COMPANY AFFAIRS.

Auckland Star, Volume LX, Issue 224, 21 September 1929, Page 4

COMPANY AFFAIRS.

WAIRARAPA FARMERS. STRIKING IMPROVEMENT. The balance-sheet of the- Wairarapa Farmers' Co-operative Association, Ltd., for the year ended July 31, just issued, is a striking improvement on the document issued last year, when even the six per cent preference dividend had to be passed. There were then reconstructions in capital and management, and the results are disclosed in this year's balancesheet. After providing for all expenses of management making provision for bad and doubtful debts, and depreciation of stock and plant, and the payment of rebate on shareholders' purchases, at the rate of 2 per cent, amounting to £2447 16/10, there is available for allocation £ 18.510 11/. The ■preference shareholders receive £15,000, the sum of £1000 is transferred to taxation reserve, and tlie balance, after payment of directors' fees, is to be carried forward. The gross profit totalled £45,474, |an increase of nearly £10,000, while the expenses were about £2000 more. ' The directors in their report state that there still remains a contingent liability of £15,000, .being cumulative preference dividend for the year ended July 31, 1928. Whilst any portion of this renjains unpaid the association cannot pay a dividend to the holders of ordinary shares except under special arrangement. The preference shareholders are being asked to accept payment of arrears of dividend spread over six years, the associatioh to pay 3% per cent half-yearly over the period commencing from January 1, 1930. The proposed arrangement is considered an excellent one, and will be beneficial to the preference shareholders, to the association, and the ordinary shareholders, who had to bear the burden .of capital reduction. The ' ordinary shares are now 6/8, paid up. The ! association is now in a-.sound position, and ' possesses great earning capacity. WILTON COLLIERIES. j Mr. J. R. Hetherington, chairman of directors of Wilton Mine, was in Ngaruatvahia this week, also the engineer and other officials, making arrangements for starting construction of a branch railway line to the mine. A start will be , made with construction as soon as the l survey is finished. j