Dairying at Tiakitahuna

Manawatu Times, Volume LIV, Issue 7247, 29 August 1933, Page 4

Dairying at Tiakitahuna

ANNUA! MEETING OP COMPANY.

The fourteenth, annual meeting of the Tiakitahuna Co-op. Dairy Coy. was held yesterday, the chairman of directors (Mr. M. Eichardson) presiding. The annual report of the directors recorded supply and output for the year as follows:—The quantity of choeso manufactured, grader’s weights, was 161 tons, lewt., 261bs. The average shrinkage from marked weights to sale weights, for what wo have account sales for is 1.92 per cent. Tho total milk received for choesemakiug, 3,316,5371b5. Tho total butter-fat received for checsomaking, 137,087.541b5. Average test, 4.13. The average yield of cheese to each pound of buttor-fat was 2.63, grader’s weights. Tho average pounds of milk to each pound of cheese was 9.19, grader’s weights. The average price paid por pound of butter-fat for cheesemhking was 8.33 d. At June 30, 1933, there was 572 crates unsold, and for balancing purposes these were taken into account at 50s per cwt. The balance to the credit of the appropriation account is £852 6s lid, and the directors recommended a further payment on butter-fat used for cheese-making, made up as follows:—1 l-10d for December and January, 3 l-10d for February, 4 3-5 d for March, 4 l-10d for April, 1 T-lOd for May, and 3-5 d for June, ■which will absorb the sum of £767 2s Id, and will make an average payment for the season of 9.74 d. The directors also recommended a further payment of -Jd por pound on butter-fat supplied from November, 1931, to April, 1932. This would absorb the sum of £7B 7s Id, and would leave a balance of £6 17s 9d to be disposed of as the meeting may decide.

In moving tho adoption of the annual report, the chairman reviewed the accounts and operations for the year. The paid-up capital and suppliers’ butterfat reductions account remained at the same figure as last year. The depreciation reserve had been increased by £287 Id Id, made up of id per lb. butter-fat deducted from the past season. The reserve now stood at tho substantial figure of £1512 9s Id. Although a comparison with last year showed the overdraft had increased by £l7l (approximately), actually the company ’3 financial position was better than last year 's as would be seen the following figures. After allowing, for all payments, including the final payment and for all credits, the overdraft last year should have been £1195 3s Id and by the same method the amount should be £1209 7s 5d this year, but against that figure was a credit of £287 Is lid leaving a balance of £922 5s 6d, a reduction of £272 17s 7d. The balance of tho appropriation account was £852 6s lid and th® proposed final payment would absorb £845 9s 2d. The proposed payment of id over the months November to April for tho season 1931-32 would make the average pay-out over Is per lb. butterfat for that year. Production figures for the season just ended were 20.8 per cent, ahead of tho previous season and the increase in the amount of the manufacturing costs was due to the increased make of cheese. The cost per lb. of butter-fat was 3.35 d which compared favourably with the previous season’s figure of 3.661 d. During the year prices had dropped to a very low level but had since recovered and had been fairly steady about 50s. There was at ono time a premium of nearly 10s per cwt. on coloured over white, but unfortunately tho company was not very successful in anticipating the market demand, otherwise they would have had the best pay-out of the district. As the present, season had been very favourable so far, production was in excess of last year and prospects for a record year were good, and he hoped for a further reduction in costs as well. The chairman appealed for continued efforts to keep up tho high quality of tho company’s cheese. The thanks of the shareholders were due tho manager (Mr. Eoss) and his staff, and the secretary (Mr. Mansford) for their endeavours in the interests of tho company. Mr. Eichardson also expressed thanks to members of the directorate for their co-operation and support. The report of the auditor (Mr. P. L. Sim) stated that although nothing had been writton off land and plant since 1927, the reserves built up should provide for shrinkage in value. The estimate of tho value of the choese unsold had been carefully worked out and considering the upward tendency of tho market, the value placed on the cheeso should bo well within the market. It was decided to pay out bonuses as set out iu the annual report. Messrs. L. Dampney anad J. C, Hearsey were re-elected to the directorate, and Mr. P. L. Sim was reappointed auditor. The opinion oa the meeting was sought on the question as to whether the company should continue in the farm instruction scheme. Tho chairman said Tiakitahuna proposed pulling out because other factories wero doing so and it was felt that there was no need for tho instructor under the new grading regulations. The cost to tho company had been £7 ISs Id a year. Mr. Ilearscy: Tho troublo is we do not know where we are with the Dairy Division. However, we do not propose purchasing a curd-tcsting machine for a while. Mr. Eichardson said the company was carrying on with the curd test, but using bottles instead of a machine. The matter of tho instructor was left in the hands of the chairman to report, on. The directors’ fees were fixed tha same as last year. Votes of thanks wero passed to the directors, manager, secretary and assistants. Special reference was made to the very valuable services rendered by Mr. Mansford. Beplying, Mr. Mansford said ho could compliment the company on its financial position and in the course of a year or two the bank overdraft should be paid off and shareholders relieved of that nightmare Ho appreciated all the difficulties the farmers had had to overcome and he advised them to. watch very carefully tho proposed Central Bank Bill