KIA ORA DAIRYING COMPANY

Gisborne Times, Volume XXVII, Issue 2645, 29 October 1909, Page 2

KIA ORA DAIRYING COMPANY

ANNUAL REPORT. The following is the seventh annual report of the Kia Ora Co-operativo Dairying Company, Ltd., to bo pi'£>" seated at the annual meeting to he held in the Matawhero Hall, Matawliero, on Friday, 12th November, at 7.30 p.m.“Your directors have much pleasure in again placing before you a satisfactory report and balance-sheet. The balance of profit and loss account carried forward from fast year- after pavmcnf. of dividend and writing oft for depreciation of machinery and plant, is £776 6s 3d. This, together with £1056 19s 4d, the working profit for the year just closed, leaves a balance of £1833 5s 7d to credit of profit and loss account. Of this your directors recommend: That a dividend of 5 per cent per annum be given on paidup shares; that 10 per cent he written off the value of machinery and plant, as at 31st August, 1908; that a bonus of £65 be distributed- amongst the staff ; that the sum of £SOO be placed to credit of a reserve fund, and that tlie balance be carried forward. Although the working profit is less than last year, shareholders have received ncarlv 3d per pound, or about £950, more for their butter fat this year. For the nine months from September to Mav inclusive 93d was paid, for June iOsd, and for July and August lid, being an average of 9.6 S for the season. Total milk received for the season .was 13,948,8461b5. Tins is an increase of 1,561,0551b5. over last'season. Total amount paid for butter fat £22,238 4s 9d, an increase of £3812 over last year. Total amount of butter made 277 tons, an increase of 35 tons. It took 22^lbs- o-f milk to make lib of butter. Average overrun 11.33, •average test of milk 4.00. Cost of manufacture per lb of butter, 1.31 d; cost of disposal of produce per lb of butter, .4-0 d; ccst of office expenses per lb of butter, .16d; cost of rents, rates, interest, etc., per lib of butter, ,19d: total cost per lb of butter, 2.03 d. Total cost last year came to 2.lSd. Balance-sheet.—Capital account shows that 5312 shares have been allotted, of which 3732 are paid up. The amount received on capital account during tho year was £BBO 4s Id. The amount expended on new machinery, plant, and improvements during the year was £1340,"0r less £315 insurance recovered from the Te Arai fire, £1025. In order to avoid all risks through stoppages or breakdowns, your directors decided to duplicate some of the machinery, and have put in a new 3-ton Linde freezing machine, another Topliss churn and butter worker, a new cooler, also some new separator howls and fittings, at a total cost of about £9OO, which comes into this current year’s expenditure. The factory and creameries are now all in thorough working order. Shareholders will learn with satisfaction that the Government has at last, as -a result of representations made bv this company, agreed to make Gisborne a grading port, and to send a grader, here. This will be a great advantage to the company, and to the dairying industry throughout the district. Messrs John Candy. E. Knight, and A. Lange retire by rotation from the directorate tin’s year, but are eligible for re-election. Notice in writing must be given to the secretary ten clear days before the annual meeting, by any shareholder intending 'or propose either himself or any .other person as a candidate for election as a director. This rule does not apply to retiring directors seeking re-election.—. 7. A. A. Caesar, chairman, A. Forde Matthews, director.”