FARMERS' DISTRIBUTING COY

Dominion, Volume 8, Issue 2334, 16 December 1914, Page 8

FARMERS' DISTRIBUTING COY

SATISFACTORY YEAR'S :,, T JK^ mU! !] me6 j; in ? of shareholders in the.New Zealand fanners' Co-opera-' Co., Ltd., wasS at godber e, Courteuay Place, yesterday afternoon The chairman of the direc- ■ tol . at^ (M s- J v G - Wilson) *» *W, \ Mi-the deputy-chairman (Mr. H' J ••■■ Kiehards, of Levin) presided. ■;:-,• Mr. Wilson sent V message to the ..- .meeting ra which he said that, not-' .withstanding the trials passed through ■ during the :y,ear...a ..satisfactory profit . had been' made by the company : ■ . The annual report stated that the total net profit for the year,, after makrag provision for bad debts,' and writine down premises, plant, and office furni™re and motor accounts, was £532 18?, lid., to which had to be. added the amount brought forward from last of £618 1/s. 10d. available for distnbution. The total sales for the year showed an increase"of £2353. Continu- ■■'."■. nig,, the, report ; eaid: ' 'This ' amount .would have been substantially increased but for the fact that the financial year under review opened with a serious lav. llxrai'strike, which for many weeks para- .. _ lysed trade. The' total net gain for : .. Midyear is, however, , a'very-satisfac-tory, one, on which your directors offer their congratulations to shareholders ilour directors recommend that the balance to the, credit of profit and loss : account be disposed of as follows:— X'lrst, dividend on capital at the rate of 5 per cent.; second, bonus coupons for the financaal year ending September 30, ■ 1914, be redeemed on the following hasi6:—(a) Rebate of commissions' shareholders, 15 per cent., (h) rebate of commissions, non-shareholders, ■■• o per cent.; three, bonus on ordinary' purchases of shareholders, 4 per cent • fourth, bonus to staff, the allocation of" which be left to the directors; fifth, payment'of honorarium to'directors; sixth transfer the sum. of £57 2s. el from aud loss accouut, and £12 17e: 6d from premium on share account, to' the -. reserve account, bringing the total of" ■- same up to £300; and seventh, balance to be carried forward. ;■ These proposals are on true co-operative lines. In addition to the profit-earning capacity of the company, it must not be forgotten that there are many other advantages .whach the company has been able to confer on its shareholders and 1 others.' Ihe rates of commission have'been kept down to the level at which the com- . pany commenced business eleven years a f°XTnnn S + an; estimated sum of £65,000 to Wellington producers), -. .whilstbo "receiving or delivery" charge !s made, representing anotherlarge saving. The issue pf our weekly .produce report, which has been enlarged and its circulation much increased, has been a further benefit to'the! company's customers." ....... .. , Tho retiring di'retors. Messrs. H. J Richards, George E. Chisnall, and E. : . Jiajjlo were re-elected. Mr. D. M'Kay was re-elected auditor. Resolutions were passed altering. the aruclee ol association of the company: to mako it permissible for the payment' of a. dividend up to ten per cent..'and '.raising the limit , of shares to be helti hy auy one shareholder to 300. It was decided to transfer £60 from the profit and loss account to the bonus -: to staff account. ■''.'■' The manager (Mr. A. Leigh Hunt) was congratulated on the fact that the number of bad debts was very email.

FARMING IN WESTLAND. • Farming in South Westland is in a flourishing condition. The very fine homes being built (says the "Grey River ATgus") are- proof of the prosperity. During thedattor end of October beef bullocks to the \alue of £10,000 were' disposed of by graziers in the To Puke, Paengaroa, and Poigakawa districts, Auckland province. ■ . ' ■ •