OWAKA DAIRY COMPANY, LTD.

Otago Witness, Issue 3890, 2 October 1928, Page 13

OWAKA DAIRY COMPANY, LTD.

The annual meeting of shareholders of the Owaka Co-operative Dairy Company, Ltd., was held in the Oddfellows’ Hall, Owaka, when there was a record attendance. The chairman of the company (Mr W. M'Kenzie) presided. The chairman, in moving the adoption of the report and balance sheet, said that the results for the financial year had been very satisfactory, and the directors had been pleased to be able to make a further payment to suppliers of 2d per lb on all- grades of butter-fat for the 12 months ended June 30, and this payment would make the final average payment Is 4.81 d, which was l.ld per lb in" advance of the final payment for the previous season. The further payment had been distributed to suppliers on September 15, and sent out with the cheques for August butter-fat. The item in the balance sheet “ sundry creditors £3884 2s 4d,” included the total amount of the'' further payment, £3676 13s lOd. The output had been, however, some six tons less than last year, but the company realised that toward the end of the season the supply pad decreased more quickly than usual. Hie buildings, plant, and machinery had been maintained in good working order and condition. During the year a new office had been erected on the company’s site. This had been carried out because the room in the main building, which had been used for office purposes, was unsuitable, chiefly on account of the noise and vibration of the machinery. From year to year final payments had been comparatively well up, and at the same time the company had been able to write off what was generally considered a fair amount in the way of depreciation, and also to build up the reserve to the figure at which it at present stood. The present balance sheet showed that the reserves and shareholders’ equity in the assets of the company amounted to £1 16s 4d for each £1 of paid-up share capital. When it was considered that this very sound position had been built up during the short five years and a-half the company- had been operating, the shareholders could not but congratulate themselves on the present healthy state of the company’s affairs. Uns success had been due in no small measure to the. loyal support of the suppliers whose increasing numbers were ample proof that they had confidence in the management. The butter market at Home was now better than it had been for some considerable time. The winter had been mild, and the prospects for the incoming season were even brighter than last year. The report and balance sheet were , The retiring directors (Messrs W. M'Kenzie and W. C. Adam), both being eligible, and in the absence of any other nomination, were declared re-elected. Messrs John Ross, J. R. Wilson, and John Ford congratulated the directors on the result of the year’s work, and for the satisfactory position disclosed in the balance sheet. Messrs William Brown and Co. were reelected auditors at a fee of 25 guineas per annum.. The remuneration of the directors was increased from £BO to £lOO per annum. Some of the items in the expenditure were severely criticised, and many questions were asked, but in every instance the answer given was entirely satisfactory to the meeting. It was stated that the total a'tnount paid out for butter-fat during the year was £30,971 2s 7d. A vote of thanks and confidence in the ’directors and the management was carried.

At a subsequent meeting of directors Mr W. C. Adam was elected chairman for the ensuing year.