W.F.C.A., LIMITED.

Wairarapa Age, Volume XXXI, Issue 2993, 18 September 1908, Page 5

W.F.C.A., LIMITED.

ANNUAL REPORT. I The following ia the annual report of the Wairirapa Farmers' Co-oper-ative Association, Ltd., for the year ending Juiy 31st, 1908 :-Your directors in presenting to shareholders the seventeenth annual re'port and bal-ance-sheet, have pleasure in stating that it is yery satisfactory, showing a small increase of profit over last year. After having made due provision for bad and doubtful debts, depreciation of stock and plant, and paid auditor's fees, the net profit on the year's transactions is £14,181 17s Id, to which has to be added £5,162 carried forward from last year's profit and loss account, making ♦he total available fcr civision £1i>,344 Is lOd. Your director s recommend the distribution as follcwr,: Payment of dividend on paid-up capital, 6 per cent.; payment of bonus on paid-up capital, 3 per cent.; payment of bonus to shareholders on thair purchases, 3 per cent.; payment of bonus to employed on thefr salaries, 3 per cent. And a bonus to managers and to heads of departments which have done a profitable trade during the year. To carry to a special reserve account the sum of £1,500 as a "Contingency Fund,'' so as to make all the book debts fully worth 20s in the £. To carry to the Accident Fund the Bum of £l3O, which will then stand at £I,OOO. After paying the Government income tax and honorarium t; directors, there will remain a sum of about £7,000, Which your directors recommend to car.:;- forward tp next year's profit a;:d loaa account. It is very gratifying to your directors In being able to place so good a report and bahnce-3hcet before you, considering the times are not so good as the previous year. T!r largo increase of trade *»nd the loyal support of our shareholders and the general public hsve conduced to make the year a prosperous or.s. All buildings and improvements mentioned in last year's report have been duly completed. Our Martinborough premises are finished, and your directors are well satisfied with the business being done there, and with its future prospect 3. Oar stocks are new, well-s&iected,' suitable for our trade, and'of good value. Our buildings and plant are in good order and repair. The properties ura worth considerably more tnan th?ir book values.. The staff is efficient and capable. The retiring directors are Messrs A. W. Ca\>e, H. G. Williams, and D., Caselberg, who, being eligible, offer themselves for re-election. The auditors, Messrs R. T. Badham and W. B. Chennells, also offer themselves for re-election.