DAIRYING INDUSTRY.

Waikato Times, Volume 114, Issue 19013, 2 August 1933, Page 8

DAIRYING INDUSTRY.

MORRINSVILLE COMPANY.

LARGELY INCREASED OUTPUT.

SEASON’S OPERATIONS REVIEWED

Another favourable season from the productive point of view has been experienced by suppliers of the Morrinsville Co-operative • Dairy Company, Ltd., whose annual meeting is being held to-day. in his report the chairman of directors (Mr J. E. Leeson) said weather conditions had been ideal and the phenomenal increase in the output had been due to the excellent work of suppliers in handling larger herds, increased suppliers, and the weather conditions. The increase in output was no less than 649 tons 7cwt, or 30 per cent., the total production being 2790 tons 17owt, compared with 2141 tons lOcwt in the previous season. The buildings, plant and other assets of the company had been kept in good repair out of revenue, and ample depreciation had been allowed for. Certain extensions to plant had been made this winter, which would allow the increased output to be handled with added efllciency and comfort. A further reduction in costs was reflected in the accounts. With the London market fluctuating from 110 s at the date of the last annual meeting to 67s in April, the season had been a difficult one to produce satisfactory returns. The result achieved was gratifying when reviewed in the iight of all the circumstances. Details of Pay-outs. The pay-out was as ToIIows: Average advance (all grades), including collection, 8.635 d; bonus paid on July 15, 1933', .500 d; bonus due, .200 d; dividend, ,039 d; total, 9.374 d. Mr Leeson stated that after providing for directors’ fees and auditor’s remuneration, the return would allow the usual slight carry-forward to next season, and\was contingent only upon unsold stocks realising the values placed upon them. Reserves had been partially rebuilt by the assistance of Mr A. C, Rowson and the transfer of trading and landing profits according to policy. While the quality of t.he butter bearing the company’s brand was reported by London agents as being generally satisfactory, there was still room for improvement, and further equipment was being installed to assist in this direction;

Messrs J. H. Gaddes, F. West and F. W. Seifert retired by rotation from the directorate and offered themselves for re-election. It was recommended that a dividend of 4 per cent, should be paid on paid-up shares. “There does not appear to -be any clearer, sky to-day. than twelve months ago, and our only salvation appears by decreasing costs, increasing production and i improving the quality of our product," concluded the chairman.