HAWKE'S BAY FARMERS' CO-OPERATIVE.

Dominion, Volume 2, Issue 552, 6 July 1909, Page 8

HAWKE'S BAY FARMERS' CO-OPERATIVE.

ANNUAL MEETING. • (By Telegraph.—Press Association.) Naplor, July 5. The annual meeting of the- Hawko's Bay Farmers'. Co-operative Association, Ltd., was held to-day. The balance-sheet showed that, after making duo provision- for depreciations on buildings and plant, the balance of profit (including £1457, lis. 7d. brought forward from last year) amounted to £5333 9s. lid. This sum the directors recommended should be allocated as follows:—Dividend of 8 per cent. •on paid-up capital; bonus of 12}* per cent.. on commissions contributed by shareholders (laud oxcopted); bonus of 2 per cent, on goods purchased by shareholders; bonus of 5 per cent, on salaries; and balance carried forward. ■''■ . Tho chairman (Mr. A. H. Russell) said that, notwithstanding the financial stringency, tho paid-up capital had increased by £7113 during tho year, representing an allotment of 2371 now shares.- Tho liability under tho headings, "shareholders' deposits and sundry creditors" now, stood at £39,253, being a; reduction of £15,192. The balance of profit for.tho year must be considered highly gratis tying when the conditions under which tho business was conducted were considered. [ The report and balance-sheet were | Messrs. J. W. Harding, W. A.'Conner, and t J. Hunter Brown were re-elected directors.