GOOD PAYMENT FOR SEASON

Taranaki Daily News, 18 August 1933, Page 9

GOOD PAYMENT FOR SEASON

frankley road dairy company.

annual meeting -of suppliers.

One of the best payments for-cheese making for. the season was recorded by the Frankley. Road Dairy Factory" Company, rthe average being IO.OTd. Nearly 40 suppliers to the company attended the 36th annual, meeting in the Hurworth hall last night. ' -' "• The/directors* report recorded that the factory was destroyed by fire on June 30 and the directors decided to close then instead •of on July 31; The factory dealt with 5,626,0691 b of milk .for cheese making containing 249,0481 b of fat making 624,7941 b :of cheese. The average test was 4.42 per cent. For butter making in the winter the factory received 92521 b of butter-fat, making 10,9021 b of butter. After £B4 10s was written off for depreciation the profit and loss account showed a credit of £2176 18s 6d. The directors recommended payment .of 3 l-5d per lb of butter-fat supplied for . cheese making from December to May, bringing the average payment to 10.07 d for cheese making. All cheese was consigned; and if stocks, realised over ,49s there would be a further payment. The cost of; manufacture and all charges to f.o.b. were 2.53 d, depreciation .08d, levy .03d, total 2.64d,' against 3.10 d last year. The average grade of cheese was 91.48. Moving the adoption of the report and balance-sheet, the chairman congratulated suppliers on being among the best paying factories for the season. The whole of the cheese was consigned, the first three shipments being all white. Then, acting on the advice of the agents, the company made all coloured cheese and sent forward 14 shipments. This was very fortunate as the premium on coloured cheese during that period was from 6s to 12s per cwt. When white cheese was selling at as low as 38s the company received nothing less than 4fe. In the- four months from August to November the company paid lOd so no further payment was being made for those months.

The balance of profit and loss account was being paid over the subsequent months. All cheese on the water and in store was valued at 49s in the bal-ance-sheet, there being 544 crates in the store at the time of balance. Anything above 49s realised on shipments on the water at the date of balance and on the 544 crates in store would be .a further credit

The contract for the erection of the new factory was let for £3040 and the building: was to be ready for the installationof plant so that cheese-making could start on October 1. In the meantime the. cream separated at the temporary skimming station was being supplied to the Rotokare company at the same price as paid to the Rotokare suppliers. • - ■ It was. pleasing to note that the ■ cost to f.o.b. was reduced from 2.86 d to 2.53 d, a decrease of a third of a penny per lb butter-fat. The output of cheese showed an increase of 19£ tons. The retiring directors, Messrs F. Baker, H. G. Farmer and H. Okey, together with Messrs E. Newman, J. W. Reid and W. H- Adlam were nominated as directors.’ Messrs Reid, Farmer and Newman were elected. J An amendment, -to. reduce the - chairman’s honorarium by, half found no seconder and the honoraria of chairman and directors were fixed at the same as last year. 'A motion proposing that the company pay interest on fully-paid shares was almost" unanimously defeated. It was decided to assist suppliers purchasing coolers by financing the purchase out of .monthly payments,. At a subsequent meeting of directors Mr. Farmer was elected chairman. Supper was served after the meeting by Mesdames F. Baker, P. Gilbert, Farnham, Kirkby and Roy Allen.