FARMERS' CO-OPERATIVE ASSOCIATION
By Telegraph—Press Association. Oamaru, September 13. . At the annual meeting of shareholders of the North Otago Farmers' Co-opera-tive Association, the chairman, before dealing with tho annual report, said ho Wished to refer to the recent disastrous fire which caused the partial destruction of the main, warehouso and the valuable stocks of merchandise which it contained. I Although it was impossiblo at the present juncture to ascertain the extent of the loss above insurance and the further less owing to the temporary dislocation of business, it was gratifying to - know that from careful estimates made tho financial 'stability of the association was not affected to appreciable extent. and the distribution of the past year's profits would take place as origin; ally recommended by the directors. The policy of the directors had always been to strengthen the reserves, and the present disnfiter served to confirm the wisdom of that policy. At the time of the fire the reserves stood at .£30,000. and the paid-up capital at ,£37,500, a position of financial strength, it was claimed, iviiieh was unsurpassed by _ any. other' fanners' co-operative association in New Zealand. The net amount available for distribution was ,£IS,GO2 10s. 4d., and the directors recommended that this sum be dealt with as followsTo pay a dividend of 1 per cent, and a bonus of W per cent., equal to SI per cept. on the paidup capital ffree of incomo tax); that .£3OOO be added to the reserve account, which would then stand at £22,000; and that after allowing for income tax . to carry the balance forward.
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Dominion, Volume 13, Issue 301, 14 September 1920, Page 8
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263FARMERS' CO-OPERATIVE ASSOCIATION Dominion, Volume 13, Issue 301, 14 September 1920, Page 8
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