Ngati-Porou Co-operative Dairy Co. Ltd.

This company's factory is at Ruatoria, and, in regard to ventures predominantly Maori, the basis of financing the undertaking (including buying dairy stock for intending suppliers) was unique. Owners of several valuable leased native blocks borrowed, in all, £14,800 from the Native Trustee and took up preference shares. As suppliers qualified, with deductions from their cream cheques, to take up ordinary shares, a like number of preference shares was cancelled. By 1943 there were no preference shareholdings. Starting off in the 1925–26 season with 58 suppliers, the output was 61 tons of butter. In 1936–37 there were 377 suppliers, and the output was 743½ tons. During the 1945–6 season, when the worst drought in the history of the company was experienced, the number of suppliers fell to 193 and the output was only 256 tons.