FARMERS' DISTRIBUTING CO.

Dominion, Volume 11, Issue 68, 13 December 1917, Page 8

FARMERS' DISTRIBUTING CO.

ANNUAL MEETING. Tho annual meeting of the shareholders of the Now Zealand Farmers' Cooperative Distributing Company was held in Wellington yesterday. Sir James 'Wilson presided; The chairman moved that the annual report and the balance-sheet (already published) should be adopted. Ho congratulated the company on its forward movement. When it was mentioned that the net profit was £3961, it would bo agreed that they had done well. They had paid the usual dividend (7$ per cent.), and few companies could say that. It had been decided to vote £50 to each of the following war funds: Y.M.C.A., Red Cross, King George's Sailors' Fund, and tho Salvation Army. Something like £2000 (nearly 50 per cent, of the profits) would have to be paid out in taxation to go towards the cost of tho war. The rescrvo fund had been built up to £2211. The total subscribed capital was £83,000, an increase of £67,000, and six times the original capital. As the business grew, the need for capital became greater, and hi hoped they would not stav their hands till they had £250,000. The wool business had greatly increased. In the first month of this season the sales were 5000 bales, the highest but one of all "Wellington brokers, although they had been only three years in the wool business. The business in hides, skins and tallow also had considerably increased. Since last, meeting a branch had been established in Fcilding, where Mr. A. H. Atkinson's business had been purchased. The prospects there were excellent. They were prepared to do in other districts what they had done atFeilding if the settlers would subscribe the necessary capital. They were now proposing to go into tho stock business if the people about Wangamii. Marton, and Taihape would find the capital. Mr. Jswan Campbell, of Wangamii, seconded the motion. He said the position of the company was very satisfactory. Tho motion was carried.

Messrs. H. J. Richards, .15. Eagle, and George E. Chisnall retired from the directorate: They offered themselves for re-election. Mr. O. M'llroy, of Halcombe, also was nominated for a seat on the directorate. A ballot resulted in the election of Messrs. Eagle, M'llroy, and Richards. The chairman said that Mr. Chisnall was one of the original directors, and had dono a great deal for the companv. On his suggestion a vote of thanks was accorded Mr. Chisnall. Mr. D. M'Kay was re-o.lcctcd auditor. His remuneration was fixed at' £50. The, remuneration of the directors was fixed at £66. _ A vote of tbahks was accorded the staff.