DAISY COMPANY'S YEAR

New Zealand Herald, Volume LXII, Issue 19101, 20 August 1925, Page 12

DAISY COMPANY'S YEAR

NEW ZEALAND CO-OPERATIVE. INCREASE IN ALL PRODUCTS. FINANCIAL ADJUSTMENTS. (" by TELEGRAPH.- —OWN COBRESPOiJDENT.] HAMILTON. Wednesday. The sixth annual report of the New Zealand Co-operative Dairy Company, issued to-day, records a substantial increase in the company's output during the last season as compared with the previous year, tho quantites having been as follow : „ : 1923-24. 1924-25. Increase. Tons. Tons. p.c. Butter . .. 20.662 22.512 8.95 Chece . . . 4,278 ' 4,626 8.13 Casein .. 638 657 . 2.97 Milk powder _MU JUBI W. 24 Totals . 29.189 31.776 The report states that the quality of the butter manufactured has been maintained at the previous season's standard. The cheese manufactured, however/ has Rraded better than during any previous season. Milk powder and casein quality havo also improved, and are now second to none. Return from Sales. Butter made during the flush of the season ranged much lower in price than for the previous year, and the total but-ter-lat price to butter, suppliers is in consequence lower this season than last, although much better than at one time seemed possible. Cheese values, on tho other hand, havo improved, the cheese butter-fat payments being ahead of butler. With • the exception of an enlargement in progress at Ngatea, it is not expected that any capital expenditure will be required during the coming season. The company's Glen Afton colliery has operated very successfully throughout the year, and both shareholders and tne company are deriving a substantial benefit. The total output of coal for the year ended June «iU was 152,5/7 tons, of wtiich 47,225 tons were supplied to the company s factories and shareholders, resulting in a saving ol £27,0114 los lid. 01 tins sum £olHi ids lid nas been rebated u> snareuoiaers on coal purchases, and i» equivalent to about b per cent, on the total paid-up capital ol the colliery. The directors propose forming tne Glen Alton colliery into a sepaiate company, owned and controlled by the New Zealand Co-cperative Dairy Company, with the oojeci ol issuing debentures and thereby repaying tho cash advanced over, and above capital. Large Stoclcs of By-products. The stocks of dairy produce at' May 31 hav'j been carefully valued on a sound basis. Considerable quantities of both casein and milk powder are on hand, but in view ol tiie improvement in the casein market and the reduction in the make- of milk powder, which it has been decided to effect during the coming season, it is confidently anticipated that these stocks will become normal in a few months. in a supplementary report presented to t-he shareholders at the last annual general meeting, reference was made to an amount ol approximately £Sti,UOQ estimated to be due on milk powder consignments. All tho returns for 19<42 and practically all for 1923 have since been received and show a debit balance of £34,832 10s lOd. After reviewing the whole, position to date, the directors decided to write oil this amount by transferring tho necessary sum from r&serve account. As milk powder prices have been reduced to increase sales. £2 a ton has been .written off 1923-25 skim milk powder consignment account. This unount lias been provided out of milk powder profit and loss account for the current year. The milk powder market development account has been reduced by £10,303 6s lid to £18,411 14s 6d from the milkpowder profit and loss account and coal rebates due to the milk .powder factories. The reserve account has been increased by a transfer of £664 10a 4d and reduced by the transfer of £34,832 10s lOd above "referred to, standing finally at £2784 12s 2d. The insurance reserve remains unaltered at £6306 0s lOd. The stock reserve in the butter department has been increased by £15,057 2s Id and now stands at £48,196 4s. The agreement with the Glaxo Manufacturing Company has been varied to exclude the Matamata factory (now making cheese), resulting in the surrender of debentures to the value of £35,000. Payments for Butter-fat.

The following figures briefly summarise the past season's operations:—Milk receive a for buttermaking, 173,535,3811b.; milk received tor cheesemaking, 103,415,8611b.; cream received, 84,536,461 lb; total butter fat for buttermaking, 41,181,4941b.; total butter made, 50,426,6151b.; over-run. 20.596 per cent. Total butter-fat used for cheesemaking, 3,953,8971b.; cheese made, 10,362,9561b.; casein made, 657 tons; milk powder made, 3981 tons.

For buttermaking, the total average price paid for superfine cream will ho 18.26 d. In addition, the company has subsidised cream cartage and paid railage on cream, increasing the average price paid at central factories to 18.51 d for superfine cream. The fifteen cheese factories will receive varying payments in accordance with their manufacturing re suits. The prices to be paid are condi tional on the unsold produce realising the values placed on stock?. Casein suppliers have received, in addition to their butter pavments, l|d per lb. butter-fat Heavy stocks of casein remain unsold and no additional payment is available at present Milk powder suppliers have received butter rates plus a premium. The amount to the credit of their profit and loss ac counts will not be dealt with at present pending real 1 ' 'ion of the unsold stocks. The directors, realising the great de mond from the suppliers to the company for financial Assistance, have recent.lv de ofdrd to form the New Zealand Dairy Ltd.. for the purpose of cVnroholders to increase tbp<> dairv herds. annual meeting will be held on Tuesday.