DAIRY COMPANY'S YEAR.

New Zealand Herald, Volume LXVI, Issue 20331, 12 August 1929, Page 5

DAIRY COMPANY'S YEAR.

NEW ZEALAND CO-OPERATIVE

OUTPUT OF 40,000 TONS MOST SUCCESSFUL SEASOM [BY TELEGRAPH. —OWN CORRESPONDENT.] HAMILTON, Sunday. The most successful season on record was experienced 1»y f lie New Zealand Cooperative Dairy Company, Ltd., last year, due to the favourable climatic conditions, the loyalty of the suppliers and the reasonably good prices received. The. directors' report, to be submitted to the annual meeting on August 21, gives the following comparative statistics t>f the. company's output:— 1920-27. 1027-23. 1928-29. Tons. Tons. ■ Tons, nutter .. .. 25,772 20,07:2 27,195 Cheese .. .. 5,019 4,250 5,919 Casein .. .. 707 72.'! 714 Milk powders .. 4,111 4,110 4,341 Condensed milk .. Details of fixed assets and capital are shown as follows : 1927-23. 1928-29. Land, buildings' and plant* .. .. £1,118,039 £1,104,026 Tssued capital '.. 1.318,525 1.307,074 Paid-up capital 1.050,011 1,087,531 'Excluding colliery. The policy of consigning butter and cheese for overseas markets has bsen followed by the company during the season, continues the report. Adherence to this policy has in some instances resulted in slightly lower returns than have been obtained by f.o.b. sellers, although the ultimate result has been to maintain relatively stable prices throughout the season. Standardised Cheese, On January 15, 1929, nine of the company's cheese factories commenced the manufacture of standardised cheese. The results have been so favourable that the directors have decided to discontinue the manufacture of full-cream cheese during' the coming season and to manufacture only standardised cheese. New cheese factories at To Puninga and Waiiakaruru were erected during the season and commenced the manufacture of cheese in October and December respectively. The company's buildings, plant and machinery have, during the year, been maintained in a state of thorough working efficiency and are throughout in excellent condition. The colliery has been worked without appreciable loss" of time and with successful results.

The New Zealand Dairy Finance Company, Ltd., lias, by the assistance rendered to suppliers during the season, been of considerable benefit to the parent company. The advantage"! arising from the rural intermediate credit scheme have been made available to a number of the company's suppliers during the season and the advances from this source made up to May 31 totalled £95.000. v Figures For Season. The following figures briefly summarise the past season's operations:— Milk received for buttermaking 175,139,1631b. Milk received for cheesemaking 130,479,6131b. Cream received for buttermaking 105,187.4591b. Total butter-fat for buttermaking 50,229,0211b. Tofal butter made .. .. G0,91G,8971b. Over-run 21.2S per cent. Total butter-fat used for cheese-making .. .. 7811b. Total cheese made .. .. .£3,327,0841b. Casein made .. . .. 1,599,0651b. Milk powders made .. .. 8,724,0491b. Condensed milk made .. 2,092,6821b. The average price advanced for butterfat received for butter-making during the season was 16.913 d. The total average price for butter-fat of superfine grade will be 18.410 d. In addition, the payments mado by the company for subsidy on cream eartagp and railage on cream amounted to .198 d, thus further increasing the average price at central factories for superfine butter-fat to, 18.608 d. Cheese factories will, in accordance with their respective manufacturing results, receive varying payments. All these prices are conditional upon unsold produce realising at sale tho value placed upon it for balance purposes. Casein suppliers have, in addition to butter payments, received an average premium of 2.135 d per lb. butter-fat. They will also be credited with .5d per lb. butter-fat share capital and will, as soon as possible, be paid in cash a bonus of .25d per lb. butter-fat. Milk powder suppliers have, in addition to butter advance, received tho usual premiums for skim milk. The amount to the credit of their profit and loss accounts for the past season will not ho dealt with until a quantity of stock equivalent to the season's "make" has been realised and tho final amount available for credit to share capital is definitely known. Shareholders will note that, as in past seasons, depreciation has not been written off milk powder factories. with the exception of milk haulago lorries. The plant has, however, been kept in a maximum state of efficiency and preservation as a charge to working expenses.