RANGITIKEI COMPANY.

Manawatu Standard, Volume LVII, Issue 204, 30 July 1937, Page 5

RANGITIKEI COMPANY.

“AFFAIRS SOUND AND HEALTHY.” The annual report of the Rangitikei Dairy Co., Ltd., records an output for the season of 1091 toils, constituting an increase of 12 tons on the previous year. The season had been a prolific one for the dairy farmer, there being succulent feed for stock right through. “Rangitikei butter, now so .well known for its very high quality, graded at Wanganui averaged 94.826. This has mainly beeit achieved by the care the suppliers have taken in sending to the factory cream of a high standard. With the increase in output the capacity of the factory will soon reach its limit. Should the increase continue, the company will be faced, in the near future, with the necessity of a more commodious building. This has not been lost sight of by your directors, whose aim has always been to keep the company in a sound position, and so prepared, should the occasion arise. The old order changeth. All export butter is nowcommandeered by the Government, more familiarly known as the guaranteed price. Manufacturing costs are up; this your directors feel will be no great surprise to suppliers, being in keeping with the general trend. In compliance with section. 131 of the Companies’ Act, 1933, your directors report that the> consider the company’s affairs to be in a very sound and healthy position Ample provision has been made for the depreciation of assets, which have been well written down over a period of years, and the directors consider the actual value to be well in excess of the

I.balance-sheet value. In respect of the 1 previous year, the average payout per • pound of butterfat (all grades) was i 12.67 d. In respect of the current year, I the stocks of butter on hand at balance | date have been taken into the accounts 1 at the Government fixed price for both ! export and local butter. There is a surplus of £19,434 13s 3d for disposal, and your directors recommend that a further payment of 25-16 d per pound 'of butterfat be made to all suppliers holding their full quota of shares in the company, and that a dividend of 5 per cent, be declared on the paid-up capital. The further payment absorbs £19,201 and the dividend £173, leaving £6O to be carried forward. The estimated season average payout per pound of butterfat (all grades) which should •result from the disposal of unsold dairy produce at the values adopted is 13.77 d. The thanks of the shareholders are due to the staff for the satisfactory manner in which they have carried out their respective duties. The store continues '■ to make steady progress and by the support it receives speaks well for its service. The retiring directors arc Messrs E. Gudopp. E. Opensllaw and L. M. Taverner. Mr Gudopp is eligible for re-election, but the services of Messrs Opensliaw and Taverner are not available for re-election. As four nominations have been received a ballot is necessary and the result will be announced at the annual meeting.” There is a gross profit of £1338 Is 8d in the trading account and a net profit of £137 19s 5d in the profit and loss account. The following are the manufacturing

statistics, those relating to the previous year appearing in parentheses:— Payout previous year per pound butterfat (season average), 12.67 d; payout current year per pound butterfat, advance 11.463 d; estimated surplus. 2.312 d ; total, 13.775 d. Number of suppliers (390), 375; total charges, including repairs and maintenance up to f.o.b. at per pound butterfat (1.53 d), 1.874 d; pounds of cream received (5,032,504), 5,073,205; pounds of butterfat from cream (1,971,986), 1.992,695; average butterfat test of cream (39), 39.27; total pounds butterfat used for creamery buttermaking (1,971,986), 1,992,695; pounds creamery butter made (2,417,228, 1079 tons), 2,444,389, 1091 tons; over-run creamery butter made (22.5783), 22.6674; average grade of butter (94.613), 94,826; cream grade percentages, finest (94), 92.002; first, (5), 6.951; second (1), 1.017; unsalted butter percentage (nil), 12.5567.