Midhirst Co-Operative Dairy Co.

Opunake Times, Volume V, Issue 193, 10 July 1896, Page 3

Midhirst Co-Operative Dairy Co.

FIRST ANNUAL REPORT.

The Midhirst Go-operative Dairy Company, Limited, is a large concern, working five creameries in addition to the main factory, and receiving the milk of 120 suppliers. The result of the past year's transactions, as shown in the report, illustrates what can be accomplished by a dairy factory working on the true principles of co-opera-tion.

DJKECTOKS' EEPOBT.

In presenting their first annual report and balance-sheet, your directors congratulate the shareholders of the Company on the highly satisfactory result of the past season's operations. Since the "purchase of the factory and creameries from Messrs Honnor and Crockett, and the formation of the Company, extensive improvements have been effected at the factory and the Beaconsfield Road Creamery, together with minor alterations at the other creameries, making the property and plant up-to-date, increasing their capacity, and capable of dealing with 6000 gallons of milk daily. The amount of milk received during the past season, from 9th September, .1895, to the 31et May, 1896, was 7,470,885 lbs, from which 806,182 lbs of commercial butter was made, which gives the satisfactory result of 1 lb of butter from 24-4 lbs of milk. The working account of the season shows a surplus of £1517 18s sd, beyond the advances already paid to suppliers. Your directors recommend the payment of l£d per lb on all butter credited to suppliers, which will absorb £1478 10s 8d; suppliers will have been paid an average of 3£d per gallon of 10£ lbs, in other words milk has realised 3d per gallon of 10£ lbs on a B*6 test. Of the remaining balance, £44 8s 2d, a bonus of £2O has been paid to the manager and secretary, in consideration of past services, leaving the sum of £24 8s 2d to be dealt with by the shareholders. The sum of £596 4s 2d has been paid to share capital; £249 Is 7d has been written off for depreciation in buildings and plant; in addition the cost of the formation of the Company and various repairs have all been charged to the past financial year, thereby assisting to place the Coin- , pany in a sound financial position for future operations. Your directors have great pleasure in reporting that the butter manufactured has given unqualified satisfaction in both the foreign and local markets, and the cost consequent on production—that is, wages, fael, carting, and New Zealand freights—-has not quite amounted to 9 per cent of the gross value. Your directors anticipate a considerable increase in the quantity of milk to be supplied during the forthcoming season, which can be dealt with without any additional cost, and believe that by careful and economical management, which has characterised the past, will produce an equally good result. The services of Mr Yeale as manager and secretary, and Mr FryerBaisher as butterman, have been retained for a further period of twelve months. Joseph G. Harkness, Chairman of Directors.