NEW ZEALAND FARMERS' COOPERATIVE ASSOCIATION.

Press, Volume LVI, Issue 10387, 3 July 1899, Page 3

NEW ZEALAND FARMERS' COOPERATIVE ASSOCIATION.

The eighteenth annual reporb and balancesheet of this Association have been issued. It states tihat though prices for grain ihave been low the condition of <t\he farining in-, dustly~shows a marked improvement on last season. The resignation of Mr Geo. Jameson is referred to wdth, regret, and it is mentioned thaib Mr Thos. Mackenzie, London agent, bos returned, Mr C. H. Ingh"s, well , and "favourably known to Ouiterbury i farm&ra, having "been appointed to succeed the latter. Commodious premises have been purchased at Ashiburton to meet tihe requirements of *bat district. Since last annual meeting 2592 shares had been allotted, and it w-as proposed to make a further issue of 2000 at a premium of Bs. The directors to ask the sanction of the shareholders to increase tlie borrowing power to full value of the issued shares. The' profits of the year are stated to have bean, satisfactory,, a net profit of £11,914 10s 2d being shown; which, added to £3434 13s 7d from last year leaves £15,349 3a 9d' to be dealt watJi, Tttie usual dividend of 6 per cent, is recommended, and a 'bonus of 3| per cent, on paid Up capital, a bonus of 3£ per cent, on shareholders' purchases, and a bonus-of 3£ per cent, on salaries paid and wages earned, and to-refund 2O.jper cent, on all net commission earned. It was proposed to carry £1000 to'reserve, and write , 10 per cent, off machinery and office iurniture. Messrs Ensor, Qhapman., Gougfo, Overtbn'aJid Neave are the retiring directors. The capital account is £126,385, of which £51,662' is"paid up. The v assets are shown at £239,369, the largest oanbunb being £106,573 advances; £60,010 stock, property £28,750, debts £24,749, cash in hand £12,925. The liabilities, less the profit and 'amount of capital, include: Reserve fund £20,756, deposits £73,682, drafts against produce sliipped £31,427, on credit of current accounts £39,613. The profits ore shown to 'have been: On £15,501, commission £6232, discounts and interest £3265, storage £615. The wages and salaries padd were £9752, directors' fees and expenses £694, bad debts £494, GoVisrnmen* taxes £677, and auditors' fees £105, being some of the main items.