N.A. FARMERS’ COMPANY

Sun (Auckland), Volume I, Issue 124, 16 August 1927, Page 2

N.A. FARMERS’ COMPANY

RECONSTRUCTION ADOPTED WRITING DOWN CAPITAL (From Our Oion Correspondent.) WHANGAREI, To-day. The twenty-fifth annual meeting of the North Auckland Farmers’ Co-op-erative, Limited, was held in the company’s offices at Whangarei on Saturday afternoon, presided over by Mr. J. W. McAuiay, chairman or directors. The resolutions which were passed at the meeting held on July 23 in connection with the reconstruction of the company were duly confirmed at a special meeting, at the conclusion of which the annual meeting was immediately proceeded with. In addition to all the directors there was a large attendance of shareholders from the districts in the North in which the company operates, including Auckland, Kaitaia, Kokianga, and the Northern Wairoa. After dealing with the financial position as disclosed in the balance sheet the chairman referred to the reconstruction proposals to eliminate the old debt of £35,267. “The effect of this writing down,” he said, “is to clear our position; and it may be opportune for me to state now that we shall have to organise an appeal for more capital as soon as conditions are favourable. “Our balance sheet and the figures which I have quoted to you giving particulars of the volume of business which we are doing both illustrate the need for more capital; a*hd, further, it has to be borne in mind that the demands on us for financial accommodation are sure to increase very considerably as our territory develops. The requirements could be met without much difficulty to anyone if only our farmers would unite in their determination to make a success of the company. A share subscription of £lO a year for five years from 2,000 farmers would give us another by the end of the fifth year, and this should be sufficient to make our trading position comfortable, and to enable us to render the financial assistance required by farmers. Yet who would seriously contend that such is not a practicable manner in which to build into our company the necessary strength to assure a successful future, without any great sacrifice on the part, of individual farmers?” The adoption of the report and balance sheet, after the usual discussion, was carried unanimously. LONDON MARKETS

OFFICIAL REVIEW Under date August 13, the High Commissioner for New Zealand :n London cabled as follows: Casein. The present quotation for Danish rennet is £7O. Tallow.—The market is quiet and there was poor demand at auction. Apples.—-The Corinthic’s shipment arrived in good condition, except for little waste in the Statesman and Washington The m ar ket i 3 quiet in view ° f m * , lar^ e quantities of English apples available, but present market prices are very good. There is prospect of a decline next week. To ensure clearance prices are as follow:—Statesman and Sturmer, 21s to 25s a case; Rokewood, Dougherty and •allarat Seedling, 21s to Hemp.—The Manila market is steadier. August-October shipments are quoted at £43 10s The stocks in Manila on Ai'SSS* \ t ?£ al,ed W 9.000 bales, against 191,000 at . the corresponding date last 25 331 an< * in *-* rea t Britian, 5,578 against x-r? iS ? ! ’~Y ,rark f t A is , quiet - Tanganyika °"* 1 i -August-October shipments are quoted at £3B and No. 2 £37. Tow Good quality is in demand. Value No! , The „ €w Zealand market is \ of . -August-October shipments " • Uighpoints, £35 10s, and common Bradford market is quiet. are "’ ell maintained but tiLT. for yarr > fw home consump- , r . enia in» unsatisfactory. Present warp),' 0 "/ i£T a rd-**?? Mr io al s fb^r d eU sei>°; 5 ei>°; d i : s-lk