OPUA ROAD DAIRY COMPANY

Taranaki Daily News, 1 August 1932, Page 11

OPUA ROAD DAIRY COMPANY

ANNUAL MEETING OF SWPLIEBS. The Opua Road Dairy Company held its annual meeting on Thursday, Mr. G. Fearer presiding over an attendance of about 12. The sum distributed at the meeting made the season’s average payment .lljd. per lb. butterfat. It was the opinion of some, shareholders that the company had done well considering the unsettled state of world markets. Representatives of the Press were excluded from the meeting and the following resume has -been issued:— The chairman said no depreciation was written off. The Taranaki Producers’ Freezing Works Company shares had increased by the annual payment on them amounting to £3l 10s. That was, a very good asset. ~ In the previous season the company had received £3l 7s. by way of rebate on cheese, storage and in the past season shareholders’ rates of storage were reduced by Id. per crate for the first month’s and id. per crate for the second and other months’ storage. The Rennet Company in which the company was also a shareholder seemed at last to have found its feet and was filling a necessary place in the cheese-making industry.

Stocks on hand were much lower than last year and that saved interest on the carry-over of requisites. Cheese on hand was 196 crates taken in at 5Jd. per lb., less 3 per cent, shrinkage. The previous season 215 crates were taken in to stock at sd. with 2 per cent, shrinkage. Share capital had increased by £B3 ss. lid. and the reserve account by £l2 ss. sd. The bank overdraft had decreased considerably, that being caused by the better rate of advances made against cheese, thus easing the bank and allowing more liberal advances to the suppliers. From the balance of £765 10s. 9d. the company was paying £709 19s. 3d. to suppliers and that would bring the average payment for the season to lljd. The company was also paying interest on shares amounting to £l9 10s. The balance of £36 was being carried forward to be distributed when surpluses came to hand. The following directors were elected: Messrs. G. Feaver (chairman), T. H. H. Sinclair, A. Callendar, S. R. Feaver and W. Roach. The manager (Mr. A. Swit? alia) was voted a bonus of £l5.