W.F.C.A. LTD.

Wairarapa Times-Age, 6 September 1940, Page 4

W.F.C.A. LTD.

FORTY-NINTH ANNUAL REPORT INCREASED PROFIT RECORDED. DIVIDEND FOR PREFERENCE SHAREHOLDERS. The forty-ninth annual report of the directors of the Wairarapa Farmers' Co-operative Association, Ltd., for the year ended July 31. 1940, is as follows: "The gross profit upon the operations of the various departments amounted to £ 108.746 against £103,422 last year, an increase of £5324. General expenses at £70,255 show an increase of £562, compared with the previous year. After’ paying interest on debentures amounting to £3OOO, depreciating plant and fittings £2646, depreciating buildings £2210, and expending £l2BO in renovations, and providing for all bad and doubtful accounts. the net profit amounts to £22,"045, against £15,738 last year, an increase of £6307. This net profit, together with £728 available from last year, leaves £22,773 to be dealt with.

“Your board recommends that this sum be allocated as follows: —Payment of Income Tax, War Tax, Social Security and National Security taxes, £13,618; transfer to General Reserve Account, £1000; payment of a dividend to preference shareholders at the rate of 3 per cent, absorbing £7500; and to carry forward the balance, namely, £1255; £22,773. “The board thanks the management and all members of the staff for their loyal co-operation, and the company’s bankers acknowledgement is also tendered.

“The directors retiring by rotation are Messrs V. E. Donald and H. G. Williams (representing the ordinary shareholders) and C. M. Bowden (representing the preference shareholders) who, being eligible, offer themselves for re-election, and there being no other nominations will be declared elected. Messrs Sellai’ and Sellar, retiring auditors, offer themselves for re-election.”

The report is signed by Mr V. E. Donald, chairman of directors.