THE DAIRY INDUSTRY

Taranaki Daily News, 18 July 1929, Page 9

THE DAIRY INDUSTRY

A PROGRESSIVE CONCERN OXFORD CO-OPERATIVE COMPANY. FOURTEENTH ANNUAL MEETING. The fourteenth annual' meeting of shareholders of the Oxford Co-operative Dairy Company was held at the factory yesterday, Mr. W. Corbett, chairman of directors, presiding over an attendance of about twenty shareholders. The report congratulated shareholders on a good year, both as to output and prices. The output of cheese totalled. 250 tons 2 cwt. 261 b. factory weights, an increase of 41.| tons, being o/er 20 per cent, more than last year. The company had shown a steady growth, the first year's output being under 114 'tons. The milk received last year was 5,213,9211 b.; butter-fat, 210,6701 b.; cheese made, 560,2501 b.; milk to 11b. of cheese, 9.301 b.; yield, 2.65; average test, 4.04. The test for the first ten years averaged about 3.8, and during the past four years has steadily increased from 3.81 to 4.01. After writing off £65 9h for depreciation, tho credit balance was £1598 I9s 2d. That would allow a further payment of lad per lb. of butter-fat over the whole year, making an average payment of 20.40 d. They expected a°further payment from the portion of the output shipped on consignment. The cost of manufacture of cheese and all charges to f.0.b., including repairs and overhead expenses, was 2.92 d per lb. of butter-fat; depreciation, ,07d; levy, .03d. Table of quantities and averages for the season, with those of the preceding season given in parentheses for comparative purposes, was as follows; — Number of suppliers, 21 (2±); milk received, 5,213,9211 b. (4,342,2331 b. but-ter-fat, 210,6701 b. (171,6161 b. cheese made, 560,2501 b. (466,6001 b. lbs. milk per lb. cheese, 9.30 (9.30); lbs. cheese ner lb. butter-fat, 2.65 (2.71); average fest, 4.01 (3.95); average price paid suppliers, 20.40 d (20 3-8 d); average crade, 91-034 (92.023); cost to f.o.b. per lb. butter-fat, 2.92 d (3.30 d THE CHAIRMAN’S ADDRESS. In moving the adoption of the report and balance-sheet the chairman said it v/as very pleasiim to be able to con-

<rratulate shareholders on the excellent year just concluded. Weather conditions were favourable, with the result ■ that the output had gone up another 412 tons. The pay-out to date, 20.40 d, with the prospect of another small payment, should be regarded as very satisfactory. The first year of the company’s operations the suppliers received £7200, while this year they would receive nearly £lB,OOO. The financial position of the.company was so sound that he felt he might be pardoned for again referring to it. Allthe property and assets were owned by shareholders, and on realisation of cheese, etc., in stock they would have sufficient to pay all accounts and bonuses and have ■ £668 in the bank. The cost of manufacture and putting cheese f.o.b. was very much lower this year, being reduced from 3.30 d to 2.92 d per pound of butter-fat. The question of making standardised cheese, he said, had been kept in view by the directors and information would be obtained. They would act according to the proved results obtained by those who had given |it a trial. He pointed out that while i possibly thfi directors would have done ‘ better ’had they sold instead of consigning, it was easy to be wise after the event. However, the directors had sold the latter portion of their output at 814, enabling them to finalise their pay-out. It had proved a wise precaution, as on the present prices the cheese would probably realise Bjd. The chairman's motion was seconded by Mr. R. B. Whitehead and carried without discussion. ■ ELECTION OF DIRECTORS. The retiring directors, Messrs. IJ. Brophy and E. B. Corbett, were re-elected unopposed, Mr. J. S. Fox remarking that they deserved that compliment in view of the splendid work they had done. Mr. E. P. Webster was re-elected auditor at the same fee as last year. The secretary stated that as far as he could see there would be a further pay-out of a farthing. It was decided to purchase shares from “dry” shareholders at ss. The directors were accorded a hearty vote of thanks, the chairman being voted the usual honorarium of £l5 and the directors £5. Speaking to the motion. Air. J. S. Fox said the company certainly owed a lot to the directors, who had passed through a trying season, particularly in th early jnxrt, when it v/as difficult to say whether it were better to sell or consign. A vote of thanks was accorded the manager (Mr. R. H. Davis) and staff. In view of his economical management it was decides to vote the manager a. bonus of £lO 10s. The secretary was accorded a vote of thanks.

At a subsequent meeting of directors Mr. W. Corbett was re-elected chairman, ■ .