W.F.C.A., LTD.

Wairarapa Age, Volume XXX, Issue 8536, 17 September 1907, Page 6

W.F.C.A., LTD.

♦ ANNUAL REPORT. The following is the annual report of the Directors' of the Wairarapa Farmers' Co-operative Association, Ltd., to be presented at the annual meeting of shareholders at Masterton on Friday, September 27th, at 3 p.m.:—Your Directors have much pleasure in presenting to shareholders the sixteenth annual report and balance sheet, which is very satisfactory. After having made due provision for bad and doubtful debts, depreciation of stock and plant, and paid auditors' fees, the net profit on the year's transactions ifl £14,113 13s 9d, to which has to be added £5,000 carried forward from last year's Profit and Loss Account, making the total available for division £19,113 13s 9d. Your Directors recommend the distribution as follows ;_Payment of dividend on paidup capital, 6 per cent.; payment of bonus on paid-up capital, 3 per cent.; payment of bonus to shareholders on their purchases, 3 per cent.; payment of bonus, to employees on their salaries, 3 per cent.; and a bonus to managers and to heads of departments which have done a profitable trade during the ye<*r. To carry to reserve £3,000, which will then stand at £28,102 10s Bd. After paying the Government income tax, placing £2OO to the Eraoloyees' Accident Fund, which will then stand at £B2B 16s, and honorarium to Directors, there will remain a sum of £5,000 to carry forward to next year's Profit and Loss, Account. Your Directors "are pleased to state that the business of the Association has shown a continuous increase during the year, the same being of a sound and profitable character. The result shows an increase of net profit on last year's balance sheet of £6BO. During the year your Directors had the following buildings erected to meet the requirements of the Association's growing trade: —At Masterton : A wool and skin shed in Cole Street; a granary adjoining the railway station; also a hide shed adjoining the railway station. At Carterton: A brick party wall, on south side, a new shed, and additions to stables. At tho request of a large number of our Lower Valley shareholders, your Directors decided to extend the Association's business to Maryborough; they purchased a suitable site and have let the contract for the erection of brick buildings of an up-to-date class, suitable for our business, which will be completed by the end of November, Your Directors have repaid £20,000 of debentures, which matured on September 30th last, and issued new debentures for £25,000, at par, for a ten years' currency, at the same rate, viz., 5 per cent, per annum. The stocks are new, well-selected, suitable for our trade and of good value. . The buildings and plant are m good order and repair. The properties are worth considerably more than their book values. The staff is efficient and capable. The retiring Directors are Messrs €. B. Pharazyn, P. J. Nathan, and A. Caselbsrg, who, being eligible, offer themselves for ' re-election. The auditors, Messrs R. T. Badham and W. B. Chenneils, also offer themselves for re-election. M. CASELBERG, ■ Chairman.