The Taihape Daily Times. AND WAIMARINO ADVOCATE MONDAY, OCTOBER 15, 1917. FARMERS IN BUSINESS.

Taihape Daily Times, 15 October 1917, Page 4

The Taihape Daily Times. AND WAIMARINO ADVOCATE

MONDAY, OCTOBER 15, 1917. FARMERS IN BUSINESS.

which is incorporated The Taihapo Poet and Waiinuriiio .News).

Every farmer amongst the readers of this journal is, in his own best interests, strongly advised to read the annual report and balance sheet of the New Zealand Farmers' Cooperative Association, In fact, this document would prove instructive to every settler who takes an interest in any aspect of social and political economy. It points out the road, very clearly, whereby Trusts and profiteering combines make their exit and it shows how New Zealand is to be kept for New Zealanders, and the field of trade left too barren for meat trusts to exist upon. Farmers will realise that it is quite practicable for them to save themselves from profiteering vultures, to keep the handling of all their needs in their own hands, and yet sell at lower prices and make big profits. This association of farmers eliminates meat and all other trusts as far as possible and divides the profits usually grabbed by such parasites amongst themselves. The profit and los s account presented to the'- annual meeting on October Bth shows disposable earnings for the year amounting to £70,341 (omitting shillings and pence), and with a sum of £2182 brought forward from last year the account shows a total divisible profit amounting to £72,523. Shareholders are being paid a dividend of six per cent on preference shares, and seven per cent on ordinary shares all free of income tax. Ten 'per cent is'written off for depreciation; £IOOO is contributed to the employees' superannuation fund; £2500 to contingencies fund for «m«

ployees at the war, and after provision for all liabilities is made the handsome sum of £ 13,226 is being carried forward. Shareholders arc credited with three per cent discount on all their- purchases, payable with their dividend. Liberal . have been given to employees, the lower wage men receiving the highest percentage, decreasing as salaries increase. In moving the adoption of the report and balance sheet, Mr Pannett, the chairman s aid: "The volume of business dealt with duriug the year totals the very large sum of £33,961,017, an increase of £369,696 upon the previous record, which is substantially contributed to by the higher values that have ruled, both with regard to live stock and general merchandise." He pointed out that the Farmers' Association had stood the test of time besides paying consistently good dividends it had performed valuable service to farmers and others. The balance sheet indicates that this association of farmers bas assets over all liabilities amounting to just on a million pounds, and when it is considered that much of its £IBS,OOO worth of properties in most cases represent the value when purchased many years ago, it provides food for much serious thought to every farmer in this country, more especially at this time when trusts are endeavouring to devour them piecemeal, before they will avail themselves of the strength that union gives to them. During the past year shareholders received a discount of 5 per cent on their cash purchases and 21 on monthly accounts, and all this has been achieved despite a war taxation amounting to seven shillings and sixpence in the pound on profits. The chairman stressed the advantages that were likely to accrue from the j federation of all farmers' co-operative enterprises, which took place last June and when the Farmers' Cooperative Wholesale Federation was launched, joining together nine of the largest associations, with an aggregate nominal capital of over £3,000,000, having accumulated reserve funds of £400,000 and an individual membership of over thirty thousand shareholders, the great majority of whom being farmers. Truly a wonderful achievement.