CANTERBURY FARMERS.

Waikato Times, Volume 108, Issue 18140, 3 October 1930, Page 2

CANTERBURY FARMERS.

THE ANNUAL REPORT. The annual report of the Canterbury Farmers’ Co-operative Association for the year ended July 31, states that the operations of the association resulted in a trading profit for the year of £20,182 16s 7d. It had been a most difficult year, in view of the slump experienced in wool, meat, sheep, etc,, and the directors decided to make ample provision for bad and doubtful debts, resulting after- this provision in a net profit of £2072 18s sd. With the carry-forward from last year of £6068 4s 2d, there remained at the credit of profit and loss appropriation account the sum of £OO4I 2s 7d, and it was recommended, as a further assurance against existing low prices for primary products, that £7OOO of this amount be put into reserve , for bad and doubtful'debts. This would leave the association in the position of having reserves'of £27,931, with a. carryforward into next year of £2041 at the credit of profit and loss account. The gross profit for the year ending July 31, 1929, was £124,308, and the net profit, £17,918, as against £2972 this year. A preference dividend of 12 per cent. (6 per cent, covering the previous year) was paid in 1929, the amount involved being £20,720. in May, 1929, the capital was reduced by £106,702, and accumulated deficit £95,910, was written off. The authorised capital is £337,500, and the issued £320,103.