25th Report Of Ruawai Dairy Co.

Northern Advocate, 18 July 1939, Page 3

25th Report Of Ruawai Dairy Co.

As with other dairy companies in the North the 25th annual report of the Ruawai Co-op. Dqiry Co., Ltd., which will be submitted at the annual meeting of shareholders in Ruawai next Thursday shows a decrease in output compared with the previous season.

The report shows that the season's output of 1492 tons 17cwt decreased by 104 tons Bcwt from IGO3 tons scwt, the production of the previous year, a drop equivalent to 6.51 per cent.

At the close of the 1937-38 season the balance sheet stood at £24,579 14/3, which was increased to £30.201 7/G by further payments received from the Government. After providing for 3 per cent dividend on paid-up share capital. £558 18/8, and income tax £94 7/8, o! - .0535, the average payout for the season was 14.8452 d. For the current year the balance standing in the appropriation account available for distribution was £26,374 17/8, and the directors recommend the payment of 3 per cent dividend on paid-up share capital, requiring £574 3/8.

Payment of 1C.05G5d. The average payment over all grades is made up ns follows:—Advances for season, 13.8117 d; deferred payment, 2.2448 d; dividend on share capital, ,C499d; a total of 16.10641. The valuation of butter in cool stores at balance date, 6372 boxes, had been taken at the guaranteed price for the respective grades and patted butter held for local sale estimated at the current grade. At the commencement of the season shares allotted totalled 29,464. while during the year 598 shares had been allotted and 1047 resumed by the company, the number allotted to date being 29,015, of which 2187 were held by non-suppliers.

Trading' Profit. The transactions of the trading department had been controlled entirely separately from the dairy accounts and the financial position, ( which had been attained by the yearly transfer of substantial amounts to reserve could be referred to as very satisfactory. The account totalled £5525 and

£2280 had been rebated to purchasing shareholders. The average grade of butter was 93.7778 per cent, compared with 93.74C3 per cent the previous year, while the cream grade averages were: Finest, 82,05 per cent (70.8660 per cent), first, 17.20 per cent (27.9354 per cent), second, .75 per cent (1.1986 per cent). The average butterfat test of cream was 38.5 G per cent. (39.1715 per cent).

The report states that of the two directors retiring by rotation, Mr G. Scott offers himself for re-election, but Mr J. Irwin, who has been a director for the past 17 years, 11 of which he servd as chairman, is npt seeking re-electipn.