TAIHAPE DAIRY COMPANY

Wanganui Chronicle, Volume 85, Issue 168, 19 July 1941, Page 7

TAIHAPE DAIRY COMPANY

ANNUAL MEETING TO-DAY THE PAST YEAR REVIEWED The chairman of the board of directors of the Taihape Co-operative Dairy Co., Ltd. (Mr. D. Stent) will present the following report on behalf of the directors, at the annual meeting of shareholders, to be held in the Fire Brigade Hall, Taihape, to-day: “The financial position of your company continues to be in a sound state and the year just finished has, taking all factors into consideration, peen a successful one. During the year one of the fixed deposits fell

due and as at that time toe snipp.ng position was very uncertain your directors decided not to reinvest n until the company’s cash position haci improved. The cash •position at balance date was very satisfactory and your directors have therefore again deposited this amount on fixed deposit. The cost of manufacture per lb butterfat again shows a small increase though not as large as it might have been under the circumstances. The cost this year is 3.0i6d as compared with 2.a98d lor the previous year. This increase is accounted lor entirely by the very considerable rises which nave taken place in the cost 01 all goods and of wages. "ihe output this year was 397 tons, a decrease of 10 tons on last year. Had it not been for the very unfavourable conditions experienced in this district during the lute summer and early autumn it is safe to say that our output would have shown quite an increase on last year. Actually to the end of January our output was approximately 30 tons ahead of tile output at the same date last season.

"The plant and equipment has been maintained in its usual good state of repair and the only major replacement necessary during the year was a new freezer.

"The estimated season average payout quoted in last year's report was 15.51 d per lb butterfat and tne actual average payout was that sum. "The stock of butter unsold at balance date has been valued at the Government guaranteed price for export butter and the Internal Marketing Division’s price to factories has been the basis for the valuation of butter stocks held for local trade. The estimated season average paycut to be made this season is 15.33 d per lb. "The total amount of cream cartage costs incurred by suppliers individually is £69 19s id, whicn represents .023 d per lb on the total butterfat received by the company from ail sources. “Your directors recommend that a dividend of 3 per cent, be declared or the paid-up capital and that a deferred payment of 2.9-16 d per lb butterfat be made on all butterfat supplied during the year. This would absorb approximately £7985 of the surplus available for distribution. They also propose that £lOO should be transferred to general reserve and that the balance of approximately £235 7s 8d should be carried forward. "Messrs. D. Stent and J. Lougnane retire by rotation from the directorate and both have been nominated for re-election. As no further nominations have been received these two directors are therefore re-elected unopposed. The retiring auditor, Mr. A M. Ryan, again offers his services.” The directors of the company are Messrs. D. Stent (chaiman), F. L. Collins, T. W. Pairman, J. Loughnane, D. L. Gibbs. F. Ward, P. F. Donovan. The secretary is Mr. K. H. Mellsop and the factory manager Mr. J. A. Ross.