THE W.F.C.A.

Wairarapa Times-Age, 5 September 1939, Page 4

THE W.F.C.A.

ANNUAL REPORT

DIVIDEND TO PREFERENCE SHAREHOLDERS.

RECOMMENDED BY DIRECTORS.

Following is the 48th annual report of the directors of the Wairarapa Farmers’ Co-operative Association, Ltd, for the year ended July 31: — Your directors have pleasure in submitting to shareholders the fortyeighth annual report and balance sheet for the year ended July 31, 1939. The gross profit upon the operations of the various departments amounted to £103,422, against £102,235 last year —an increase of £1,187.

Expenses at £69,693 show a decrease of £1,122 against an increase of £4,009 the previous year. After paying interest on debentures amounting to £3,000, depreciating plant and fittings £2,506, depreciating buildings £2,938, and expending £1,910 in renovations, and providing for all bad and doubtful accounts, the net profit amounts to £15,738. This, together with £1,740 available from last year, leaves a sum. of £17,478 to be dealt with. Your board recommends that: — £3,000 be transferred to taxation reserve account, £5.000 be transferred to general reserve account, £8,750 be utilised to pay to preference shareholders a dividend of 3 per cent out of this year’s profits, and a further J per cent out of last year’s credit, making 3| per cent in all, and carry forward the balance,

namely, £728. , The board thanks the management and all members of the staff for their loyal co-operation, and to the company’s bankers acknowledgement is also tendered. . Directors. —The directors retiring by rotation are Messrs Trevor Beetham and Thos Jordan (representing the ordinary shareholders) and J. G. Brechin (representing the preference shareholders) who, being eligible, offer themselves for re-election, and there being no other nominations, will be declared elected. Auditors—Messrs Sellar and Sellar, retiring auditors, offer themselves for re-election. _ The report is signed by Mr V. E. Donald, chairman of directors.