BRUNTWOOD DAIRY CO.,

Waikato Times, Volume 104, Issue 17466, 28 July 1928, Page 5

BRUNTWOOD DAIRY CO.,

ANNUAL MEETING. PAYOUT TO DATE OVER 1s Bd. MUTUAL CONGRATULATIONS. The annual meeting of the Bruntwood Co-operative Dairy Company, Limited, was held at Cambridge yesterday. Mr II- J. Ambury, chairman of directors, presided. Over 30 shareholders attended. The directors recommended that out of the estimated surplus of £6OG7 15s 2d a further payout of 3d per lb butterfat should be made, thus bringing the *■ total payout for the season to date to 20.24 d per lb. This is considerably higher than for the previous season, when the total after all payments had been completed was Is 5Jd. Further small payments have yet to be made for the season just ended. Directors' Report, The directors' report, giving details of output, slated: "During the year 11,59i,2781bs of milk were received, yielding 452,115.611bs of buttcrfat- From this i,187,208|1bs or 530 tons Bilbs of cheese were made. It took 9.76431bs of milk to make lib 6f cheese, and lib of butterfat made 2.71961bs of cheese. The average test for the season was 3.9005. The average grading was 91.898- The cost of manufacture was 1.0243 d per lb of cheese, distribution .i0593d per lb, and overhead expenses .30687 d per lb, a total cost of 1.i3710d per lb. Early in. the season a waxing plant was instnllcd at the factory. It has so far more than warranted its existence by effecting very considerable savings in shrinkage. "On account of share capital deductions the sum of £924 8s 4d has been collected throughout the year. This amount has bedi duly paid into the sinking fund account-" The auditors, Messrs Sanson and O'Meara, certified that for the year ended May 31, 1928, the weight of cheese made from each pound of butterfat was 2.71901b5. The profit and loss account for the past season showed expenditure as follows:—Advances to suppliers, £32,482; manufacturing expenses, £5005; distributing charges, £1517; and overhead charges, £532, leaving an undivided surplus of £0067. The total surplus for the past season was £I3G higher than the sum stated, Ihi: amount having been over-advanced in the previous season. Thus the amount actually transferred to profit and loss appropriation account on the past season's business was £G2O3. The balance sheet showed among the assets £IO2B clue from debtors, £5560 in the Bank of New Zealand (including £lOBl in sinking fund account), £340 in Auckland Farmers' Freezing Company shares, and stocks on hand £4079. Against these assets sundry creditors stood at £1533. Reserves amounted to £1439. Cheese Stocks. The auditors, in their report, remark: "The stocks on hand and unsold shipments have been taken into stock at 9d per lb, less 1 per cent, shrinkage and charges to f.0.b., which rates appear under present- market conditions to be a conservative basis. Loaf cheese has been brought in at lOd per lb. No allowance -b&Sr-i&aA. ■

made for starter and whey batter made by the New Zealand Co-operative Dairy Co., Ltd. This could only be esti« mated, and it was thought better not to do so, but await the final payment/* from that source, which will automa-j tically clear the matter up." The chairman congratulated the suppliers and the manager on tha awards gained at recent shows—particularly two Auckland championships and a second and a third in the open New Zealand championship. These awards were all the more gratifying in that they were obtained after tha present manager took charge. Mr F. Discombc heartily congratulated the management on the exceUent showing of the balance sheet. The report and. balance sheet wero adopted without dissent. j Chairman's Honorarium. The meeting resolved to raise the chairman's honorarium from £SO to £IOO a year, an amendment in favour of £75 a year being rejected. Election of Directors. Messrs J. C. Wallace, E. Dunning; and W. N. Perry were elected directors, Mr Dunning having been on the last board. A resolution of regret at the loss of tfee services of Messrs W. Miller and O. P- M- Duncan as directors was passed. The chairman moved a vote of thanks to the staff. This was carried by acclamation.