TO PAY DIVIDENDS

Ashburton Guardian, Volume 55, Issue 279, 7 September 1935, Page 7

TO PAY DIVIDENDS

N.Z. FARMERS’ CO-OPERATIVE

YEAR’S- NET PROFIT OF £33,367

(Special to tho “Guardian.”)

CHRISTCHURCH, This Day

A net profit of £33,367 10s 4d for the year ended July 31 is disclosed in the annual report and accounts of the New Zealand Farmers’ Co-operative Association of Canterbury, Ltd., which will he submitted at the meeting to be held on Saturday, September 28. Net profit is £5793 greater than it was last year, and compares with a not loss of £92,218 in 1933. Gross profit at £162,317 is £7540 greater than it was last.year In their report the directors say: “It is proposed to allocate out of tiie net profits for the year the sum of £16,897, against the deficiency shown on the balance-sheet, and to distribute the remainder of the net profit, amounting to £16,470, in paying the following dividends to shareholders: —hour and a half per cent, on first preference shares, 4 per cent on A preference shares, and 2 per cent, on B preference shares.” The report then details shareholders meetings held early in August to make re-arrangements between the association and certain classes of shareholders. The following directors retire by rotation and are eligible lor re-elec-tion :—Messrs F. F. Jones, V llliani Stalker and C. G. Jarman. The vacancies caused by the deaths of Messrs I<. AY. Ruddenklau and William Shipley are filled by the nominations of Messrs J. Bland, of .Winchmore, and Thomas Stevenson, of Spotswood.