OWAKA DAIRY COMPANY

Otago Daily Times, Issue 22392, 13 October 1934, Page 3

OWAKA DAIRY COMPANY

ANNUAL MEETING There was a representative attendance of shareholders at' the annual meeting of the Owaka Co-op. Dairy Company, Ltd., held on Owaka on Thursday afternoon. The chairman of directors (Mr William M'Kenzie), who presided, presented the annual report and balance sheet. In speaking to the report, Mr M'Kenzie said that, comparatively speaking, the shareholders must consider the results of the year's work very satisfactory. With the low prices ruling during the season thp amount of bonus paid out had exceeded

the anticipation of the directors. For the month of November the progress payment was a penny per pound below that of other Otago factories. However, this penny per pound had now been paid out to the suppliers along with the bonus of one penny farthing over the 12 months. With the bonus payment suppliers had received a much better return than those who supplied other factories operating in the district. The output of 308 tons was one ton less than the previous year, as the supply fell away much more rapidly than usual at the back end of the season. Due provision had been made for depreciation, and the buildings, plant, and machinery had been maintained in_the usual i'ood working order and condition. All possible economy in the running of the factory had been carried out, and the directors wished to take the opportunity of expressing their appreciation of the work of the staff. They also complimented the factory manager on the outstanding success at the last Dunedin Winter Show, '•hen, out of seven exhibits, seven first prizes were awarded. The last four years had been a severe strain. Dairymen had practised economy in production, through the hard school of experience, to an,extent that no amount of theoretical instruction would have brought about. The welcome effect of the bonus was apparent in these hard times. They were not looking for big prices, but with the cutting down of overhead expenses if they could get a return of a shilling per pound butter-fat it would be hailed with pleasure, and at that figure the industry here would consider itself ajjain on the highway to success. The speaker then moved the adoption of the report and balance sheet, which was seconded by Mr Adam, and carried. The retiring directors, Mr William M'Kenzie and Mr W. C. Adam, were reelected, and the auditors, Messrs William Brown and Go., were also re-elected. Mr Cooper moved a motion congratulating the directors.on the year's working.