SECOND EDITION KIA ORA DAIRY CO.

Poverty Bay Herald, Volume LV, Issue 17030, 15 August 1929, Page 8

SECOND EDITION KIA ORA DAIRY CO.

THE ANNUAL MEETING GROWTH OF COMPANY The annual meeting of the Kia Ora Cooperative Dairy Co. Ltd. was held at Alakaraka this afternoon, Mr. O. RMoore, chairman of directors, presiding over a large attendance. The attendance totalled nearly 200.

In moving the adoption of the annual report and balance sheet, Mr. Moore said the paid-up capital of the company amounted to 1)16,283, 'which, together with reserve funds, provided a total capital of £23,805. “This capital.” said Mr. Moore, provides for the whole of your fixed assets, factory, and plant. An analysis of shareholders reveals that we have 3651 shares, held by persons who have ceased supplying cream. During the year we have purchased from nonsuppliers 293 shares, making a total number of shares resumed of 989 at 15s each, so that the reserve fund has benetited to the extent of £247 5s as profit on shares resumed. During the year 1570 shares were allotted, making the total shares issued 17,230; since the close of the year applications have been received for nearly 2000 shares, which will bring our issued capital to over 10.000. “The.surplus interest is £545 6s,’’ continued Mr. AlborC, as lie worn on to deal with advances for the purchase of stock. Most of the. amount quoted had been eartled by advances on stock. “ The finances of the company,” he added, have been very satisfactory; during a considerable part of the season we have not 'been indebted to our bankers, the position being the reverse, as we have had any, surplus moneys, lodged with the batfk on fixed deposit, it will be readily seeU that without the advances department a largo sum of money would not lie earning interest to the same extent as is now the case.”

INCREASED OUTPUT Dealing With icompArisioh with the fig ures of the last year, the chairman said that over £20,090 more had been pain out for butterfat this season as against last season, whilst the sales of the outtei showed an increase of over £17,100. Coming to the items for the cost of niana factUre, he said none of these called tor comment-, except that the ratio oi cost had been stiil further reduced by onetenth of a penny. The only item under the heading of cost of disposal and general expenses which showed increases Were directors' fees, printing and stationery, and advertising, and also depreciation. The increase in directors’ tees was due to more meetings being held, a mini her of these being specially called regaiding the management of the factory. Mr. 'Moore added that a great saving would be effected with a new system of fuelling, a mechanical stoker, and also with the installation of a new box-healcr, which would substantially reduce labor costs. A can washer would also eliminate some of the present labor charges. In imply to a question, Mr. Moore mentioned that all of the butter on the London market had now been disposed of, the last of it at 170 s 9d per evvt., while a few previbiis lots were sold at 172 s and 1735. CONTROL BOARD LEVY A supplier asked what return the company got for the £159 Control Ruurd levy. / . The Secretary, Mr. J. H. Sunderland, said tho Control Board maintained it was instrumental in gaining reduced freights and insurance charges. Mr. Irons, chairman of the Control Board, recently gave an interesting resume of the board’s operations to Gisborne dairymen, and it was a matter for Tho suppliers whether they believed that the board had made the savings it 'claimed. Tho company, however, had to pay the levy. The matter of crcfim collection was raised, and it was suggested that there should be a daily collection throughout tho’ season. Mr. G. Purvis, Government grader and instructor, stated that daily ’collections in the hot months, say , from November to March, were advisable, but collections every other day during tho cooler months should be sufficient to produce the best grade of butter.

Mr. W. T. Pitt asked if a bonus was contemplated to the buttermaker, who had done very good work in taking charge of the factory during Air. Newitt’s illness. —Tho chairman said that no doubt the directors would consider the matter.

A supplier remarked that the new manager, Mr. Lee, had discharged sonic of the employees, married men, who had loyally worked long hours, to put boys oh. The speaker did not think it British fair play to do so. (Applause).— The chairman: I do not think this thing eomes under the heading o 5 the bal-ance-sheet.—The matter was then dropped. , , A motion was put recommending the directors to grant a bonus to last season’s factory employees for the extra work entailed during the past manager’s incapaqitation. 'l’he voting was 45 for and 42 against, many of the shareholders failing to vote.