DIVIDEND 6 PER CENT

Auckland Star, Volume LXXII, Issue 171, 22 July 1941, Page 3

DIVIDEND 6 PER CENT

HAWKES BAY FARMERS" CO-OP. The fiftieth annual meeting of the Hawke's Bay Farmers" Co-operative Association. Limited was held in Hastings last Friday. The directors* report stated that after allowing lor the payment of rebates to shareholders at the rate oi I2 l 2 per cent on various Commissions contributed, and 2 per cent on goods purchased, and making provision for depreciation on buildings, plant, etc., reserve for income tex and reserve for social and national security taxes, the balance of profit, including SI 10.168 brought forward froct. last year, amounted to £24.285. which the directors recommended should be allocated to paying a dividend of 6 per cent on paid-up c t p.-uu. and adding £4000 to the reserve fund, the balance to be carried forward. In proposing that the report and balancesheet should be adopted the chairman said that fifty years ago the company was incorporated and commenced business at Napier with a capita* of only £1352. To-day it had complete business establishments throughout Hawke's Bay. and its funds, comprising paid-up capital, reserves and undivided profits, amounted to £273.191. while the turnover for the past year had reached £1,726.074. Dividends had been paid on ai; but two years.