CHAIRMAN’S REVIEW

Waikato Times, Volume 127, Issue 21193, 16 August 1940, Page 7

CHAIRMAN’S REVIEW

RESOURCES FOR WAR INCREASE IN PRODUCTION STILL BELOW 1936-37 SEASON “At the time of our last annual meeting, war clouds were gathering over our Empire; within a few weeks of that date the storm broke, the peace that was no peace was broken and once again we became, and are, a people in arms,” said Mr W. Marshall, chairman of directors. “This has, of course, affected the company. It has created new problems, intensified difficulties, and increased responsibility; but I should like to say that all our strength and resources have, whenever possible, been made available and used for the wav effort.

“In moving the adoption of the twenty-first annual report and balance sheet, I take pleasure in stating that the year under review has, in total volume of produce manufactured, been a record one for the company.”

“Generally speaking, the season did not open promisingly, a hard winter and late spring causing low production in the first few months. The summer and autumn months, however, were exceptionally favourable and made possible a considerable improvement when compared with the previous season. This result is in line with the Dominion results which show approximately 10 per cent increase over the previous season, but in our satisfaction at the results we must not lose sight of the fact that Dominion production was still approximately 10 per cent below the peak year of 1936-37, Assistance to Suppliers “The New Zealand Dairy Finance Company, Limited, is continuing to give valuable assistance to suppliers,” added Mr Marshall. “For the year ended April 30, 1940, 2807 loans and variations were granted, the total sum advanced for the year being £191,245. Interest rates have remained at the previous low level for the class of business transacted. Bad debts written off amounted to the small sum of £4 12s 2d, making a total since the inception of the company of £2416 13s Id from aggregate advances amounting to £1,466,832. “Although considerable short term moneys were available, long term investment funds, were again difficult to obtain and in consequence operations by the New Zealand Dairyfarm Mortgage Company, Limited, were restricted. New advances made during the year totalled £3990. The company’s securities are satisfactory, and the total investments, including statutory reserve, at year ending March 31, 1940, stood at £207,956 11s sd. “The employees’ superannuation fund continued to operate during the year and made first mortgage advances of £2450 during the period. The combined result of these three sources of financial assistance for the year is that advances to suppliers have totalled £197,685 and the total outstanding balances due by suppliers at the end of the year amounted to £446,129. Regulations recently gazetted fundamentally affect the financial operations of our organisation in its various departments and subsidiary concerns, prohibiting quite a lot of our transactions, save with the consent of the Honourable Minister of Finance; this has been applied for, and it is hoped that the company will be able to continue its normal activities.”