DAIRYING INDUSTRY.

New Zealand Herald, Volume LXIV, Issue 19719, 19 August 1927, Page 9

DAIRYING INDUSTRY.

THE • OPOURIAQ COMPANY. VERY SUCCESSFUL YEAR. A DIVIDEND OF SIX PER CENT. [BY TELEGRAPH.—OWN CORRESPONDENT.] WHAKATANE, Thursday. The annual meeting of shareholders of the Opounao Dairy Co., 'Ltd., was held yesterday. The balance-sheet showed a turnover of £70,276 18s 6d. The chairman of directors, Mr. W. Reid, reported that the company had a very successful year as far as the quantity of butter-fat supplied was concerned. The price for cheese had not been good, but against this an extra quantity of cheese was produced, which enabled suppliers to draw an amount from the company equal to that which was paid them in the previous season. The output of cheese for the past season -totalled 850 tons, being an increase of tons over that of the previous season. 'There was every reason to believe the company would reach an output of 1000 tons within the next two years. The Control Board handled the whole export of cheese last season, and the company did not expect to get a final settlement until about November, when there would be a further bonus paid to suppliers. There .was a loss of £SOO upon cheese unsold when the company's bal-ance-sheet was made up last year. This loss had already been deducted from this season's profits. The directors were pleased to report again upon the good quality of the company's cheese. The Control Board paid a bonus of 3s 4d a crate for cheese graded finest, and as about 85 per cent, of the company's cheese was finest, the company did very well. At the last Hamilton Show, Oponriao got second place for cheese for the Auckland Province, and was also placed second for the Hardley Shield, which was won by the Waimana Company.. A contract was let for the erection of the company's new factory at Opouriao, and good progress had been made. The factory, when finished, would be one of the most up-to-date in the Dominion. As usual the directors recommended that a dividend of 6 per cent, be paid upon the paid-up capital. Tempting offers had been received by the directors for the sale of the company's output up to the end of November, but so far none of the offers had been accepted. It was possible that a further bonus of over fd would be paid about November. The outlook was bright for the coming season. In answer to a question by Mr. T. Mitchell, Mr. Reid said local sales worked out at Bgd per lb., a long way ahead of control prices. The company had opened up a branch to sell to retailers as well as to merchants. This would give a good opportunity to try both methods. ' The chairman moved and Mr. Ruddick seconded that a dividend of 6 per cent, be paid on paid-up capital. The motion was Arried. _ Messrs F. C. Yeoman and W. L. Richardson were elected in place of the retiring directors. Mr. If. Prideaux was reappointed auditor. HAUkAKI PLAINS CONCERN. EMINENTLY SATISFACTORY YEAR [BY TELEGRAPH. OWN CORRESPONDENT.] TUBUA, • Wednesday. The annual meeting oi suppliers of the Hauraki Plains Co-operative Dairy Co., Ltd., was held at Turua to-day, the chairman of directors, Mr. A. H. Rogers, presiding. in presenting the annual report and balance-sheet, Mr. Rogers said the output had been increased by 67 tons/lcwt. of cheese, and 7 tons 9cwt. of creainery butter, which was eminently satisfactory. This was particularly so in view of the fact that practically 75 per cent, of the cheese output had received the highest possible grading. During, the year 629 tons 9cwt- of cheese and 51 tons 4jcwt. of butter had been made, and the average advance payment to cheese and butter suppliers for the whole season had been Is 2d per lb. butter-fat. The estimated balance of £5587 18s 9d from the working account would gjve a further pavment to cheese suppliers of 2 l-8d per* lb. butter-fat, and to butter suppliers 1 3-5 d per lb. butter-fat. The directors recommended that a payment of Id per lb. on all butter-fat supplied during the season be paid, together with interest at 6 per cent, on paid-up capital. This would amount to £3085, and -would be distributed at the meeting. The share capita] interest was equal to one farthing a pound on all butter-fat, and the balance would be paid out immediately final realisations were received from the Control Board. It was also verv pleasing to record that, of 17.000 crates of cheese manufactured during the past two seasons, only 15 had been placed in the second grade. The company's financial position was sound, showing a paid-up caoital of £10,348 and assets valued at £13.926. Thß retiring directors. Messrs. H. 'HHicks, C. A. Ansford and (X K. Fox, were rc-elected. Mr. F. S.* Batlev was reappointed auditor. SEASON AT WHANGAEEI. OUTPUT SHOWS INCREASE. [BY TELEGRAPH. OWN CORRESPONDENT.^ Thursday The report of the directors of the Whangarei Co-operative Dairy Company, Limited, for the year ended July 31, will be submitted at'the annual meeting of shareholders on August 31. The report states that the total output of butter for the year was 1183 tons, an increase over the previous year of over 291 tons. The average grade was 92.715. During the year 827 new shares were allotted. Repurchased and forfeited shares totalled 541. Total shares allotted at July 31 were 13,147 The sum of £1729 "is available for distribution It is proposed to. make deferred payment of l|d per lb. on all butter-fat supplied by shareholders during the year. TUis year's working shows a surplus of £1499, which, with balance brought forward of £llO, makes a total of £1609. The directors propose a dividend of 5 per cent, on fully-paid-un share capital, pavable on September 20. Messrs H Wakelin and R. D. Finlayson, directors, retire by rotation. Mi. Wakelin, after 20 years' service on the directorate as chairman, does not seek re-election, and the board places on record its deep appreciation of the splendid services he has rendered The annual summary shows the number of suppliers to be 595. The aveiage I price advanced to shareholders per lb. ot butter-fat of all grades was Is 2.18 d or, 1 with deferred payment added, Is 4.lbd. Plus carta_ce also the figures are is 4.518 d.