NEW ZEALAND FARMERS’ DAIRY UNION LIMITED.

Pahiatua Herald, Volume XIII, Issue 2779, 30 July 1907, Page 2

NEW ZEALAND FARMERS’ DAIRY UNION LIMITED.

ANNUAL REPORT. Following is the text ot the fourteenth annual report, to be submitted to' the anniiul general meeting of the above union, to be held in the Town Hall, Eketahuna, on Monday, 19th August.—To the shareholders, —Your directors have much pleasure ■ in again placing before you a very favourable statement of the result of | last year’s work. The surplus for j division amounts to £3158 lbs 6d, aud the directors being unable to conic to a unanimous opinion as to its disposal, decided to leave the question to the shareholders in general meeting. A most satisfactory feature of the balance-sheet is the improved position as regards our liabilities under debentures and bank overdraft, the former having been reduced by the usual redemption .of a bond for £SOO, on the 31st march. By deducting the amount out on loan to suppliers, etc., £3048, and the margin between selling price of the butter in store, £1894, and the sum advanced against it, as represented by Johnston and Company’s advance account, it will be seen by a simple calculation that our bank overdraft will be reduced to £691. Addto this amount sundry current liabilities, amounting to. £2599, and it leaves the nominal overdraft at £3290. Our total liabilities, outside shareholders’ capital, would then be only £8790. This will demonstrate that, financially, the union has advanced to a very sound position, and has. at the same time, paid out reasonably good advances to its suppliers. By thus .steadily reducing its liabilities, it is enabled to pay to the supplier the money hitherto paid to agents and bankers as in. tores t. During the past year 221 new shares have been taken tip, and, as will be seen by the accounts, £4537 has been distributed as a further payment to supliors. The butter manufactured for the season is: tons. lOcwt. 2qrs 21bs. which is 16 tons in excess of last year. This increase, small as it is, ! has resulted in a decrease in cost of j manui'actuie and w ill indicate what a | great saving could be effected were a | still larger supply available. Of the I above output 510 toils were exported, | 266 tons were s. ;ld in the colony, and I 91 tons are still in store. For our exported butter very satisfactory prices were obtained by our London agents, Messrs Wedded and Company, for which we accord them every credit. Our butter continues to grade very .uniformly, going from 91 to 93 points out of a possible 100. As an evidence, also, of its reputation on the London market, it may be mentioned that we lately sold a large parcel at 3s per cwt. higher than the market quotation for New Zealand ! choicest. Your directors, in common j with tin- management ol other companies, were much exercised over the I question ot cheese-making, but after 'due consideration, and after consulti ing tin- supliers at the various cen- | tres, were guided by the emphatic ! opinion of advisers in London, that ! the present high prices for cheese ; would not he maintained next season, : and have decided not to erect cheese j plants at present. For the further | information of suppliers the following i table is appended : Prices advanced. July and August. IOJd ; 'September and October. lOd : November, 9fd ; December to March, 9d : April to-May, Sid; JuneOd.- Pounds of milk received, 45,761,093; milk required to make one pound ot butter, 23.35 llis; highest monthly average test. 5.03; lowest monthly average test. 3.38; average test tor year, 3.8; llis -il butter made. 1.943,258. A our directors greatly deplore the death

of a valued member of the Board Mr F \V Bills, oi Otaki, who died in February last. The directors who retire by rotation are, Messrs Maul and Voss, who, being eligible, offer themselves tor re-election. In conclusion, the directors trust that the suppliers will continue to support the company, and point out thqt its improved financial position will enable them to reap the reward for thenloyalty in the past. Mr \V ilbei fioss, the retiring auditor, offers himself for re-election.— Thomas Parsons (Chairman), Frederick Maul (director).