RECORD OF ACHIEVEMENT

Wanganui Chronicle, Volume LXXXII, Issue 19365, 23 July 1925, Page 8

RECORD OF ACHIEVEMENT

THE KAT IWI DAIRY FACTORY. ANNUAL REPORT. Another record of achievement is contained in the report to be submitted to the annual meeting of shareholders of the Kai Iwi Co-operative Dairy Coy.. Ltd., to be held on Wednesday next. The report reads as follows:—In presenting their tenth annual report and balance sheet, your directors feel that, the shareholders are to be congratulated upon a successful year’s working. Output—A change of agents was decided upon at the beginning of the season. The company’s produce has been handled this year by Messrs Foley Bros., Ltd., and as far as it has been possible for us to judge, the prices obtained compare favourably with those obtained by other factories. Your directors decided to sell the last three shipments, a total of 167 crates, at 9Ad per lb. f.o.b. ocean steamer, and this has enabled us to clean up finally for the season.

The supply was not quite equal to last season, 94 tons being manufactured, against 98, but the prices realised have been better, the amount received from sales and consignments exceeding that of last year by £416. Expenses.--The most notable of the comparisons published elsewhere is probably the ratio of expenses. The cost of manufacture, and all overhead expenses, including depreciation, was 1.76 d per lb of cheese, as against 1.92 d for the previous season. Grade.—Cheese manufactured has met with the approval of the grader. The grading cup for local bodies was won by this company for the season ended June 30, 1924. and it is expected that, it will be again won by Kai Iwi this year. The cup is open for competition amongst, the local companies, and is awarded to the factory grading the highest points for the whole season. The manager is to bo congratulated on the excellent grade he has obtained. Financial position.—The fixed assets, viz. property and plant, stand at a very low figure on the balance sheet, having been adequately depreciated during the ten years of the company’s existence. The total assets are. shown at £2955, whilst the amount owing to creditors is only £52. Recommendations. Advances for butter fat to suppliers have been as follows: —August. 1924. Is fid; September and October, 1924, Is sd; November, 1924, to May, 1925. Is 4d. Your directors now recommend as follows: (1) That a further payment be made to shareholders, making the average payment for the season up to Is 7hl per lb of butter fat. and Is 6hl per lb of butter fat to non-sharehold-ers: (2) That the balance be carried forward.

Directors. —You will be required to elect two directors. Messrs Huwyler and Tui Tcuawiri retire by effluxiop of time, and being eligible, offer themselves for re-election. Nominations for other than retiring directors must be in the hands of the secretary three days before the date of the annual general meeting