Apiti Dairy Company

Manawatu Times, Volume 70, Issue 192, 15 August 1945, Page 6

Apiti Dairy Company

The 50th. annual report of the Apiti Coop Dairy Coy. states:—“Comparison of the output with that of the previous season is as follows:—Current season, 247 tons 13 cwt. 75 lbs.; previous season, 206 tons 12 cwt. 82 lbs.; increase, 41 tons Ocwt. 105 lbs. This increase was mainly duo to the favourable climatic conditions throughout the season. The average grade for export butter was 93.04, compared with 93.22 points for the previous year. The balance available for distribution is £6645 5s Id and the directors propose to distribute this amount as follows:—To make a deferred payment of 3.4 d per lb. butterfat on the full season’s supply of butterfat covered by shares, £6439 9s 2d; to pay a dividend of 1£ per cent on paid-up share capital as at June 30, 1945, £6O 14s; to carry forward a balance, £145 Is lid. From the balance of £145 Is lid carried forward, Social and National Security charges and Income Tax have to be paid. The average advance payment (over all grades) was 13.043 d per lb., and the further payment of 3.4 d -will bring this season’s average up to 16.443 d per lb. The amount of £5458 13s 9d was received from the Marketing Department as farm and labour costs allowance for the year, and paid out to suppliers with the monthly advance This allowance was claimed on the season’s supply of 454,5501b5. butterfat, and averaged 2.882 d per lb. This amount, added to the above-men-tioned payments, will bring the total of all payments up to 19.325 d per lb. butterfat for the season. After bringing into account the allowance of .269 d per lb. butterfat received from the Marketing Department for increased factory costs, the total cost from farm to f.o.b. is 2.573 d. Butter stocks as at June 30, 1945, have been valued on the basis of the guaranteed prices. The estimated season’s average pay-out per lb. butterfat (all grades) quoted in tne report for last year was 15.911 d per lb. and with farm costs allowance, 16.678 d per lb., was paid as stated therein. The store has been well supported during the year, the turnover, inclusive of manures and petrol sold was £9412 11s 6d. The profit of £431 13s Id has been transferred to the manufacturing and marketing account. Support given to the carrying has been well maintained, as disclosed by the receipts, amounting to £3841 15s Bd, and the profit of £65 J2s 6d has been transferred to the manufacturing and marketing account. The directors retiring by rotation this year are Messrs 11. H. Jensen and A. G. Maugham. The nominations received at July 20 are Messrs H. A. Wildbore, D. C. Buckman, H. H. Jensen, A. MeMurtrie, J; H. Cowan and T. W. Brazier.”