OKITU DAIRY COMPANY

Poverty Bay Herald, Volume LXIII, Issue 19125, 21 September 1936, Page 6

OKITU DAIRY COMPANY

FINEST PAY-OUT 13.37 D GREATER MANUFACTURE THE ANNUAL REPORT Tin; annual report of the Okitu Cooperative. Dairy Company, Limited, announces that with the additional Id bonus recommended the average pnyinont on finest, hutterfat for the season is hrought up to 13.37 d per lb. A further increase in manufacture is also shown. The report of the directors to ho. submitted to the annual meeting of the 'company on September 29 reads as follows : “Your directors have, again to congratulate suppliers on the very sound position of the company and the particularly good results lor the year. “After making provision for depreciation on plant and buildings and a transfer to a contingency reserve, account of £SOO, the profit, and loss account for the year shows a net surplus of £7504 2s Bd, which with the balance brought forward from last year, £53 13s id, makes a. total of £7557 16,s 3d available for distribution. mVIDKNP AND BONUS “From this amount (he directors have decided to recommend the payment of a dividend at the rate of 5 per cent on share capital fully subscribed at .lime 30, 1935. ami a further payment on hutterfat supplied by shareholders of 2d per pound, one penny of which has already been paid, which, inclusive of interest. on share capital and its equivalent, will make a total average payment for the season for finest grado hntterJal. inclusive of cartage costs, of J3.37J per pound. • “Butter Sales.—The directors have much pleasure in advising that all export butter sales have been on a very satisfactory basis and repot Is front London on the quality of our butter have been, excellent, which fact indicates that the installation of ai vacreutor was fully warranted. Latest reports have been, 'full flavour and good' finest, quality’ after many months in cool storage. The local sales have been well \ maintained.

“Manufacture. —The season has been a good, one, and we increased our tonnage from 450£ tons to 481-j tons, an increase of 30 tons, and the number of suppliers increased by 35. “Plant.—Following their usual policy of bringing the factory fully up to dale at the earliest opportunity, the directors have recently installed the following new plant, all of the- latest type •• High speed freezing compressor, a 561 b. bulk butter} packer, a 661 b. butter weigher, a, rotary mechanical’ can washer, and also a cream cooler of four times the capacity of the ohl one, which, combined with the staybrito units already installed, make our plant thoroughly modem, economical, and hygenic. ADVANCES TO SUPPLIERS “Suppliers’ Advance Account.—Particularly good reductions have been made, on this account duiing the season, and a number of new advances have been authorised, all on a sound basis, the net result being that as at June 30 last, advances stand at £3086 10s, all of which is well secured, as against £5060 Is as at June 30, 1935. These advances havo been of very considerable assistance to suppliers and are now in a. particularly satisfactory

“General.-—lt Ts pleasing to report that a number of new milking sheds and plants havo been erected by suppliers as well as many improvements to existing sheds and conveniences. Tins has been materially helped by the subsidy on improvements granted by the Employment Board. “Under the Government guaranteed price scheme a premium is paid on all butter graded 94 points and over. This quality can bo obtained only with the assistance of suppliers, and we trust (bey will use all possible care in producing and handling their cream and endeavour to send in only finest grade

“Wo again extend our thanks to all our suppliers for their support and confidence, and also to the Government instructors for their assistance, and the factory and office staff for their loyalty and co-operation during the past season. “Retiring Directors.—Messrs. E. R. Renner, G. J. White, and E'. H. Baker retire by rotation and being eligible for re-election, again offer their services.”