CAMBRIDGE DAIRYING.

New Zealand Herald, Volume LIX, Issue 18158, 2 August 1922, Page 9

CAMBRIDGE DAIRYING.

A YEAR OF RECORDS. LOSSES ON DRIED MILK [BX TELSORAPH. —OWN COBRICSPCNDENT. J CAMBRIDGE. Tuesday. Before an attendance of about 200 suppliers and the entire directorate, with Mr. Mervyn Wells, chairman, presiding, tho twenty-first annual meeting of the Cambridge! Co-operative Dairy Co. took place in the Cambridge Town Hall yesterday. The chairman moved the adoption of the report, in which it was stated that allowing for depreciation, amounting to £2580 4s 3d on buildings, machinery and cartage and plant, the balance reimuned at £X 7,817 4b. The dried milk venture had shown a loss on working of 456263 13a 7d, and it waa proposed to deal with tiui same on the basis set out by the supply agreement signed by the majority of suppliers. The period had been a year of records for the company's product*. The butter was of very high grade. Cheese had established a record of points. During tho 6eason the company received 2.185.9261b. cf butter-fat, a record increase of 12.48 per cent. Mr. Wells said he thought the report showed tho true state of the company's affair#. Tho directors admitted there was still room for improvement in the manufacturing conditions. Referring to the dried milk manufactured, Mr. Wells said they had set this, flown as worth about £40 a ton. He thought this figure would bo exceeded. He pointed out that the company had not had a fair ran regarding milk powder, the sale of which had been deliberately delayed in England. Milk powder manufacture had proved a costly experiment and those who suppi-ed for dried milk from now era did so on their own responsibility. Mr. A. N. Dingle seconded the motion for the adoption of the roport and balance sheet. congratulating the board and the company on the present reassuring position The chairman stated it was proposed to pay all 1920-21 credit notes, which \vould absorb about £6000, and also distribute a further payment of 2|d on tho supply of butter only, for the period from June 8 to March 31,, and also for the remaining period. For the period, \uirust to December, they could not make a further payment. About 46 per cent, of their cheese was sti'l unsold, and if that were disposed of at 80s per cwt.-™a rensnnablo supposition —that would entitle suppliers for cheese to another Id per nound. Thp report and balance-sheet were then adonted. The chairman read a cablegram jnst received to the effect that another £6000 had been advanced against dried milk now ifinz at Glasgow on account of the company. Tbev had now £10,000 advanced f or unsold dried milk. It was resolved, " That the interest on ' dry ' capital bo paid at the rate of 5 per cent.' ( Messrs. Sanson and OMearawere reapnointed auditors. The directors remuneration was again fired at £500. " That in pursuance of a resolution of thf» directors the proposer moves that fully na'd-up ' dry ' shares be redeemed by the company, and that the directors be ir.«tnic ! 'ed to formulate and carry out a scheme to this end, and that Mr. Wells Tri 1 ] further move in pursuance of a directors' resolution of the 3rd. inst., 1922, that the directors be instructed to forratt--late and cam* out a scheme whereby fully paid shares, allotted or acquired, »nd«r the supply agreement shall be redeemed at not 3ess than 15s in the £ ner share, such scheme not to be in substitution of any of the terms or conditions of the supply agreement, but to bo in addition thereto," was the teat of a motion carried unanimously. The election of two directors in place of those retiring in rotation —Messrs. Mervyn Wells and Edward Allen—resulted • — Met-vyn Wells, W8; Edward Allen, 683; Martin Butler, ?89.