H.B. FARMERS’ CO-OPERATIVE ASSOCIATION.

Gisborne Times, Volume XXVI, Issue 2240, 11 July 1908, Page 2

H.B. FARMERS’ CO-OPERA-TIVE ASSOCIATION.

ANNUAL MEETING

[Press Association.]

NAPIER, July 10

Tho annual meeting of the Hawke’s Hay Farmers’ Co-operative Association, Ltd., was held to-day. Tho annual report stated that the balance-sheet showed that aftel- making duo provision lor all necessary depreciations on buildings and plant, the balance <jf profits, ilnclnding £l4lO 13s lid brought forward from last year, amounted to £81)50 10s Bd, which tho directors recommended be allocated as follows: —To pay a dividend of 8 per cent, per annum on the paid-up capital; a bonus of J2i per cent, on commissions contributed by shareholders (land excepted); a bonus of 2 per cent, on goods purchased by shareholders (excluding goods sold on behalf of other shareholders); a bonus of 5 per cent, on salaries earned ; £3500 to be set aside to meet bad and doubtful debts, and the balance to be carried' forward.

The rejKirt was adopted on tho motion of the chairman (Mr. Arch. McLean), who, in the course of his address,'said: AVith the value of our staple product at a low point, 1 cannot too strongly impress upon those furmors who have to rely upon financial institutions for assistance to confine their drawings during the year to the amounts required for absolute necessities only, leaving the expenditure for improvements, etc., to stand over till better prices are obtainable for our produce ami financial confidence is restored. Those of our clients at present.under obligation to the, Association who conduct their business on these lines may rely upon the directors’ assistance. At a meeting of the directors, Mr. A. H. Russell was elected chairman for tho ensuing year.