HERETAUNGA CO.-OP. DAIRY.

Waipawa Mail, Volume LXVI, Issue 140, 22 August 1938, Page 2

HERETAUNGA CO.-OP. DAIRY.

A DIFFICULT YEAR DUE TO HEAVY RAINS ASI FLOOD DAMAGE. The following extracts are || from the annual report of the Hi taunga Dairy Co., to be presents the annual meeting to be held Hastings next Saturday:— The past year has been a very fioult one for dairy' farmin'.'. Oi to the autumn drought of ]!)3"j was a shortage of supplementary der for winter and early spring ing, with the result that eov ea« in a generally poor condition, spring conditions were also vm satisfactory, and the first half 0 ( season to December showed a drq the company's output of 253 AA’ith the early autumn rail - iti ed that this drop would be ■.it-ked but largely owing to the flood i age, the year closed with a dm in output of 298 tons. Tin mala ing 1964 tons against 2262 ton, the previous year. From the Ist August, 1!)37, guaranteed price of 13.25(1 has paid by the Government. The mary Products Marketing Depart paying this price for all butter| ing 93 to 934 points, with vain in payments above and beloir grading and for unsalted L itter price has since been increased further payment of .41d, inakiq Government purchase price 11 and it is on this price for li that the balance-sheet figures been calculated. The valuation for unsold stod butter at 30th June, 1935. was I on the above basis for both ei and local butter.

The appropriation account sit surplus of £44,718 19s 9d, whit) directors recommend be distril as follows That the deferred ment be 2 5/16d to shareholders have supplied over 3001bs. of bl fat; that the deferred payment to shareholders who have supplii der 3001bs. of butter-fat; thatth ferred payment be 2 7 IGd to shareholders who supplied over lbs. of butter-fat; that the did on shares be 54 per cent, on the up value held during the year deferred payments will be paid the whole twelve month*, aai usual deductions will be made shares held by “B” shareholdeti do not hold their quota. The payments recomninided i together with directors' fees, will sorb some £44.336 of the standing to the credit of the i| priation account; of the balana is proposed to credit £3OO to rt account and carry' the remai forward.

In compliance with section 1 the Companies’ Act, 1933. your I tors report that they consider company’s affairs to be in a sound position. Ample proviiia been made for depreciation of« which have been well written i over a period of years, and the • tors consider the actual value l well in excess of the balaneH value.