SUCCESSFUL YEAR

Wairarapa Times-Age, 3 December 1938, Page 5

SUCCESSFUL YEAR

N.Z. FARMERS’ COOPERATIVE DIST. CO. NET PROFIT SECOND HIGHEST EVER RECORDED. INCREASE IN TURNOVER. The annual meeting of shareholders of the N.Z. Farmers’ Co-operative Distributing Co., Ltd., was held on Friday in the Odd Fellows’ Hall, Feilding, when a representative gathering of shareholders assembled to receive the report and balance sheet. The chairman of directors, Mr T. Currie (Wanganui), presided and with him were the following directors:— Messrs D. Collis (Palmerston North), A. Stuart and G. L. Marshall (Marton), G. E. Yule (Featherston) and J. P. Tylee (Pahiatua). Apologies for absence were received from three directors, Sir William Perry and Messrs H. B. Maunsell (Masterton) and D. Scott (Taihape) and from Mr J. Macfarlane Laing (Masterton). Mr Currie gave a comprehensive and informative review of conditions affecting primary producers during the past season. He: emphasised the difficult conditions which had prevailed, particularly in regard to rising costs. In' moving the adoption of the annual report and balance sheet, the chairman stressed the steady improvement in the position and stability of the company. The reserve funds would now stand at nearly £45,000. a sum equal to one-third of the paid-up capital of the company. The net profit at £20,241, after paying shareholders’ rebates, was the second highest ■in the history of the company. The trading turnover showed a substantial increase, but (with the reduced values for wool and stock the commissions earned were naturally reduced. Shareholders were how realising the advantages of tradihg with their own company, and Mr Currie urged all farmers to support their cooperative organisation. The general manager (Mr W. C. Fowler) explained the various items in the balance sheet, and pointed ou< that the company was the largest farmers’ co-operative wool selling firm in the Dominion. Mr J. Linklater (Manawatu), in seconding the adoption of the report, congratulated the company on the success of the year’s working and expressed his confidence in the future under the direction of the present board and excellent staff. As a former director he could speak with full knowledge of the splendid advance the company had made and the excellent services it gave to the shareholders and clients. Referring to the Government’s request for increased production, he was glad to notice That the authorities were recognising the difficulty farmers were experiencing in securing labour and he hoped more effective means to relieve the position would soon be forthcoming. Mr A. Campbell (Taonui) is supporting the motion referred to the sound position the company had reached and supported the present policy of the directors in the administration of its affairs.

The report and balance sheet were unanimously adopted. The retiring directors, Messrs G. L. Marshall (Marton), A. Stuart (Marton) and J. P. Tylee (Pahiatua) being the only nominations were duty re-elect-ed, and Mr Stanley E. Lambert, F.P.A.N.Z., was re-elected auditor.

Mr F. C. Wilson, of Marton, was reappointed as shareholders’ scrutineer for the coming year. Mr Linklater asked what steps were being taken to extend the company’s business in the Palmerston North district and the general manager (Mr Fowler) stated that suitable premises had been secured and it was intended to gradually extend and develop business in the district as opportunity offered.

On the motion,.of Mr C. E. Johnston (Cheltenham) a hearty vote of thanks was accorded to the directors for their services, which were much appreciated by the shareholders. Replying to the vote of thanks to the staff, Mr Fowler, assured the shareholders that every member of the staff was anxious to give good service and he was proud of those associated with him in the work of the company. They had excellent facilities and an enthusiastic staff and he urged shareholders to increase their support to theii’ own company and achieve a two million pounds turnover during the coming year.