent. Tho report and balance-sheet wero adopted on tho motion of Mr G. H. Stiles, seconded by Mr <T. W. Chrystali. Mr Stiles, in speaking to the report, said that the shareholders had every reason to congratulate themselves on the very strong position of tho company as disclosed by the balance-sheet and also the results of the year’s operations. The payment was within a fraction of the best yet recorded, instancing the high, standard set by t'.io company during ■ many years’ operations. During the year £IOOO had been paid off the new factory and plant, costing £II,OOO, which now left a balance of £6700 owing to the bank. Tbe butter manufactured for the year amounted to £122,000 and the store business £27,657, a total turnover of just on £150,000. It was remarkable that this business was being carried on by the company with a nominaL capital of £6OOO and a paid-up capital of only £4ISS. It was probable that no other company in the Dominion was in just such a fortunate position. Mr Chrystali, Mr A. Seifert and other shareholders expressed their satisfaction at the healthy tone of the company’s finances, and- congratulated the management on tho excellent working.

The election of directors resulted in Mr W. Barber and Mr E. Low being returned unopposed. A resolution of thanks to the manager, Mr J. Aim, and the, employees in the factory, and Mr C. Cronqucst (secretary), and those associated in the store, was carried by acclamation. At a meeting of directors following the annual meeting, Mr Taylor was appointed chairman for the current year.