Oaonui Co-operative Dairy Coy., LIMITED.

Opunake Times, Volume XIII, Issue 632, 30 October 1900, Page 2

Oaonui Co-operative Dairy Coy., LIMITED.

The annual meeting of shareholders was held at the Oaonui school-rooom, on Saturday, October 27th (Mr D. Lusk, chairman of directors, presided) there being 21 shareholders present. Report and Balance-sheet. Your directors have much pleasure in submitting to shareholders the fourth balance sheet and report for the year ending August 3lst, 1900, and have to congratulate shareholders on the satisfactory results of the year’s operations. During the year just ended 552,443 gallons of milk were received, being an increase over the previous year of 52,087 gallons. From milk supplied, 247,098 lbs of commercial butter have been manufactured, giving the result of 11b. of butter to 24.593 lbs of milk. After miking a payment of Bd. per lb. each month, throughout the year, for butter fat, the working account showed a surplus of £631 15s sd. Oat of this a progress payment, with August milk accounts, has been made, amounting to £lO6 8s Bd, and £l9O 16s 3d has been written off for depreciation, leaving an available balance of £34 10s 6d. > The payments to milk suppliers for the whole season average 3.464 d per gallon of lllbs, or 8,419 d per lb of butter fat. During the year the goodwill of Mr Gilmer’s lease of section on which the factory stands was purchased, and steps have been taken to obtain a new lease from the Public Trustee. Tenders have been called and a contract let for the erection of a manager’s cottage, but the work has been held over pending the negotiations for a new lease.

BALANCE-SHEET. Capital Account.

xuuai •• •• xv • The Chairman moved that report and balance-sheet be adopted. Seconded by Mr Macfie. The question of paying off the indebtedness of the company was discussed at length, some -of the shareholders expressing a wish that a sum should be set aside monthly for the purpose; others suggesting that 20 per cent should be written off instead of the customary 10 per cent. Eventually it was resolved that the surplus (if any) for current year be not paid out until after next general meeting so that shareholders could then decide on the amount to bo set aside for depreciation. Messrs J. C. O’Rorke and J. Macfie were the retiring directors. The following were nominated for the two vacancies:—Messrs P. Cook, J. Macfie, J, 0. O’Rorke and C. S. Slronge. The poll taken resulted: J. C. O’Rorke .. .. 137 J. Macfie 64 O. S. Strongs .. .. 44 P. Cook 37 The Chairman declared Messrs O’Rorke and Macfie duly elected. Mr D. Markham was unanimously elected auditor at a fee of £4 4s. A vote of thanks to the directors for their services during the year was carried by acclamation. At the meeting of directors held subsequently, Mr D. Lusk was re-elected chairman unanimously, on the motion of Mr R, Malcolm, seconded by Mr O’Rorke.

£ 8. d. £ 8. d. To 10,000 shares at £ I per share 10,000 0 0 Total £10,000 0 0 By 1,268 shares allotted .. 1,268 0 0 Less amount unpaid .. 83 1 9 1,184 18 Amount unpaid on shares allotted 83 1 3 9 8,732 shares unallotted 8,732 0 0 Total £10,000 0 0 Liabilities. To 1,268 shares 1,268 0 0 Less amount unpaid .. 83 1 9 Sundry suppliers for August.. 1,184 18 3 168 12 11 Sundry creditors 47 13 7 Bank of N.Z .. 729 11 11 B.N.Z. accrued interest, 31/8/00 10 13 9 To Unpreseuted cheques .. 110 1 8 Q1Q 17 A Suspense Account .. 0 11 8 To Balance 440 7 6 Total £2,692 1 3 Assets. By property, plant, &c. .. 1,908 4 6 Less 10 per cent written off .. 190 16 3 Property bought .. .. 1,717 8 869 10 3 0 Additions to buildings 5 8 8 Additions to Plant .. 82 18 3 Sundry debtors 286 2 1 Stores on hand 54 12 6 Stock on hand 6 4 0 Batter on hand (estimated value) 169 17 0 Total £2,692 1 3 PROFIT AND LOSS, To suppliers .. 7,580 9 9 Less deduction from nonshareholders.. 12 10 5 Rent and Rates 7,567 19 4 2 12 11 Export charges .. .. 12 17 7 Fuel .. 73 2 0 Interest .. .. .. 27 13 9 Exchange ,10 2 6 Repairs 85 4 2 Boxes 185 2 7 Cartage 189 1 3 Stores 137 1 7 Employers’ Liability Insurance 9 2 O Fire Insurance 17 9 6 Trade Expenses 48 1 2 Freight (local) .. .. I 15 6 Stationery and Printing 6 1 0 Salaries 300 0 0 Account written off .. 18 0 0 10 per cent depreciation written off ,. .. 190 16 3 To Balance 440 7 6 Tctal £9,322 10 7 By balance .. 377 10 10 Less bonus paid Deo. 16, ’99 304 7 6 73 3 4 Refund stamp duty from Govt, 10 0 O Sales of butter 9,050 11 4 Butter on hand 169 17 6 Primage returned .. 4 12 3 Buttermilk .. 14 6 2 Total £9.322 10 7