United Fanners' Alliance.

Feilding Star, Volume XV, Issue 313, 14 May 1894, Page 2

United Fanners' Alliance.

ANNUAL MEETING. The annual meeting of the Farmers' Alliance was held on Saturday. There were about thirty five persons present, and the chairman of directors, Mr J. Martin, presided. The report,' a copy of which was published in our columns a few days ago, and the following balance-sheet were taken as read : — LIABILITIES. Capital account— Capital subscribed, 4,372 shares at £5 each, ,£21,860—791 shares (£2 7s 6d) called np, £1,878 12s 6d; 3,095 shares (£2 ss) called np, £6,963 15s ; 486 shares (£1 15s) called up, £850 10s; calls paid in advance, £356 10s ; £10,049 7a 6d— less calls unpaid, £2,513 15s— total, £7,535 12s 6d. Drafts against shipments, £20,593 14s 7d; bank overdraft, £7,943 5s 2d ; mortgage account, £4,503 ; sundry creditors, £2,006 6s sd : bills payable, £134 7s 5d ; reserve for bad and doubtful debts, £50 — £35,230 18s 7d. Total, £42,766 6s Id. ASSETS. Advances against produce, £20,618 15s lOd ; stock in hand, £5,437 15s 7d ; sundry debtors, £6,465 4d; freehold property, £7,022 6s lid ; preliminary expenses, £1,991 11s Id ; office furniture, plant, etc., £292 7s 2d ; bills receivable, £153 11s 2d; cash in bank, Wanganui, £183 9s ; cash in hand, £1 16s 7d ; balance, profit, and loss account, £599 12s sd. Total, £42,766 6s Id. PROFIT AND LOSS ACCOUNT. To balance, 30th April, 1893, £1,328 Is sd ; salaries, £1,648 3s lOd ; interest, ! £370 10s Id; Directors' travelling expanses for eleven months, £131 5s sd ; 'Directors' travelling expenses (arrears), £39 4s 7d ; Managers' travelling expenses, etc., £49 18s 7d ; charges, £247 17s 9d ; printing and advertising, £170 13s lOd ; stamps and telegrams, £187 8s lid ; fire insurance premiums, £141 12s 3d ; cartage, £109 2s ; rent, £106 18s sd ; law costs, £50 16s 3d ; books, stationery, etc., £46 6s lOd ; rates and taxes, £32 8s Id ; Government license, £37 10a ; auditor's fee, £35; auction account— loss, £130 6s 2d ; bad debts, £28 4s 3d : reserve for bad and doubtful debts, £50; total, £4,951 3s Bd. By profits on goods, £3,407 14s lid ; commissions, £943 16s 4d; balance, £599 12s sd; total, £4,951 3s Bd. Debit balance, 30th April, 1893, £1,328 Is sd ; debit balance, 31st March, 1894, £599 12s sd. Net : profits for eleven months ending March : ! 31at 1894, £728 Bs. J

The Chairman referred to the satisfactory state of the balance-sheet, which showed a substantial profit on the year's working. The only drawback to the success of the Alliance was the amount of unpaid calls, and he hoped these would soon be paid. A profit of -£728 had been made during the past year, and in addition to this .£l3O, which had been lost through closing the auctioneering business, had been paid. He urged the shareholders to do all their business with the Alliance in order to help it on. He moved the adoption of the report and balance-sheet.

Mr J. Cotter, in seconding the motion, referred to the good work which had been done by the Alliance during the year. The Hou. J. Bryce was pleased with the advance made by the Alliance during the past year. Ho should have been satisfied if the Alliance had held itn own, and therefore the fact that a balance was shown was all the more croditable. He, however, was opposed to such a, large overdraft standing against the Company. It appeared to him that interest on the overdraft had not been paid out of the profits of the Alliance's business. He would like to know why the Directors had not taken steps to recover the unpaid calls in view of the resolution passed some months ago instructing them to do so. The Chairman said the Directors had not pushed the Shareholders, because of the depressed times, but summonses had now been issued. The Hon. Mr Bryce, continuing, said he wished also to take exception to the amount of outstanding accounts. Mr Lethbridge said it was almost impossible collect some of the outstanding accounts. Many of them were in the shape of advances which would be repaid when the wool returns, came in. Interest was charged on these accounts, and the Alliance did not lose anything by the transactions. If these accounts were at once called in an injustice would be done to the shareholders. The interest had been paid out of the profits, and the profit shown in the balancesheet was a real profit on the year's working. j The report and balance-sheet were unanimously adopted. Messrs F. Y. Lethbridge and J. O. Batchelar were re-elected directors. Votes of thanks to the Chairman and employees terminated the meeting.— Standard.