MOA FARMERS' UNION.

Taranaki Daily News, Volume LI, Issue 261, 28 October 1908, Page 4

MOA FARMERS' UNION.

The anuual meeting of the shareholders in the Moa Farmers' Union will he held at higlewood on Saturday next. The annual report is as follows: The directors beg to present you witli the balance-sheet for the year end-Hl 31st August, 1008, and to express 1";gret that the result of the year's operations has been less satisfactory than they eould desire. The late spring, the autumn drought, and consequently diminished revenue of the district are responsible for this. At the last general meeting your directors recommended that the business should be conducted 011 strictly cask line;., and have moved in that direction with little success, the accommodation required by our shareholders being greatly in excess of the capital provided by them for the conduct of the business. Your directors now suggest that you should resolve that 110 credit be given to any shareholder beyond the value of the shares | in the company held bv him. Yonr directors are still of opinion that the j carting is not remunerative, and leave the question of its continuance for your consideration. After providing for depreciation and bad debts, there remains a balance of £240 7s 8d for distribution Your directors recommend that a dividend of five per eent. on the share capital be paid, and the balance carried forward. You will be required to elect three directors in the place of Mr. .1. Da?idson (who retires in rotation), and Messrs. A. Coutts and F. Zimmerman, . who wisli to resign. Mr. J. Davidson offers himself for re-election. In this connection your directors strongly d- . commend that their number be increased to nine.