CO-OPERATIVE DISTRIBUTING COMPANY

Dominion, Volume 12, Issue 93, 14 January 1919, Page 8

CO-OPERATIVE DISTRIBUTING COMPANY

. ANNUAL REPORT. The annual report of the directors of the New Zealand Co-operative Distributing Company states.— "The total net profit for the year, after making provision for bad debts and writing down premises, plant,. and : office furniture and motor accounts/ and allocating Tebates and bonuses to shareholders and bonus to staff, is £9882, to which has to be added ;the amount brought forward from last' year (£860), making a .total of £10,743 available for distribution. The total Bales for the year, including wool, etc., show an increase of £297,875. Tho result of the year's trading is, therefore, a very satisfactory ono, on which the directors offer their congratulations.

"Your directors recommend that the balance to ■the credit of profit and loss eooount be disposed of as follows: — Dividend on capital at tlie rato of 7} per cent.; transfer the sum of £2345 to reserve account; set aside a sufficient sura to provide for the heavy taxation'which the company will again be called upon to pay; balanco to bo carried forward. It is proposed to transfer the sum of £5443 from premium on shares account to reserve account, bringing the *otal of samo up to £10,000. B shares, as per terms contained in tho prospectus, do not participate by way of dividend in the -profits . lof the company until after October 1, 1918. The directors have made provision to redeem bonus coupons for the year ending September 30, 1918, on-the following basis:—(e) Rebate of commissions (wodl, skins, etc., excepted), 15 per cent.; (b) bonus on coupon purchases, 4 per cerit. "Wool sales have again increased to a remarkable extent, as will be seen by the following figures: 191U6, 2200 •bales; 1916-17, 8000 bales; 1917-18, 19,000 bales. During the present senson (19,18-19) the company will handle 27,000-bales. To achieve fiuch results in the space of four years from the dale of entering the wool business constitutes a record for the Dominion. This has only Been achieved by the. earnest work on the staff, and is a clear indication on the part of producers of confidence in the company, and the

co-operation principle' of trading. The ■skin, hide, and. tallow sales also show a very satisfactory increase. A fine new wool store has been established in Wimganui, where some 9000. bnles of wool will be handled this present seasou. . ..' ,' :

"The.-subscribed-capital.of the company- has during the financial -year been increased by £64,725, to which has to be added'£l3,4so, .representing shares allotted since September 30, last, malting a total increase of £78,175 since, the last balance-sheet.

1 "Tho Feihling '■branch has shown highly satisfactory results of its first year of trading, its total sales being £40,000. Great expansion in the business of this branch is anticipated consequent on more varied stocks being held. .A manure-mixing plant, of,the latest pattern has 'just been installed at Feilding. and henceforth tho company's special -mixtures will bo available throughout the province. The manager and' staff- of tihe Feilding branch are to be .congratulated on the year's work, and also our shareholders in that district on their support of co-operation. "Sufficient capital haying been sum scribed in tho Rangitikei district, stock offices -were established in Wanganui, Marton, and Tn'ihape, where private stock-selling has been carried on for some six mouths past. Application was niadV to tho Associated Stock Auctioneers to admit' the company into joint yards in the several districts, but as this was refused, the company is forthwith proceeding to establish up-to-date yards at the various centres on sites, already secured, stock auctions will therefore be available within a month or two, and will bo extended to other districts as capital is there subscribed. Now that sufficient shares hai-o been subscribed by the-farmers of the-Wairarapa, a fullyequipped merchandise branch of the company is being •established in Masterton early in the now year. "The retiring directors arc Messrs. J. Balsillie, George E. Yule, and Allan Hobinson, who offer themselves for reoleotion. The retiring auditor/ Mr. D. McKay, P.A., offers himself for re-election."