SHAREHOLDERS MEET

Hawke's Bay Herald-Tribune, Issue 154, 17 July 1937, Page 16

SHAREHOLDERS MEET

H.B. Farmersy Co-op. Assn., Ltd. 6 PER CENT. DIVIDEND The annual meeting of the Hawke's Bay Farmers' Co-operative Association, Ltd., was held in the association' s premises, Hastings, yesterday, the cliairman of Directors, Mr J. W. Harding, presiding. The directors' report stated iliat, after allowing for the payment of reDates to skareholders at the rate of 10 per cent on various comniissions contributed and 2 per cent on goods purchased, and making provision for depreciation on buildings, plant, etc., and reserve for income-tax, the balance of profit, including £12,520 10/6 brought forward from last year, amountcd to £31,290 0/4, which the directors recommended should be allocated to paying a dividend of 6 per cent on paidup capital and adding the sum of £7000 to the reserve fund, the balance to be carried forward. In proposing that the annual balancesheet and report should be adopted, the cliairman said: — "I tliink you will agree that the return from the year's trading as revealed in the profit and loss account is satisi'actory, and so also is the-linan-cial position of tke association as disclosed in the balance-sheet. "Your directors are gratified that, while proposing to maintain last year's rate of dividend — 6 per cent — tliey are able to recommend the addition of £7000 to the reserve fund, thus lurtlier contributing towards the restoration of ,the sum of £24,269 written off this fund in 1931 to meet part of the loss suffered tlirough the earthquake' in that year." The principal factor contributing towards the success of the year's operations had been the remarkable inerease in the returns received for wool, lie added. Competition at the local saies throughout the season had been most animated, The average price received for wool sold by the association * had been on the average 80 per cent higher than in the previous season. The association' s main wool-store had been totaliy destroyed by fire on July 26 last. As within three months from that date the new season's wool would commence to come forward, the loss of the store had caused the directors much anxiet-y. However, rebuildt ing arrangements had been put in liand immediately, and by well-organised work on the part of all concerned the building was completed in time to enable the association' s large wool business to be carried on without disturbance. The building was well planned and substantially built, and the ligliting of the show floor had been the suhject of favourable comment bv the woolbuyers during the past season. "It is my pieasure, before resuming my seat, to say how much the memhers of the board appreciate the valuable service. rendered by the staff during the year," he concluded. The report and balance-sheet weite duly adopted. The retiring directors, Messrs E. Averill, J. P. Ormond, A. L. Stewart and R. H. Todd, were re-elected, as was also the retiring auditor, Mr O. Douglas Wilson. Mr John Graham spoke iu eulogistio tenns of the services of the directors. general manager and staff during the past" year, and moved a hearty yote of thanks, which was carried by acclamatioii. Mr Harding replied for the directors and Mr Kelly for liimself and the staff. At a meeting of directors lield after tlie conclusion of the general meeting, Mr J. W. Harding was re-elected chairman for the ensuing year.