FARMERS' TRADING COMPANY

Auckland Star, Volume XLIX, Issue 126, 28 May 1918, Page 6

FARMERS' TRADING COMPANY

ANNUAL MEETING. The annual general meeting of the Farmers' Union Trading Company was held in the Town Hall concert chamber to-day. Thn provincial president of tie Farmers' Union (Mr. A. A. Boss) occupied the chair, and there was a large attendance of members. The annual report stated that the figures for the past year's trading, both from the standpoint of turnover and net profit, showed a very satisfactory inereasn on the result attained last year. The amount available for distribution was £10,267, made up as follows: Profit for thn year ended March, 1918, £6608; balance of profit brought forward from last year £2894, after providing for income tax; balance to suspense reserve account £767, which the directors proposed to allocate as follows: To pay an S per cent -dividend on the paid-up share capital; to pay a rebate on shareholders purchases of merchandise during the yea/ of 2i per cent.; to place to permanent reserve account £2500, and to suspense reserve account the sum of £439; to set aside £2200 for the payment of income tax. The chairman formally moved the adoption of the report and balance-sheet. Mr. Boddie, in seconding, considered the balance-sheet very satisfactory m view of the short period the company had been in existence. Owing to the continued solid increase in the business during the past year very considerable alterations had had to be effected, these often seriously disorganising business and causing delay and shortcomings, but the directors felt confident that tbe handling of the company's business would in the immediate future be considerably improved in every respect, and that shareholders would soon realise that the directors had taken the necessary prompt action for the securing of even more commodious premises than those at present occupied by them. The business of the company had increas°d during the year to over £67,000, which was largely due to the splendid loyalty of the shareholders. The paid-up capital of the company had increased from £6585 to £14,428. After discussion the report and balance-sheet were unanimous!/ adopted.