KIA ORA DAIRYING CO.

Poverty Bay Herald, Volume XXXIV, Issue 11127, 16 November 1907, Page 6

KIA ORA DAIRYING CO.

The fifth annual report and balance~3heet, to be presented at the . annual meeting, has been circulated amongst the shareholders of the Kia 0i a Co-operative Dairying Company. The report states: Your directors have pleasure, m presenting their fifth annual report and bal-ance-sheet. ... Owing to ;» heavy drop .m prices m London shortly after Ohr : stmas last, they' regret that the result is not so satisfactory as was anticipated when last annual report was submitted. They can, however, congratulate shareholders on having .been paid more for their milk than m any previous year. The price? paid for butter if at were lOd iper lb m September, October and November, 9£d m December, 9d m January and Februafv. B£d. m March and April, and 9d m May, June, July, and August. This is an average of 9£d per lb, or _d per lb more than- last season.

In accordance with resolution passed at last annual meeting, an adjustment wa6 made of the quota of shares to be held by each shareholder m proportion to cows milked, and 318 shares were thus allocated. A further allocation of 1158 shares was also made m terms of the special resolution • passedv empowering the directors to call upon members who had held shares for three years -to take up an additional share per cow milked. As will be seen from the balance-sheet, the total number of shares now taken up is 4457, as against 2843 last year, and capital paid up is £3265 4s lld. as against! £2426 Is 6d. There is thus an increase of 1614 m number, of shares taken up, and of £840 3s sd;in paid-up capital. This your directors consider very satisfactory. The following particulars of the working of the company are given :— Lbs of milk received 12,872,205, lbs of cream received 12,445. lbs of butter fat paid for 520,852, lbs of butter made 569,306, lbs of milk to lib of butter 22.28, average test bf mijk 4.02, average test of cream 34.32, average price paid for butter fat 9Jd ; per lb, . total amount distributed for milk -and cream purchased £19,989 12s 4d.T. .1 ;■•'..'■. Additions to machinery and plant and improvements >to property during the year cost £604 Us. 'After providing for all liabilities, there remains a. .balance of £246 10s 6d to credit' of profit and loss account, which your directors 'recommend should be, written, off for depreciation. The water supply at the factory being inadequate, it is (proposed to connect with tha Gisborne water supply's mains at Makaraka. if satisfactory arrangements can :be made with the Borough Council. In view of this and other requirements, and the probable erection and ; 'Hit.il-, of a new .creamery at TeArai when the Te Arai estate is sold, your directors would impress- upon shareholders the necessity ; of keeping as much as possible m hand during the spring and summer months. On the resignation of Mr Clark, Mr H. -R. Newitt, from Te Kaponga Factory, was appointed manager out of a large nuniber of applicants, and is proving himself a very capable and energetic manager. The' retiring directors are Messrs Dinan, Knight, and McOredie, all of whom are eligible for re-election. It will also be your duty to appoint an auditor; Mr Lunn, from press of other business, does not seek re-election.-— Edgar Knight, I Chairman.