OAKURA DAIRY COMPANY.

Taranaki Daily News, Volume L, Issue 61, 6 November 1907, Page 3

OAKURA DAIRY COMPANY.

About titty shareholders attended the annual meetiliig of the Oakura Co-oper-ative Daily Co. at Oakura ou Monday, Mr G. A. Adlaui, chairman of directors, presiding. The annual report and balance-shoet, already published, were adopted, on the motion of the chairman, who congratulated the shareholders on the success of the past year's operations. In the first place, the season had been an eminently favorable one, but the chief factor connected with the increase of output was, he thought, that tho suppliers were paying more attention to tho culling of their herds. Not only hid the output increased, but they had obtained a higher price for it, and the average payment to suppliers last season constituted a record in the history of the company. Reference was made to the appointment of Mr Mackie to represent the colonial producers at llome, and to the dilatoriness of the Government in Bending its promised representative on a like errand. During the" past year the Taranaki Freezing Company had allocated large profits to its ■ shareholders, and the Oakura Coinpuiy had received in all £11)0 4s 3d. mis had been taken in as an asset and for the purpose of this year's balance was shown among the liabilities as a reserve account. Next year it would probably be used in writing down water power, etc. At uw annual meeting of the Freezing Company it was decided to reduce the charge for freezing on butter from 7d to (id per box, and the Eginont Box Company liad also reduced the price of boxes from Is to 11 1 /;.. Together, these concessions would mean a reduction of l%d per box. Shareholders would notice that the amount "written oil' lor depreciation was on the high side, but this would strengthen the position for future years. Four years ago they had had an overdraft at the bank of nearly £ISOO, and during that year paid them £4B 10s 3d in interest. Last year they were in credit nearly the whole time, and only paid lis in interest on overdraft, which spoke well for the financial position of the company. In the 12 months just ended the company had handled nearly the same amount of milk as the previous ye ir at a saving of £IOO in the wages uccount alone. Management expenses as a whole showed a decrease of

£UU. During the past year it was found that the Timaru dam was gradu;dly breaking awav, and was likely to go altogether at any time, 'there was

every probability of it always being a source of expense to the company to keep it iu repair. Xko directors, therefore, look into consideration the

Huestion of making a new water race, one that would give the company considerably increased power, and be a permanency, without entailing a heavy cost each year. A contract had nov been let for the work at £lO2. Another item of expense to the company has been the factory water race. The amount of power given by the turbine had never been satisfactory. A small engine had been procured to drive the separators, thus having the whole of power from the turbine to be devoted to driving the cliurn and freezer. Following the practice adopted durinu past years the directors had again sold the company's output, tho price rcceived being 10% d to the end of December, and 1014(1 from January Ist to March 31st.

Messrs W. Iloneyliel, Captain Mace and Telford were elected to the directorate, and Mr T. O. Kelsey auditor. It was decided to recommend the directorate to erect a weigher at tlie Tiinaru creamery.

A suggestion to pay 6 per cent interSt on paid-up shares was negatived . l ie directors met subsequentlv, and le-electcd -Mr Adlam as chairman.