CENTRAL DAIRY COMPANY

Sun (Christchurch), Volume I, Issue 226, 28 October 1914, Page 10

CENTRAL DAIRY COMPANY

ANNUAL MEETING. The annual meeting of the shareholders in the Canterbury Central Cooperative Dairy Company was held today at the Addington offices of the company. The chairman of directors (Mr .). Baruett) presided, and there was a fair attendance of directors and shareholders. ANNUAL REPORT. The directors, in submitting the report and balance-sheet for the year ending August £l, stated that, unfortunately, owing to labour troubles at the commencement of the export season, large quantities' r of butter were held up, thus causing a slump in prices on the London market, owing to heavy and uncertain arrivals. The balance for the year, including the balance brought forward from last year, was £6710 16/4, which the directors recommended should be dealt with as follows:—To pay the usual 6 per cent, dividend, £786; to write off building and machinery at creameries, £746; to write off buildings and machinery at factory, £318; to pay a bonus to suppliers of per lb on butter-fat supplied during the year, £4557; to pay the usual 5 per cent, bonus on wages and salaries, £105; the balance to be carried forward to next year. All bonuses unclaimed on March 31, 1915, will be deemed forfeited to the company. The total milk supply received for the year was 48,627,2051b. The total cream supply received for the year was 1,260,3041b. The average price paid to suppliers has been 11.62 d and, with the proposed bonus of $d per lb, will make the price 12.12 d for I the year. The butter manufactured jwas 2,588,3151b, or 1155* tons, an increase of 74 tons on the previous year. The export shipments amounted to 323* tons, the balance (832 tons) being disposed of locally. The quantity of milk taken to make one pound of butter was 23.4. While it was difficult to forecast prices for the coming season, owing to the unfortunate European war, it was generally considered that foodstuffs would be in good demand, and prices were more likely to advance than decline. The, loss through death of the late Mr AV. G. Doak, for many years a director of the company/ was deeply regretted. The following were the retiring members of the Board: Messrs A. McGregor, A. E. Harris, J. Nairn, H. T. Chapman, H. E. Evans. The principal items on the expenses side of the profit and loss account were salaries £902 11/9, N.Z. railways £2491 2/2, carting from creameries £965 1/8, coal and wood £1653 15/7, wages £5465 10/3, butter boxes £1499 16/-, incidental expenses £2130 3/1. The total expenses were £18,334 10/3, and a profit was shown • of' £6716 16/4. The principal, item on the receipts side was £24,938 5/2, for sales .of butter, cream, and cheese. CHAIRMAN'S REMARKS. The chairman, in moving the adoption of the report and balance-sheet, referred sympathetically to the absence through illness of Mr J. Rennie, who had taken a great interest in the company, and also in dairying. In moving the adoption of the report and balance-sheet, he remarked that this was the smallest meeting in the history of the.company. It seemed to indicate that the shareholders were satified with the work of the directors. The past year had been the most trying and difficult the directors had experienced. First of all there • was the wretched strike, which caused the company to lose £2600. Now there was the dreadful war. Competition was becoming very keen. There was a regular scramble

for milk and cream, and that made things warm for everybody. A new freezer had been put in, at a cost of £540. There had also been additions or renewals to the plant at various factories and creameries, which had cost a considerable amount of money.' He referred to various items of expenditure, and to the payments made to suppliers. During the year the company had paid £104,600 13/2 to suppliers. During the past five years the total receipts amounted to £623,018, of which £472,625 had gone to suppliers. There were now 300 home separator operators' sending cream to '.the factories. This showed that they should continue to write down their creameries. For years past the public of Christchurch had been complaining of the high local price of butter, and he strongly advised that it be kept down to their f.o.b. price. Their Home agents spoke in the highest terms of the quality of the butter, which they believed was equal to Danish. It was very reassuring to know that the British fleet was keeping the trade routes clear, and that the Home market was available. In conclusion he appealed, to the farmers of Canterbury to support the company, and to the suppliers to send nothing but pure milk and cream to the factories. The motion was seconded by Mr Nairn, and was carried unanimously. AUDITORS. Messrs R. Hill Fisher and Sou were re-elected auditors. DIRECTORS. The following were declared elected: Messrs A. McGregor, A. E. Harris, J. Nairn, and H. T. Chapman. THANKS. On the motion of Mr G. Rennie, a vote of thanks was passed to the staff. The mover spoke in the highest terms of the work of the factory manager and the clerical staff. The vote was acknowledged by Mr Smith and Mr Middleton. Thanks were also accorded the chairman and directors for their services. Mr C. S. Howell, who has been visiting the Old Country, after an absence of fifty-five years, returned to New Zealand in the s.s. Rotorua. His health has been greatly benefited by the trip.