Manawatu Farmers' Co-operative Association, Ltd.

Feilding Star, Volume XV, Issue 94, 18 October 1893, Page 2

Manawatu Farmers' Co-oper-ative Association, Ltd.

I The following is the report and bal-ance-sheet of the above institution for the year ended 31st August, 1893: — The Directors have to congratulate the shareholders on the good result of the tirst year's business. The net profit available for distribution is £1,730 3s 4d, after deducting all expenses of management and maintenance, due allowance being made for depreciation of stock, bad and doubtful debts, also writing off the whole of the prelimin ary expenses incurred in the formation of the Association. It is proposed to divide profits as follows : — 8 per cent per annum divided on capital ; 4 per cent bonus on shareholders' purchases; 4 per cent bonus on employes' salaries; Directors' honorarium, £25 each ; audi tor's fee, £25 and expenses ; Government Income Tax. Leaving £162 19s to be carried forward to next year's account. The promises contained in the prospectus have been fully earned out. The Association has made a special feature of disposing, to the best advantage, of all produce grown in the district, and success has attended the efforts in opening up markets for the same. The Directors have pleasure in announcing that they have been instrumental in advancing the dairying industry by financially assisting the recently-floated New Zealand Dairy Union, the successful formation I of which must prove of great advantage to farmers. The agents of the Association have, in conjunction with other shippers, secured a reduction of per 1b on freight of butter for the ensuing season. To meet a want long felt in the district it is proposed to provide storage for grain and other produce which may be received for storage, or sale, or commission, against which cash advances will be made, and thus enable farmers to realise at best market rates without being forced to sell when the market is over-stocked. The Directors have also arranged for the execution of work, on special terms for shareholders, with Messrs Bett, Wood, and Pringle, for their respective trades. The Association now numbers 455 shareholders, and it is anticipated the number will be largely increased during the ensuing year : 136 shares allotted to 48 shareholders have been cancelled. In accordance with the Articles of Association, two diiectors (Messrs L. Wallis and L. J. Nathan) retire, and being eligible offer themselves for re-election. The retiring auditor, Mr R. T. Badham, also otters himself for re-election. — M Cohen, Chairman. The subscribed capital is : 4727 shares, at £5, £23,635, of which £11.261 5s has been paid up. The other liabilities arc : Bank of Aus-intli-in, £61 SI 18s lid ; London agents, £360 14s Id ; customers in credit, £259 3s lid; sundry creditors, &c , £8761 11).< Bfl ; profit and loss account, £1730 3s 4tl. There is a contingent liability unrii'i- the heading of Bills Discounted, 1*1907 7s 2d. The assets consist of : Slock in hand, £13,598 Is 2d ; fixtures and lire stock, £670 Is lOd ; book debts, £7193 Os 6d; bills receivable, £14,2 5s lOd; London ajrents, £2219 7s Id ; freehold properly, £4539 ; leasehold, £100 sundries. £93 6s 7d. Profit and loss account shows : Department and general management expenses, £2542 18s sd ; charges, stationery, adrertisinji. maintenance, &c , £1250 3s 5d ; law, £4 14s; fire ineurnnce, £120 15s; bad debts. £115 8s ; discount and bnnk interest. £364 4s lid ; pn-miruinary expenses, £432 15s 9d; net profit, £1730 3s 4d. The gross profits on sules amounted to £6502 os 6d.