HAWKE'S BAY FARMERS' COOPERATIVE ASSOCIATION.

Press, Volume LXV, Issue 13467, 6 July 1909, Page 9

HAWKE'S BAY FARMERS' COOPERATIVE ASSOCIATION.

(rBESS ASSOCIATION TELEGRAM.) NAPIER, Jul}- 5. The annual meeting of tlie Hawke's Bay Farmers' Co-operative Association, Limited, was held to-day. The balancesheet showed that after making due provi-ioh for all necessary depreciations on buildings and plant." the balance of profit, including £1457 14s 7d brought forward from last- Year, amounted to £5333 9s lid, which' the directors recommended bo allocated as follows: —Dividend of 8 per cent, on paid-up capital, bonus of 12J per cent. on commissions contributed by shareholders (land excepted), bonus of 2 per cent, on goods purchased by shareholders, bonus of 5 per cent, on salaries, and balance carried forward. The chairman (Mr A. H. Russell) 6aid that notwithstanding tho financial.- stringency, the paid-up capital had increased by £7113 during the year, representing aoi allotment of 2371 new shares. The liability under the headings of shareholders' deposits and sundry creditors now stood at £39.258, being a reduction of £15,192. The balance of profit for the year must be considered highly gratifying, when the conditions under which tho business 'was conducted were considered. The report and balance-sheet were adopted.