A PROSPEROUS CONCERN.

Auckland Star, Volume XLIV, Issue 75, 29 March 1913, Page 9

A PROSPEROUS CONCERN.

FARMERS' AUCTIONEERING. (By Telegraph.—Own Correspondent.) HAMILTON, this day. At the annual meeting of the -Farmers' Cooperative Auctioneering Company, the report showed a net profit of £21,858, to which was added £1,0114 carried forward from last year, making the ' total available for distribution £22,892. The directors proposed to allocate this as follows:—-"Dividend, at the rate of 8 percent, £0,8.31 14/2: rebate on commissions, 20 per cent, bonus of 21 per cent on purchases made by shareholders tlirough the produce department, £4,325 14/3; reserve fund. £3,500; special reserve for doubtful debts. £2,500; bonus to staff (salaries above £400 not included). £4:l(i; amount to be carried forward. £2.2!l!l .1/11 ; total £22.592 14/4. Tbe chairman, in the course of bis remarks, said the profits were practically distributed in the Waikato. He stated that, owing to tbe increased volume of ' 'business the Hamilton premises had become too small, and it would lie necessary to erect a large store on two acres adjoining tlie Frankbon station, where a grain-cleaning plant would be installed. It was also necessary to extend the Hamilton buildin.gs for accommodation of the staff. 'Pie report and balancesheet were adopted. Mr. D. R. Caldwell wns elected unopposed to the directorate, vice Mr. .1. Knight resigned. Me.ssrs. English and Bruce were elected auditors. It was decided to remunerate the directors, witli the exception of Messrs. Storey and Hume, as follows: Chairman. £1;"»0:' others, £75; in addition to out-of-pocket expenses.