TOLAGA DAIRY COMPANY

Poverty Bay Herald, Volume LXIV, Issue 19398, 9 August 1937, Page 4

TOLAGA DAIRY COMPANY

PENNY BONUS PROPOSED AVERAGE PAYMENT 13D HIGHEST DISTRICT GRADE (Special to the Herald.) TOLAGA BAY, this day. An additional payment of Id per lb on butterfat is recommended by the directors of the Tolaga Bay Cooperative Dairy Company, Limited, to bring the average payment for the season to just over 13d per lb at the farm gate, compared with a corresponding figure of under Hid last year.

"After making provision for depreciation," the directors' report states, "the year's working resulted in a surplus of £2572 Is 7d. Your directors recommend that this amount be disposed of as follows:—Payment of a dividend of 4 per cent on suppliers' paid-up capital to June 30, 1930, £153 12s (id; an additional Id per lb on butterfat supplied during the season, £2412 16s Bd, leaving a small balance to carry forward. Realisation on unsold stocks of the previous season's butier resulted in a deficit of £7BO 18s 3d. This deficit has been met by drawing on reserves, as shown in the appropriation account.

"The average advance payment to suppliers during the season just concluded was 11.9G9d, and with the additional payment recommended by your directors, which amounts to 1.066 d, brings the estimated total payout for the season ending June 30. 1937, to 13.035 d per lb butterfat at farm gate.

"Butter stocks unsold at June 30, T 937. have been valued as follows: I.'xport butter, government fixed price based on grade; local butter, Is 2d per lb.

"It is pleasing to report an increased output, butter manufactured for the season being 315 tons, compared with 281 tons the previous season, an increase of 34 tons. The high quality has again been maintained, your company again topping the grading list of factories through the Gisborne port.

"The directors retiring by rotation are Messrs. C. E. Smith and G. S. Wilson."

The total dairy factory costs averaged 2.661 d per lb. butterfat, compared with 2.444 d last year, an increase of .217 d per lb.

The following statistics were given, the figures in parentheses being those of last vear:—Pay-out previous year per lb. butterfat, season average (11.431 d); pay-out current year per lb. butterfat advance, 11.969 d; estimated surplus, I.OGGd; number of suppliers, (113) 115; cream received, (1,278,4201 b.) 1,42G,7111b.; butterfat from cream, (518,1191 b.) 579,0801 b.; average butterfat test of cream, (40.24 per cent) 40.58 per cent; total charges including repairs and maintenance up to f.o.b. at per lb. butterfat, 2.444 d) 2.GGId; total butterfat used for creamery butter making, (518,1191 b.) 579,0801 b.: creamery butter made, (G29,5191b.) 705,8131 b.; overrun creamery butter made, (21.50> 21.88: average grade of butter, (93.596) 94.055; cream grade percentages, finest (90.744) 93.339, first (7.676) 5.626, second (1.579) 1.034; cost of cream collection per lb. butterfat, \ (.35d) .363 d.