A SOUTH CANTERBURY CONCERN.

Taranaki Daily News, 29 September 1919, Page 4

A SOUTH CANTERBURY CONCERN.

BIQ-PBOFTS MADE. ..(' By Tolegraph.—Press Association. Timaru, Last Night. There was a large attendance of share* holdera at the annual meeting of the Farmers' Co-op. Colonel K. MacKenzie, chairman of directors, voiced regret at the retirement of Mr. John Talbot after 25 years in the chair. The association had a good year. The turnover vh £1,892,536, a new record. The nett profit was £32,979. The usual dividends were declared, 5 per cent, on preference and 8 per cent, on ordinary capital, free of income tax, also a bonus of 4 per cent, on salaries and wages. The employees number 401. Eighty -nine left for the war, of whom ten' lost their liv"«. The association during the year paid .■CWS7 as part wages to absent men. The paid-up capital is £190,000. It whs resolved to increase the preferred capital by £50,000 and ordinary by £i'>o(lO. The limitation of the number of shares to the holder was increased from 400 to 1000. A resolution was m passed protesting against the excessive f| taxation of incomes of co-operative associations compared with proprietary businesses. The income-tax this year was about £Io.OOO. The chairman strongly urged farmers, in view of the need of wheat and produce for export, to '"keep the teams going." ,