WAIRARAPA FARMERS

Evening Post, Volume CX, Issue 70, 19 September 1930, Page 11

WAIRARAPA FARMERS

LOSS ON STOCK AND STATION TRADING : Wairarapa Farmers' .Co-operative Association> Ltd., report to 31st July shows; a profit of £14,301 The;directors; state: "These figures reflect the extraordinarily difficult trading and financial conditions ruling during the last half-year. The first half-year having shown satisfactory results, there was paid in February last a: interim dividend on preference shares of ZYz per cent., being 3 per cent, for the current year and % per. cent, on account of arrears. Amount available for appropriation is, £7694 Is 7d, as follows: Balance at 31st July, 1929, less appropriations authorised, £2139 19s; add profit for year, as above, £14,304 2s 7d; making a total of £16,444 Is 7d; less dividend on preference shares paid in February, 1930, £8750; leaving available for appropriation, £7694 Is 7d. This the .directors recommend should be dealt with as follows: Transfer to taxation reserve account, £1000; payment of a final dividend of 2% per cent, on preference share capital, absorbing £6250; the balance, after payment of directors' fees as may be authorised, to be carried forward to the credit of next year's accounts. . The company is unable to pay preference shareholders the full dividend of G per cent, and the additional 1 per cent, of arrears as anticipated.

Profits from sales of merchandise were well maintained, but a substantial loss was made in the stock and station agency business. Operations being entirely on a commission basis, the revenue was. inevitably redtieed on account of the low prices at which live stock was turned over, and by the reduced offerings and low realisations of wool. Owing to the seasonal nature of the business, expenses could not be reduced in like ratio.*"- Drastic economies in this department have now been made, which should have, the effect of rendering its operations profitable in. future. "The directors place on record their appreciation of the liberal assistance extended by the company's bankers during this trying year," ''The alteration and extension of our Masterton premises into a commodious and well-appointed emporium liave been much appreciated by oiir customers'. We are confident that the additional revenues resulting from improved facilities will amply justify the expense involved. The whole of the association's buildings and plant have been well maintained in excellent order. "With great regret we record the death o£ Mr. Walter Scott Jago, secretary of the company, who had given loyal service over a period of 34 years." The directors retiring are Messrs. Trevor Beetham, J. Caselberg, and V. E. Donald. They are eligible and offer themselves for re-elec-tion. The retiring auditors, Messrs. Watkins, Hull, Hunt, and Wheeler, and Mr. G. W. Sellar, offer themselves for .re-elec-tion. "