N.Z. CO-OPERATIVE RENNET COMPANY

Otago Daily Times, Issue 25240, 1 June 1943, Page 4

N.Z. CO-OPERATIVE RENNET COMPANY

The New Zealand Co-operative Rennet Company’s directors report that during the past three years 45 cheese companies have joined up as shareholders and that only 25 companies throughout New Zealand are now non-shareholders. The profit and loss account for the past year, after deduction for rebates, showed a balance of £925, and the directors- recommend that this he carried forward. A report by the auditor, issued along with the directors’ report, emphasises the difficulty of budgeting in advance for the year. Several factors could not be foreseen, such as'the remarkable rise In the sales of renco which increased by 25 per cent;, and of Elthamol by 35 per cent. The other units of production were fairly constant, and although wages’ apd salaries were up by £7OO, the increase in sales had, together with the fact that no provision had been made for reserve for taxation, pulled up the profit sufficiently to enable the directors to return to shareholding members £2 10s per keg on rennet purchases.