FARMERS' CO-OP.

Taranaki Daily News, 19 June 1920, Page 7

FARMERS' CO-OP.

ANNUAL BALANCE-SHEET. The sixth annual report of the Far">ers „ C °"°P- Organisation Society of New Zealand, Ltd., for the year ended J i 3 ' to be Presented to !the shareholders at the sixth ammalmeet>ng,to be held at Hawera on Saturday next, states inter alia: The net profit for the year in all departments is £11,823 0 3 3d, to which has been added the sum of £1,315 13s 3d brought forward from last year, making a total to be dealt with of £13,138 los 6d. During the year the shareholders have either received cash or their accounts have been credited by way of allowance nth 15 per cent, of the commission charged on all yard sales of stock and a per cent, of the commission charged on all private sales of stock ani 3% per cent, on purchases of merchandise (net items and "inotor cars excepted). These allowances or rebates ha"fa absorbed £3493. After providing for depreciation on plant, £762 3s f)d, depreciation on buildings, £407 3a sd, and creating a gencial reserve of £2OOO, there remains a balance of £0979 Cs 4d, out of which the directors propose paying a dividend of 8 per cent, on B and C issues of shares, and after making the necessary reservation for payment of incoitne tax, to carry the balance forward. During the year certain of the society s properties have been re-valued, and a portion of the excess values (but not the whole of same) has been brought into the society's books. The surplus gum thus created has-been transferred to goodwill account, eliminating this item from the balance-sheet. In a tßble summing up the past six years operations, it is shown that the number of shareholders has increased from 1210 tn 3331, the capital subscribed from £33,510. to £129,700, the volume of business done from £231,40(1 to £1,022,700 (an increase of £260,430 over last year), and the profits from £3044 to £11,502.