NEW ZEALAND DAIRY ASSOCIATION.

Otago Daily Times, Issue 13995, 30 August 1907, Page 3

NEW ZEALAND DAIRY ASSOCIATION.

(Per United Press Association./ AUCKLAND, August 28. The annual meeting of shareholders in tho Now Zealand Dairy Association was held this afternoon. The reports and balance sheet,, as'already published, wore adopted. Mr Wesley Sprang (chairman), in moving tho adoption of the report, eaid the past season , had been in some respects a. succession of disasters; fire, flood, breakdown, accident, and illness had followed each other. The sudden washing away of tho railway lines and bridges destroyed the moans of communication, and disorganised their business. Tho injury to the company through loss of supply, wliieli in many cues was not recovered' for tho rest of the- season, and the very expensive makeshift iransit means which had to bo adopted, and Ihe forced sale- of cream in some districts, madb a, marked difference to business. Had it not l>?en for this disaster the manufacture, which showed an increase- of 375' tons over last year, would have been very much larger. The quantity of butter made by the company {his season had been ♦,020.13911), as against 3.194,0581b for the previous season. Tin's represented an increase of 835,0811b, or a little over 26 per cent., while (ho increase in manufactureJiad been, 26 por cent. Tho cost, of manufacture and general cort of business had ' increased only a little over per cent.— that was, thoro Jiad been a proportionate sin-ing upon the handling of this increase. The bonus paid' this year, was £3037. A balance of ■ j>63l had also gone to the general business. The total value of .tho year's local business had been £78,78!!, an increase of £8347 upon tho preceding year. In tho six years of the company's existence the original debt had been reduced by £27.000. Tho value of the new property acquired since tho purchase was made from tho old Dairy Association amounted to £17,737 8s Id. Thus the company's property, apart from increment of any kind, was to-day worth about £57,737. tho directors' report, indicated that two or' three more calls upon tho first issue of shares and calls to bring tho second issue up to the same paid-up value would meet all the ordinary financial engagements of the company. In conclusion, the Chairman acknowledged tho valuable services rendered by tho staff.