W.F.C.A.

Wairarapa Age, Volume XXXII, Issue 10424, 15 September 1911, Page 5

W.F.C.A.

A SUCCESSFUL YEAR.

The following is the twentieth annual report of the Wairarapa Farmers' Co-operative Association, Ltd., to be presented to the shareholders at the annual meeting to be held on Wednesday, September 27th: — Your Directors have pleasure in presenting to you the twentieth annual report, which shows a substantial improvement on Jast year. You will note the Association's business has fully recovered its old buoyancy. The general trade has been' larger and of a more satisfactory character, partly due to the Association's strong financial position and to the prudent and conservative policy of your Directors. After having made due provision for bad and doubtful debts, depreciation of stock and plant, and payment of auditors' the met profit for the year is £15,119 Is 3d. To this has to be added £4741 6s lid, carried forward from last year's profit and loss account, making the total available for division £19,860 8s 2d. Your Directors recommend the distribution as follows: — 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 their purchases, 3 per cent.; payment of bonus to employees on their salaries, 3 cent.; arid a bonus to managers and to the heads of the departments which have done profitable trade during the year; to carry the sum of £SOO to the Contingency Fund, which will then stand at £2000; to carry the sum of £IOOO to the Reserve Fund, which will then stand at £30,153. After paying the Government Income.Tax and the usual honorarium to Directors there will remain a sum of £6530 to be carried forward to next year's profit and loss account. Your Directors are pleased to report that all the Association's premises and plant are in a good state of repair. The new front to our Masterton premises will be completed during this month, and will be an improvement to business. The cost of same, including lighting, will exceed £I7OO. The stocks are new, well bought, and suitable for our tmde, and are of good value. The staff is experienced, capable and efficient. Your; Directors regret the loss by resignation of one of your oldest Directors,' Mr C. B. Pharazyn, who has left .New; Zealand. The retiring Director* are: Messrs A. W. Cave, H. G. Williamsj and D. Caselberg. who, being eligible' themselves for re-elecfcion. Mr V; Donald resigned, and the Directors appointed Mr Donali Donald to the seat. He now also offers himself for re-elec-tion. The auditors, Messrs Badhnm and Chennells, also offer themselves for re-election.