WAREA DAIRY COMPANY

Taranaki Daily News, 24 July 1930, Page 19

WAREA DAIRY COMPANY

EIGHTH ANNUAL MEETING STEADILY GROWING PRODUCTION. RETURN THOUGHT SATISFACTORY. The eighth annual meeting of suppliers to the Warea Co-operative Dairy Company was held in the Warea Hall yesterday afternoon when Mr. C. Wells, chairman of directors, presided over a full attendance of suppliers. It was reported the number of suppliers was 23, the milk received during the year had amounted to 9,533,3751 b, the butter-fat received 397.3221 b, average test 4.2, and the cheese made (factory weight) 1,031,3971 b. The amount of milk to lib of cheese had been 9.211 b, the cheese to lib of but ter-fat 2.591 b, and the butter to lib of butter-fat 1.2107. 'Die official average grade for full cream cheese had been 19.647, and for standardised cheese 91.168. The cost of manufacture at per lb butter-fat to f.o.b. had been 3.2 id.

■The amount of credit of the profit and loss account on closing the books for the year had been £490 7s 6d. A further* payment of Ml per lb butter-fat over the whole season would be made, this bringing the payment for the season to Is 41d per lb butter-fat. A considerable amount of consignment cheese had yet to be sold, -160 tons being made, compared with 436 the previous season. Another satisfactory increase in tonnage was recorded. A standardising plant had been installed and for April and May the company had made t-tandard-isod cheese.

Die balance-sheet showed that the aincunt received for the cheese and butter sold or on hand was' £32.412. So far' £26,545 had been p.aid to suppliers. Mr. Wells said the company had.consigned its cheese all through the season. At the beginning of the seasorf the market prices had been very low, so the directors had decided to retain the cheese, instead of selling. Instead of improving the prices had. decreased, and the directors had continued to eonsign. The increase of production in eight years had been 200 tons, said the secretary. The average test had increased from 4.1 to 4.2. The costs to f.o.b. this year had been 3.27 d a lb butterfat and 3.2 Cd last year, but the cost of manufacture had decreased from 2.28(1 to 2.21<1. The company had established a record by manufacturing not one crate of second grade cheese. Capital had increased slightly with the increased supply. The plant account had increased owing to the- installation of a new separator to replace one that had done duty for over ten years. The value of cheese in stock was £26-17, as against £1615 at the same time last year. It had been estimated at 6d per lb and all going well there should be an additional farthing to pay when it was realised.

Referring to the expenditure the secretary .said interest had increased because the company had had to lean more on the bank than in previous years; Repairs and maintenance had shown a slight increase. In addition to the halfpenny there was an extra farthing to b'b paid because advice had been received of surpluses on four shipments. There were yet to be realised 1457 crates, on which aid, 6d and 7d had been advanced and if the present market prices were maintained there would be another halfpenny available. During the seven years of its existence the company had paid an average of Is 7d per lb butterfat.

Reports had been received that the company’s cheese was opening very satisfactory on the British market. The quality of the Warea cheese shipped by the Piako had continued to be satisfactory. The flavour was very good, and tire cheese on the Maimoa showed goed even flavour and texture. These were shipments of October and midNovember cheese.

The company was using both locally made and other rennet, the 'chairman said.

For the three vacancies on the directorate there were four nominations and the election resulted in the return of the three retiring directors, the voting being: C. Wells 107, F. G. Sole 107, T. C. Bredin 76, C. W. Revell 31. Mr. A. J. Tunbridge was rc-clected auditor. The chairman was voted an honorarium of £3l 10s, the same as in last year. . A vote of thanks was accorded the manager (Mr. T. Fowles) -and staff. Thanks were also accorded the' secretary (Mr. E. P. Webster), the chairman and directors. Mr. C. S. Muir remarked that the directorate had had a very trying season and had certainly done its best for the suppliers. The chairman said the final pay-out would be just over Is od per pound, which lie considered “not so bad.” '

Afternoon tea supplied by the ladies of \he district was served by Mesdames C. Wells, F. G. Sole, G. Julian and T. Fowles.