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N.Z.C.D.C., LIMITED.

ANNUAL REPORT,

REVIEW OF YEAR'S WORK.

SOME INTERESTING STATISTICS.

The annual meeting of shareholders in the New Zealand Co-operative Dairy Company (Limited) will be held in the Theatre Royal, Hamilton, on Wednesday, August 22, when the following report will be submitted by the Directorate :

The business as a whole has shown a very gratifying increase, duo largely to a splendid dairying season, the outputs for the year being shown below and compared with the previous period:— Butter.—l 922-23, 22,020 tons; 192122, 18,218 tons; 20.8 per cent increase. Cheese. —1922-23, 3482 tons; 192122, 4691 tons; 25.7 per cent deCasein.—l 922-23, 826 tons; 1921-22, 497 tons; 66.1 per cent increase. Milk Powder. —1922-23, 3456 tons; - 1921-22, 1873 tons (which includes last season's output by Zealandia Co-op. Milkfopds, Ltd.); 84.5 per cent increase. The quality of all the Company's products and by-products has shown a very decided improvement as compared with previous seasons. The price level has been better than during 1921-22, and this fact has enabled many producers to recover to some extent their financial losses caused by the slump of the previous year. Your directors have now been able to carefully review the work of the Company's London Office, and to judge the results obtained by the system of European control. The result amply justifies the directors' action. Mr ,T. B. Wright, 0.8. E., the Company's European Manager, has been the means of greatly increasing the returns to the producers of this Dominion. During the past year, the amalgamation with Zealandia Co-op-erative Milkfoods, Ltd., has been completed, and these assets are now included in the balance sheet. No less than three of the Company's factories were destroyed by fire, i.e., Wharepoa (cheese factory), Pukekohe (butter), and Orini (cheese). The Wharepoa and Orini cheese factories .are being rebuilt by contract, and will shortly be completed. A new butter factory to replace Pukekohe is being erected on the Company's site at Paerata, and will be completed In October. In each .case the buildings, plants and stocks, were, in with the Company's policy,: Insured to the fullest insurable sum*.-" Owing "to the substantial provision made by the Company to handle increased . supply for the previous season, it has not been necessary to make further large ■capital expenditure during the year under review. The initial development of the Company's colliery has been completed, and the official opening took place at Glen Afton on July 25 The mine has already been in operation some weeks, and the results achieved so far have fully justified the expectations of the Board. At the close of the financial year (May 31), unusually large quantities of dairy produce, especially butter, were still unsold. These stocks were valued on July 31 on a conservative basis. Shipping facilities have improved all round throughout the season, but your Board are of the opinion that a greater number of direct vessels, and boats carrying dairy produce only, .should be available for shipping your butter and cheese to Great Britain, and that costly accumulations awaiting shipment at this end would then be avoided. .

The following statistics indicate the scope of the Company's operations during the past season: —Milk received for butter-making, ,195,067,1561 b; milk received for cheese-making, 79,255.7041 b; cream received, 79,762,1031 b; total butterfat for butter-mak-ing, 41,077,1051 b; total butter made, 49,325,4721 b; over-run, 20.08 per cent; total butterfat for .cheese-mak-ing 2,953,7381 b; average cheese made from lib butterfat, 2-640; total cheese made, 7,800,2511 b; casein made, 826.93 ions; milk powder made, 3456 tons. For butter-making the average price advanced for butterfat throughout the season was 15.94 pence. The total average price paid for superfine cream at central factories will be 18-20 d. Cream suppliers who deliver to railway stations receive id per lb less. The average price paid to suppliers at the Gordonton cheese factory for cheesemaking will be 22.02 d. The above prices are conditional upon the unsold produce realising the conservative prices at which stocks on hand and a'.loat have been valued. Other cheese factories will receive varying amounts in accordance with their manufacturing results for the seasonThe suppliers who have supplied for casein-making will receive in addition lo their butter payments 3d per lb butterfat. The price to Glaxo suppliers will be based on Gordonton cheese factory as a standard, due allowance being made for winter supply. . The milk powder suppliers will receive the following payments in addition to butter price: Te Awamutu and Waitoa 3d, Waharoa 2Jd plus cartage. Owing to the large number of new suppliers requiring shares, the directors find it necessary to obtain authority to increase the nominal capital by adding 250,000 shares. It should be clearly understood that there is no intention 'of increasing the butterfat standard for shares, but this increase is proposed solely to provide for the growth of the business. The following directors retire this year by rotation: —-Northern Electoral District Mr \V. Claud Motion, Otaua; south-western, Mr T. C. Blackott, Te Kowhai; south-eastern, Mr E. C Banks, Matamata; Thames Valley (Paeroa ward), Mr G. Buchanan, Paeroa. Mr Motion and Mr Buchanan have been re-elected unopposed for the Northern and Thames Valley electoral districts respectively. As more than one nomination has been .received for the Soulh-Western and Southeastern electoral districts, • elections will be necessary- Voting papers arc being forwarded to' shareholders entitled to vote. The results of the poll will bo announced at the annual '. meeting. The auditors, Messrs Engi lish and Luxford, offer themselves for i re-election.

