FARMERS’ CO-OPERATION

Gisborne Times, Volume XVIII, Issue 1484, 19 June 1905, Page 3

FARMERS’ CO-OPERATION

The following is the annual report of tho directors of the Hawke’s Bay Farmers’ Co-operative Association, to be presented at the meeting of shareholders to bo held on the 23rd inst:

The directors have pleasure in presenting the fourteenth annual report and balance-sheet to the shareholders, and again to congratulate them on tho result of tho year's operations. In the balanceahoet annexed due provision has been made for depreciation on leasehold property at Port Ahuriri, freehold property aDd grass seed and clover cleaning plant at Hastings, for auditor and stock takers’ fees, income tax and writing off stationery, and the available balance for distribution umounts to JE5531 5s 3d, which the directors recommend for distribution as follows By a dividend at the rate of 7 per centum per annum on the paid-up capital; by a boons of Is per bale on wool sold locally by auction on account of shareholders ; by a bonus of 4 per cent on all purchases of goods by shareholders excepting grain and seeds grown in Hawke’s Bay ; by a bonus of 35 per cent on commissions earned on business contributed by shareholders ; and by a bonus of JE34O distributed amongst the permanent staff in accordance with a scheme of whioh the direotors have approved. When the above distribution has been made about i>looo will be available to carry forward to next year’s aocount, and though no reserve fund has been started the directors wish to point out that the Association have practically a substantial reserve in their premises at Port Ahuriri and Hastings, as compared with tho values at which they stand in tho books, while the .dumping plant and engine at Port

Ahuriri and office furniture and fittings there and at Hastings have now ceased to appear ns an asset in the balance-sheet. Considerable amounts have also been written off tho grass seed and clover cleaning plant at Hastings. The directors, with thß view to further

encouragiog the consignment of produce business have decided to inako no charge for the first throe months’ storago at Hastings. During the year Mr H. T. F. Carlyon and Mr A Hamilton Bussell have accepted seats on tho directorate. The following direotors retire by rotation, but being eligible offer themselves for re-election, viz : Messrs Cartwright, Brown, Joseph Bicknoli, B. D. D.’McLean, and H. J. Twigg.