W.F.C.A. LTD.

Wairarapa Times-Age, 10 September 1941, Page 4

W.F.C.A. LTD.

FIFTIETH ANNUAL REPORT NET PROFIT OF £22,462 RECORDED. RECOMMENDATIONS OF BOARD. The fiftieth annual report of the Wairarapa Farmers' Co-operative Association. Ltd., for the year ended July 31, 1941, states: “The gross profit upon the operations of the various departments amounted to £106,859, against £108.746 last year. “General expenses at £69,473 show a Small decrease of £782 compared with the previous year. “After paying interest on debentures amounting to £3,000, depreciating plant and fittings £2.304, depreciating buildings by £2,263, the net profit amounted to £22,462, against £22,044 last year, and £15,738 in 1939. “This net profit, together with £1,255 available from last year, leaves a sum of £23,717 to be dealt with. “Your beard recommends that this sum be allocated as follows: — £ Payment of Income Tax, War Tax, Social Security and National Security Taxes 13.328 Transfer to General Reserve Ac. 1.000 Payment of a Dividend to Preference Shareholders at the ■rate of 3'5. absorbing .. .. 7.500 And to carry forward the balance. namely 1.889 £23.717 “The board thanks the management and all members of the staff for their loyal co-operation. An acknowledgment to the company's bankers is also, tendered. A “The directors retiring by rotation are Messrs 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. “Messrs Sellar and Sellar, retiring auditors, offer themselves for re-elec-tion.” The report is signed by Mr V. E. Donald, chairman of directors.