SOUTHCANTERBURY-FARMERS CO-OP. ASSOCIATION

Dominion, Volume 13, Issue 3, 29 September 1919, Page 8

SOUTHCANTERBURY-FARMERS CO-OP. ASSOCIATION

IV" -[.■'.' A'SPLENDID YEAR. j By Telegraph—Prejß Aiioclatlon; i'.:'-.y ; . ''.'■'.■■:"■■'. Timaru', September 27. '.'■'.i.'.-',There was a,/large attendance of share- ';}. .holders: at the annual meeting of the *■/-. Farmers' Co-operative Association. Col/'■'..'onol.K; Mackenzie, chairman of directors, i-.y/voiced the' regret of those present'at the "' of Air. John Talbot, after .',; -."'twenty-five' years in the chair. [ The: as : :' *6bciationhad had a gcod year, the turnover .totalling ' JC1.892,536, a new record. £-i The net profit totalled JJ32.979, and the ■ '"ilsuar'ilividends .of 5 .per cent, on the l; Pp'reference. shares and 8 per cent, on the ; ''ordinary capital, free of income tax, with ■ .a bohus-'of'i per cent.' on salaries and • wages would be available for distribu-■,'••'.--tioni'-'vThe association's employees num-■-bere'd'dOl. :'"Eighty-nine'had left for the ;■■.'. war..of whom .ten had lost their lives. ', : The association during th? year had'pai'd •'•••• as'part of the wages of .the absent y men. The paid-up capital waa ,£150,090; . \ preference shares, £105,000; and ordiur:'■'. ary;.share,capital, i£IOS,(XK), uncalled. It }:; was resb'ived v to increase the preference ;" account by and the'ordinary ''. '■/ eharo capital by-.£25,000. The limita- ':> .tionpf the number of shares to the lioltl- '.:. erwonld be increased from 400 to 1000. ;A\ resolution'' was carried protesting ■":."', against the excessive taxation of incomes ' 'of the co-operative associations compared '■'■. with "proprietary businesses (the. income • tax this year is about £15,000).. . > . r'The.- chairman strongly, urged farmers, 'in view of-the need of'wheat and produce '■' 'fpiv'-export, to. "keep the teams going."