SOUTHLAND FARMERS COOPERATIVE ASSOCIATION.

Otago Witness, Issue 2896, 15 September 1909, Page 8

SOUTHLAND FARMERS COOPERATIVE ASSOCIATION.

The annual report and balance sheet of the directors of the Southland Farmers' Co-operative Association for the year ended July 31 has been circulated. The profit and loss account shows, including the net balance carried forward from last year (£1695; 0s 6d), a credit of £1832 10s *10d <Jut of this amount your directors recommend that £100 be written off store, furniture, and plant account, £400 reserved for bad and doubtful debts, and that the balance (£1332 10s lOd)-, be oarried forward. The directors regret that the result of the year's operations will not permit of any dividend being paid, but feel confident that shareholders will recognise that the past year has been a particularly trying one, the financial B {- nn §f nc y .«hich was general throughout the Dominion affecting prejudicially most commercial undertakings. The directors are of opinion that while the establishment of branches at Rivefsdale and 'Otautau has been of advantage to the shareholders and clients immediately interested, the results bo far have hardly justified the expenses entailed m maintaining the branches; but with increased and loyal support from the shareholders there is no reason why the coming year should not show a greatly-im-proved and profitable business at both places. Since last balance 572 additional enares have been allotted. The directors lagain impress upon the farmer*? of the district the necessity, for still further strengthening the finances of the association, ■which should not have to depend so largely on borrowed money for the carrying on of^ its business. In addition to the four Uwtiring directors— Messrs John Gray, Hugh Smith, A. Tapper, and James Butler —four others have" been nominated— namely, Messrs D. Walker, Henry Buxton, A. J. Skeat, and David M'Dougal.