LINKWATER CO-OP. DAIRY FACTORY, LIMITED.

Ninth Annual Report and BalanceSheet. The above concern is but a small one, nevertheless it is m its own sphere an element of socjal value, besides being 1 a means to an honest living-. The "most remarkable feature of the accounts is the fact tbat the paid up capital is only £2SO, while there are reserves counting m the sinking fund totalling £1242. Evidently this has all been brought about through a commendable practice the management has followed of writing down heavily for depreciations. In this instance it has written off ten per cent, on the land, buildings and plant account, leaving that set of assets at £1000 In the balance-sheet. "Cambist" has never seen a cleaner bal-ance-sheet m connection with dairying companies; nor has he any recollection of one whtoh appears to be upon a sounder basts. Cheese is the product of this company, but the return is rather disapnointing. One shilling and ninepence for the season's supplies looks a small affair, until a further payment of l%d per lb is noticed. From this it will be gathered that ]s 10.^ was the total price of the Butter- Cat. and as before remarked, it is disappointing for a cheese factory.