W.F.C.A.

Wairarapa Age, Volume XXV, Issue 10713, 16 September 1913, Page 6

W.F.C.A.

ANNUAL REPORT. The following is the annual, report of the Wairarapa Farmers' Co-Opera-tive Association, Ltd., for the year ended July 31st, 1913.—Your directors have pleasure in presenting to you the twenty-second annual report. Taking into consideration the stringecy of the money market during the wholeof our financial year, wliii. • the effect of restricting trade (and commerce, lessening .the spending ■power of the people all over the Doninion, we consider the result satisfactory. ' After having made -ample provision for bad and doubtful debts, depreciation of stock and plant, and payment of auditors' fees, the net profit for the year is £10,747.. To this has to be added £7199', "carried forward from last year's profit arid loss account, making the total available for division £17,946. • ; 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 percent;; payment of, bonus to shareholders on their purchases (com-, mission goSds exempted), 3 per cent.; and a bonus $o the heads of such de-. partments as have contributed a proportionate share of profits. After paying the Government Income Tax and the honorarium-to directors, there will remain the'sum of £6,600 to be carried forward to next year's, profit and loss account. All our properties are in a good state ojrrepair. Our stocks are new,, well bought, of good value, and suitable for our trade. Our staff is capable and efficient. The retiring directors are Messrs J. and A. Caselberg and V. E. Donald,- who being eligible, offer selves for re-election. The auditors, Messrs Badham and Chennells, also ■ offer themselves for re-election. The report will be*submitted to the annual meeting of shareholders, which is to be held on Tuesday, September 30th, at 2 p.m.