NORMANBY DAIRY COMPANY

Taranaki Daily News, 2 August 1932, Page 12

NORMANBY DAIRY COMPANY

MANY SHAREHOLDERS PRESENT. YEAR'S RETURN SLIGHTLY BETTER General satisfaction with the management of their interests in a year of low market prices was expressed by shareholders at the annual meeting of the Normanby Co-operative Dairy Factory Company, Limited, yesterday, when the chairman of directors (Mr. A. Thrush) presided over an attendance of about 80. Reviewing the year, the chairman said that in view of the difficulties encountered the result could be regarded as -being very satisfactory. “The past dairy season has again been one of low market prices and the return to suppliers per pound of butter-fat will be only slightly higher than for the previous season,” he stated in his report. “The production of butter-fat shows a decrease of 5.26 per cent., and this will, unfortunately, reduce the advantage of the extra pay-out per pound. Manufacturing costs show a further reduction of over one farthing, and the total costs to f.o.b. are shown at slightly more than 2Ad a pound butter-fat. The unsold cheese was taken into account at 55s and the unshipped portion at ojd a lb, and, provided the markets hold, it is hoped that the final pay-out will exceed the amount shown in the balance-sheet as available for distribution. “For the past season the output of cheese was forwarded, on open, consignment to two firms, and the prices realised. by the two firms have so far been equal on the average. The whey butter was consigned and. the average price to date is 90s. The creamery butter, May, June and July make, has been sold at lid a pound finest and first grade, and this can be regarded as a very satisfactory sale. “An adequate -programme of repairs and manufacture -has been carried out and. the buildings and plant of the company maintained in good order. The road from the whey taifk and tl factory yard have received, attention and the roof of the whole of the main factory building' has been repaired where required, a new copper gutter being fitted. The heating of the coal in the coal shed caused a fire, and but for the prompt action of the staff in discovering and coping with the outbreak the- result might easily have been disastrous to the company. The damage was covered by insurance, and that portion of the building was rebuilt in. concrete. The purchase of a set of cheese scales has been fully justified, by the correctness of the weights as against the grader’s check weights. Throughout the past season a trial was made with the ‘‘iron fireman” and a considerable saving in fuel costs has resulted. The planting of trees on the waste areas has also received -attention, and generally the company’s property has been thoroughly cared for.”

The directors’ report and. the balancesheet, already published, were adopted. The chairman also paid a tribute to th© other directors and expressed his thanks to the manager, secretary and Staff for their valuable services throughout th© year. Mr. D. J. Hughes questioned th© directors on certain points and. then said that, in his opinion, the saving of £1509 7s lid shown in balance-sheet as against the previous year was a wonderful effort for a difficult season like th© one under review. It was proof of good generalship and good management. While endorsing the statements of Mr. Hughes, Mr. F.'Riddle said he would like to point out that, much of the saving had been accomplished by salary cuts and did not necessarily mean good generalship. “I won’t fight with you,” said Mr. Hughes. •Mr. C. J. Preston asked if it wgs a fact that there had been a 20 per cent, cut in salaries,- but was informed that It was only 10 per cent. To Mr. G. W. Gane, the secretary (Mr. E. K. Cameron) said that th© total c.i.f. costs per pound of butter-fat worked out at 3.1 d for the season. Messrs W. J, Tristram and H. A. Lennon were re-appointed auditors and the chairman s honorarium was fixed at £75 and the directors’ payment for expenses at 15s a meeting. ■ Messrs A. Thrush and T. J. Hurley, th© retiring directors, offered themselves for re-election, and.- Messrs A. E. Spratt and C. J. Preston were also nominated, for the vacancies on th© directorate. As a result of the ballot Messrs Thrush and -Spratt were appointed. Mr. Thrush w-as afterwards re-elected chairman. The directorate now comprises Messrs Thrush, H. I. Crocker, E. J. Linn, W. Mortlock and A. E. Spratt.

A vote of thanks was accorded Mr. Hurley for his services in the past.