MIDHIRST DAIRY COMPANY.

Taranaki Herald, Volume LXVII, Issue 16501, 31 July 1919, Page 6

MIDHIRST DAIRY COMPANY.

ANNUAL MEETING OF SHARE- ' HOLLERS, At the annual meeting of the .Midhirst Co-operative Dairy Factory Company on Monday Air. G. saigsier (.chairman of directors) presided. ANNUAL REPORT. The annual report stated that the working results Mere as follows: 1917-18. 1918-19. Milk received 39,400,839 19,807,03 l Average test ... 4.11 4.1 S Lbs. butter-far - 1.33d,750 827,845 Butor made ... 1,569,661 980,705 Over-run 17.86 18.46 Ratio 20.64 20.19 The balance-sheet showed a surplus of £7155 0s 9d, which would suffice to make a further payment of 2.',d on all fat (.September to May, inclusive). A further payment was clue by the Government, and as soon as received, will be paid out. A sum of £1776 16s 3d will bo paid out to all tv ho supplied milk for casein. Those suppliers who left their unlit prior to Auvember 10 receive a bonus of Id. Those after November 10 Jd. Those suppliers who availed themselves of casein from August to May have been paid out Is 9Jd for tat and casein. A sum of £6OO 0s 4d had been written off for depreciation, at the rate of 2i per cent, on all concrete buildings, and 6 per cent, off wooden buildings and plant. The amount shown on balance-sheet (£1323 14s lid) in hand for season 1917-18 was equal to )d September to May fat, and Mould be pain out when final payment was received from the Government. Suppliers had been paid for this season as follows; —August Is od, September Is SRI. October Is 6sd, November Is 6)d. December to May (inclusive) Is 7)d —an average over the whole season of Is 6.77t1. Cost of maium»UU'e, 1,57c1. The balance-sheet showed liabilities on share account at £10,801; accounts payable. £4658; farm purchase account, £707; duo to bank, £8634; reserves, £1957; with assets amounting to £35,353. The. working account showed payments to suppliers as £57.275 ; wages, etc.. £76-16; oilier charges (including £BOO for reduction of bank debentures), £2816. Tho butter sales amounted to £74,-155; casein buttermilk. £24S; store account, £lB7. The advance from the Government on account of 50 per cent, amounted to £6367. CHAIRMAN’S ADDRESS.

The, chairman, addressing the shareholders, said that what concerned them most was the pay-out, and during the past season it had been fairly good. As shown in the balance-sheet, suppliers who took advantage of casein had been paid Is Old. There was nearly another Id to come yet from the Government providing they would square the Equalisation Fund out of the. consolidated revenue. If the, full amount was not refunded there was at least hope of getting compensation in some shape or form. In this connection a Inigo petition, signed by all the dairy companies, was to be presented to members of the House at the coming session, protesting against the Equalisation Fund being charged up to the butter factories. It was therefore likely that they would get some consideration when the matter came before the House. As also shown by the balance-sheet, there was a Jd due, from last season, and a farther payment yet to como.. The. cost of manufacture was higher than had ever been experienced before, but was well within the mark compared witli other factories, and in some cases was a good deal below. The sum of £BOO bad boon taken from the working account to reduce the building loan, this representing nearly id per lb. on the butter-fat. They bad made .£219 more in the. season on the buttermilk, which had previously been disposed of locally. The new buildings which had boon erected at the various creameries could be converted into cheese rooms at very little cost if, at any time, the company should r decide to go in for cheese. The buildings, which had been designed by Air. Bow•man (manager) were the most modern in the Dominion. AVith cottages, they cost a little over £6OOO, which was cheap considering the times and the cost of materials. Some of the creameries who severed connection from the company had erected only one building for that cost, whereas the company had four; so that it could bo seen the money bad been well spent. Concerning the future, Afr. Songster said.that, as they knew, delegates bad been sent, by the various dairy companies in Taranaki and AA'ellington, to America and the Homo Country. They were deputed to get all information regarding the marketing of produce, the manufacture of dried milk, sugar of milk, casein and, in fact, everything in connection with the dairying industry. This, to a certain extent, was bolding the company "at the present time. It was the intention of the directors to put in a drying plant for casein, as they wore fully convinced that they were not getting for the casein all that they ought to. AVith a plgpt of their own he thought they would realise much more, and heat cheese. The report ot the delegates might be favourable to dried milk, though he was rather Inclined to doubt that it would bo so. After the report was to hand, however, and a report which was being obtained from a private source was also received they would be in a fairly good position to 'judge what was the best to “do, and the directors would call shareholders together to discuss iho whole question. If thoy decided for a new building for dried milk or casein it would be necessary to allot more capital. The question of winter dairying had been raised. Did it pay the company to run the factory for the small milk supply in winter? For various reasons he thought it might be better to close the factory altogether for a certain time during the winter. _ Regarding the staff, the speaker said the manager claimed that thoy were second to none in any factory. (Applause.) The company was trying to do its best for them, and the housing accommodation provided was as good, if not better than that connected with any factory in the North Island. AVith reference to the manager and secretary (Messrs. R. Bowman and Hogg respectively) the chairman said that while they' had one looking after the practical part, and the other after the business part, everything 'was right. (Applause.) Mr. Davidson moved that the report and balance-sheet ho adopted.-Second-ed by Mr. Eichsiaedt and carried after a short discussion. ELECTION OF DIRECTORS. For the three vacancies on the directorate there were four, nominations.

Tho voting resulted as follows:—G. Gangster 1166, W. J. AATllington 338. J. Maliou 313, D. Crofskey 148. The first three were elected. .Mr. Sangster returned thanks, assuring shareholders that he would do what he thought best in the interests of the company. He had always received the hearty 'support of his co-directors. Messrs. Mahon and Wellington also returned thanks.

Mr. T. H. Penn was reappointed auditor. THE STORE.

Mr. Hooper inquired if the directors intended doing anything towards enlarging the. store. They still had to go, outside for some goods not stocked at their store. He thought they should make some enlargements, and carry more stock. To encourage- suppliers who dealt there, any profits should be handed hack by way of rebate. The secretary said the store was financed on borrowed money, and they had nothing to come and go on. He thought that when the coni],any received the report from the dairy delegates abroad and decided on the future policy it would then be an opportune lime'to set things in order as far as the store was concerned. The matter was entirely in the suppliers’ hands.

The ' chaii man said tho interest on the money came out of the whole funds. With regard to giving rebates, he was not quite in favour, as the profits belonged to tiie whole company. A decision could be arrived at when the, policy of the company would also bo decided at a later date. On the motion of Messrs. Davidson and Eichstacdt, voles of thanks were accorded to the directors and the company’s staff.