GOOD YEAR

Wairarapa Times-Age, 4 December 1943, Page 3

GOOD YEAR

REPORTED BY F.C.D.C. LTD. ANNUAL MEETING YESTERDAY. CHAIRMAN'S EXTENDED SURVEY. The annual meeting of shareholders of the N.Z. Farmers' Co-operative Distributing Co., Ltd., was held at Feilding yesterday afternoon, when a representative gathering assembled. The chairman of directors, Mr Thomas Currie (Wanganui), presided, and with him were the following directors: Sir William Perry (Masterton), G. E. Yule (Featherston), J. Linklater, D. Collis (Palmerston North), G. L. Marshall (Marton), and J. H. .Marshall (Taihape).

“The continuation of war time conditions has further interrupted all customary marketing channels, and the primary producer in particular has found more of his requirements and more of his produce coming within the scope of Government regulation and restriction,” Mr Currie observed in the course of his address. “That he has so loyally and manfully carried on despite these abnormal conditions is a further indication that the farmers of New Zealand are true patriots. . . . Another year under the appraisement system reveals that growers who fail to skirt their clips will continue to be penalised bj r the assessors. The Dominion sales for the past season total about 835,000 bales of greasy wool, at £ 16.800,000, both well ahead of the previous year. Your company handled just over 36,000 bales —an increase of 1,029 bales. “The Imperial Government has indicated that markets will be available at various overseas points for practically all our available meat supplies, so provided shipping can be obtained orderly marketing conditions seem assured.

“From a production point of view the past dairy season has been most unsatisfactory; in fact the alarming decrease during the past few years must be viewed with considerable apprehension and calls for an immediate investigation from the production end — rationing is only a makeshift solution.

STOCK PRODUCTION & PRICES.

“Although farming operations during the past year have been somewhat hampered by variable weather and a shortage of labour, live stock markets have on the whole been consistently buoyant. Store sheep sales have been steady with the usual seasonal fluctuation in prices. For the greater portion of the year fat sheep for domestic requirements have been in short supply and prices have been well above export schedule rates. Hopes of a record lambing were shattered by an extremely severe storm in the middle of the lambing season and a very heavy mortality in lambs just dropped was experienced all ever tjie Island. A dry autumn followed by a severe winter caused a serious shortage of cattle feed in most parts of the North Island and consequently the supply of beef was well below requirements. Conditions in the Manawatu were more favourable than in other parts ahd farmers in that district were called upon to meet heavy demands from Auckland. Hawke’s Bay, Wellington and the Wairarapa. Prices paid during the past few months reached a level higher than at any time since the 1914-19 war period.” The chairman commended the good team spirit in which the staff had worked and expressed gratitude to executive officers and all members for their loyal and capable service. He also thanked the Press for satisfactory publicity. Feeling reference was made to the

passing during the year of Mr J. J. Bryce, Feilding, a former chairman of directors, and Mr A. Campbell, Taonui, a leading shareholder. REBATES AND DIVIDEND. The General Manager (Mr Coulson) said the balance sheet disclosed a very substantial surplus of assets against the total ' paid up capital. The trading turnover had increased, while the stock and commission departments also showed remarkable advances. In the wool department, taking Wellington and Wanganui together, the company handled more wool than any other individual broker and still retained the distinction of being the largest co-op-erative wool broking firm in the Dominion.

After making provision for depreciation and other overhead charges, the profit amounted to £27,739, which, with a balance of £10,646 brought forward from last year, made available the sum of £38,385. It should be noted that shareholders had already received rebates of 10 per cent on stock commissions and 2| per cent on all goods purchased, and it was now proposed to recommend the payment of a dividend of 4 per cent on paid up capital, provide about £20,000 for income and security taxes, and carry forward the balance of about £12,980. Taxation was a heavy burden on the company as out of every £lOO net profit shown, over £7O was absorbed in taxation. Reserves now equalled 40 per cent of the paid up capital. Mr W. G. Booth, Feilding, in seconding the motion for the adoption of the report and balance sheet congratulated the directors on the excellent strides made by the company. Messrs D. Collis, H. B. Maunsell and Sir William Perry were re-elected as directors and, on the motion of Mr A. Ross, a vote of thanks and confidence in the directors was carried by acclamation. Mr S. E. Lambert, F.P.A.N.Z., was re-elected auditor.