CANTERBURY FARMERS' ASSOCIATION.

Press, Volume XLIX, Issue 14758, 30 August 1913, Page 15

CANTERBURY FARMERS' ASSOCIATION.

MEETING AT TIMARU

(BPKCIAI TO " TH». fRKSS.")

TIMARU, August 29.

At a meeting of the Board of directors of tlio Canterbury Fanners' Co-operative Association, held hero today, the general manager (Mr J. P. Newman) submitted tho balance-sheet and profit and loss statement for tho year ended July 315t,'1913. This disclosed another very successful year, tho net profit for the twelve months being £32,217. as compared with £29,685 last year. The profit this year, with £3006 brought forward from last year, givee a total amount available for distribution of £35,223 16s 6d. This amount tlie directors propose (subject to tho approval of the shareholders at the annual meeting to be held on September 27th) to deal with as follows :— To payment of a dividend of 6 per cent, on preferene capital; to payment of a. dividend of S per cent, on ordinary capital; to payment of a bonus of 6 per cent, on purchases by .shareholders; give a rebate of 23 per cent, on commissions earned (wool exceptcd); to give a bonus on salaries of 5 per cent, to the staff; to place £KXH) aside for the creation of a fund with which tho Association will cover its own accident and fidelity risks; to add £-300 to the doubtful debit reserve fund; to add £1157 to the ordinary reserve fund, which will then stand at £60,000, and after providing for auditors' and stocktakors' fees and income tax (tho latter i< estimated at £2000) to carry the balance forward. It was further agreed to accept the chairman's .proposal to increase the capital by the creation of a further £50 000 worth of C per cent, preferential sham; divided into 10,000 shares-of £5 each, these to be issued on the same terms and conditions as the last issue of preferential shares. This step was decided upon by reason of tHe fact that the Association is contemplating considerable additions to the Geraldme and Fairlic premises at an early date, and also to meet the demand which exists for these preference shares.

Bsron Crawsbaw writes: —' Smeo using Mcainton'sShanng boop I hare Riven up trying others. lam perfectly satisfied with it. 10