Tho Accounts.

In the statement of accounts for the year ended May 31, 1023, balances transferable to Bonus Account, arc shown in the profit and loss accounts for Ihc various departments as follows: —Butler department, £."35 i,H7<i 7c id; cheese department, £-17,079 4s sd; casein department, £11,107 14s 3d; milk powder department, £45,800 10s. The 'trading department's prolil and loss account shows u profit of £.13 15s Id after writing off £251 15s lOd for bad debts and £124 3s 7d fur depreciation. In the statement of assets and

liabilities the assets axe sitatcd at a total of £1,772,755 7s 6d. Amongst assets are included tihe following:— Property and plant (less depreciation and mortgages), £1,071,379 19s; 3d; assets acquired from Zealandia Milkfoods, £167,011 19s 6d; Glen Afton collieries (less mortgage £12,000), £BB,OOO. Sundry debtors, including estimated surpluses from London, amount to £188,218 6s sd; loans to suppliers and sundry advances, £39,357 17s 8d; and stock on hand in New Zealand, £190,250 2s lid. On the liabilities side the principal Stems (excluding share capital, debentures, reserves and amounts due suppliers for bonus payment) are: Sundry creditors, £39,813 18s 4d; sundry deposits, £30,437 18s; National Bank (including advances against unshipped produce), £262,575 12s 9d; Bank of New Zealand (ditto), £138,-, 242 6s sd; National Bank and Bank of New Zealand, milk powder accounts (suppliers' joint and several guarantee), £75,166 10s lid and £66,898 17s '6d respectively.

ELECTION OF DIRECTOR.

MR PARKER AT NGAHINEPOURI.-

In response to an Invitation Mr G. Parker, of Hairini, who is a candidate for the directorate of the N.Z. Cooperative Dairy Co. to represent the south-western ward, visited Ngahinepouri on Monday evening and addressed a meeting of between 80 and 100 persons. Mr W. Sanders presided and, in introducing Mr Parker, said that Mr Parker was well and favourably known in some of the neighbouring districts, being a progressive and successful dairy farmer and breeder In the Te Awamutu district.

Mr Parker then addressed the gathering, and held its undivided interest throughout: In advocating economy, he explained that he did not suggest the curtailment of anything necessary to the efficient management of the company in so far as the manufacture or marketing of the produce was concerned. The position as he saw It was, that as the farmer to-day had to practice the most rigid economy on the farm, every £1 saved by the company management and handed back to the farmer would, he was sure, be highly appreciated and profitably em-' ployed. In reference to land values, Mr Parker gave it as his opinion that there were two distinct values relating to farm lands, namely, improved value and productive value, which, he explained, respectively as the result of money spent and money earned, and until there was a closer relationship between these two amounts there could not be stability of values. In illustrating his point, Mr Parker asked the audience if they considered any business man would entertain for one moment a proposal wherein an investment would not return for many years interest on more than half the amount invested. Economy and efficient management on the farm, about the factory, and in marketing would greatly assist in bringing a levelling of values, as the productive value would be greatly increased by these means. Mr Parker also referred to the moratorium, and concluded, by quoting some interesting figures concerning taxation, the public debt, and the amount of money borrowed abroad and locally. A number of questions were asked, and apparently satisfactorily answered, after which a hearty vote of thanks to Mr Parker for his address and confidence in him as their representative on the board of directors of the N.£. Go-operative Dairy Co. Ltd., was carried. _^___

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/WT19230810.2.79

Bibliographic details

Waikato Times, Volume 98, Issue 15310, 10 August 1923, Page 6

Word Count
1,526

N.Z.C.D.C., LIMITED. Waikato Times, Volume 98, Issue 15310, 10 August 1923, Page 6

N.Z.C.D.C., LIMITED. Waikato Times, Volume 98, Issue 15310, 10 August 1923, Page 6

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