SURPLUS OF £20,538

Wanganui Chronicle, Volume 85, Issue 177, 30 July 1941, Page 7

SURPLUS OF £20,538

OKOIA DAIRY COMPANY PAST YEAR’S OPERATIONS “A uniform advance of Is lid a lb. of butte flat for finest grade has been made throughout the season, and your directors have decided that a further payment of 2Sd a lb. of butterfat be made to all suppliers, making the payment Is 41d a lb. ot butterfat for finest," states the annual report ot the directors of the Okoia Co-operative Dairy Factory Company, Limited. The report will be presented at the annual meeting of shn ‘holders on August 13.

During the year ended June 30, 1940, the estimated season average payout a lb. of butterfat (all grades) was Is 4.091 d. No further payment was made, the report adds. "Butler unshipped at balance date has been taken into the accounts at the Government fixed price,” he report states. “A small amount of local butler on hand at balance date was taken into the accounts at Is 21d a lb. The estimated season average payout a lb. of butterfat (all grades) which should result from the disposal of unsold dairy produce at the values adopted is Is 4.001 d a lb. of butterfat. “The total amount of cream cartage costs incurred by suppliers individually is £252 10s, which represents ,033 d a lb. on the total nun»ber of pounds of butterfat received by the company from all sources. With the

above exception, all cream cartage costs are paid by the company. These amount to £3331’ 10s 2d and represent ,448 d a lb. of butterfat. “Messrs. J. A. Harkness and A. Turner retire by effluxion of time and are eligible for re-election. Nominations for other than retiring directors must be in the hands of the secretary three c.ear days before the date ol the annual meeting." Further information contained in the report shows that for the year ended June 30, the surplus over advances amounts to £20,538, which will be distributed among suppliers. Advances to suppliers during the year totalled £98,508.

The company had 680 suppliers during the year ended June 30 last, compared with 692 the previous year. Cream received totalled 4,512,2111b5., compared with 4,602,038. Butterfat from cream amounted to 1,784,1511b5., as against 1,821)279 the previous year, and the average test was 39,541, compared with 39,575. Total charges, including repairs and depreciation up lo f.o.b. were 2.535 d a lb. of butterfat, compared with 2.5580.

For butter-making purposes, cream received totalled 4,501,3331b5., compared with 4,595,1641b5. The average test was 39.539 (39.576), and the< total butterfat used for manufacturing creamery butter was 1,779,7771b5. (1,818,607). Last year the factory produced 2 204,0551b5. (984 tons) of creamery butter, compared with 2,250,1091 os. the previous year. The average grade was 93.142 (93.663). Cream "grade percentages for the

year (last year's figures in parenthese were: Finest, 74.713 (82.172); tirst-graOe, 16.559 (12.963); secondgrade, 8.72 S (4.865). “We consider the company's affairs to be in a sound condition,” the directors add. “Ample provision has been made for depreciation of assets, which have been well written down over a period of years, and we consider the actual value to be well in excess of the balance-sheet value.”