FARMERS' CO-OPERATIVE ASSOCIATION.

Press, Volume XLIX, Issue 14759, 1 September 1913, Page 8

FARMERS' CO-OPERATIVE ASSOCIATION.

At a meeting of directors of tho New Zealand Farmers' Co-operative Association of Canterbury, Ltd., held on Saturday morning, the balance-sheet for year ending July 31st, 1913, was considered. It showed that the profits amount tc £56.321 5s 3d, which, after adding £3956 ls 7d brought forward from last year, gives a total to be dealt with of £60,277 6s lOd. It was resolved to recommend the following allocation:—To pay six per cent (6 per cent.) interest on the preference share capital, and eight and one-half per cent (8. per cent.) on tht ordinary share capital. A bonus of fivo per cent (5 per cent.) on shareholders' purchases of general merchandise (net items excepted); a rebate of thirty per cent. (30 per cent.) on commissions (net business excepted) ; to carry £10,000 to the reserve fund, which will then stand at/£lll,154; to write off ton per cent off machinery and plant; to make a contribution up to £1000 towards the employees' superannuation scheme, and to carry the balanco forward. The profit and loss account showed earnings on merchandise amounting tc £81,657 ls 2d, commissions £26,864 19s 6d, interest, discounts and exchanges £16,989 13s lOd, grain and wool 6tore earnings £983 lis lid. Tho date of the annual meeting was fixed for Saturday, September 20th, at 11 a.m.