F.C.D. COMPANY

Wairarapa Times-Age, 30 November 1940, Page 5

F.C.D. COMPANY

. ANNUAL GENERAL MEETING SATISFACTORY POSITION REPORTED. DECLARATION OF DIVIDEND. The annual general meeting oft shareholders of the New Zealand Far-') mers’ Co-operative Distributing Co., Ltd., was held in the Oddfellows’ Hall, Feilding, yesterday, when a representative gathering was presided over by the chairman of directors, Mr Thomas Currie. In moving the adoption of the Report and Balance Sheet, Mr Currie reviewed some of the difficult conditions facing the primary producer, particularly in reference to rising costs of production. He emphasised the loyalty of farmers in their efforts to increase production, despite severe handicaps arising through labour problems, and shortages of necessary materials. Dealing with the balance sheet, the chairman pointed out the strong position established by the company, whose reserves now amounted to over £51,000, equalling over 37A per cent of the paid up capital. The net profit for the year amounting to £26,393 8s 3d, together with the amount brought forward of £7,796 8s 3d, making a total available of £34,189 16s 6d, was unanimously allocated as follows: Pay shareholders a dividend of 5 per cent (free of income, social and national security taxes). Write £1,314 18s 5d depreciation off premises. Add £3,000 to the general reserve. Provide sufficient to pay income, social and national security taxes, and to carry forward the balance estimated at £7.043. The chairman stressed the benefits of co-operative trading, pointing out that during the last four years the company had returned to shareholders by way of rebates on purchases a sum well in excess of £lO,OOO. The company was never in a better position to give the best possible service to the farming community generally and while acknowledging with gratitude the increasing loyal support accorded the company, the chairman made a special appeal to those shareholders who were not doing so to support their own company and thereby enjoy and increase the benefits of co-operation. The General Manager (Mr Coulson Fowler) briefly reviewed the balance sheet and profit and loss account and made reference to the fact, that the company had maintained and improved its position of being the leading cooperative wool-broking firm in the Dominion, and with the promise of many new clips, confidently anticipated establishing fresh records for the coming season.

The Press was thanked for the publicity granted during the past year. The retiring directors, Messrs D. Collis, H. B. Maunsell, and Sir William Perry, were re-elected unopposed, and Mr Stanley E. Lambert. F.P.A.N.Z., was re-elected auditor. Mr J. .1. Bryce, of Feilding, was appointed shareholders' scrutineer for the ensuing year. On the motion of Mr W. G. Fry, seconded by Mr Richards, a hearty vote of thanks was accorded the directors for their continued services to the shareholders and congratulating them on the splendid results of the year, and the strong financial position of the company. On the motion of the chairman, a hearty vote of thanks was accorded to the General Manager and staff’ for their loyal and enthusiastic services. The General Manager (Mr Fowler), in returning thanks on behalf of the staff, said the company had a staff second to none and he would have much pleasure in conveying the shareholders' thanks to them. At a subsequent meeting of directors Mr Thomas Currie was unanimously re-elected chairman of directors for the enusing year. _____