PROFIT £26,462.

Press, Volume LXI, Issue 18486, 14 September 1925, Page 4

PROFIT £26,462.

CANTERBURY FARMERS' CO-OP.

The thirty-second annual report and bal- _ , ,u.i /■■? tn" Cinien-'Urv Farmers.' Cooperative Association for the financial year cndin<- Jul" Slst. 1*5.. >'* circuited. The result of the. year's vorkmc sb.c-.v3 considerable improvement under the various headings of finance, trading, and general efficicccv. Comparisons of some of the principal items are :—■ 1923-24 1924-25 Dec'ae £ £ £

r,in>>ili*v to bank an/debitors .. 6*,5J5 650,010 46,535 Advances, "etc. .. 590,075 56-.57_ 23.101 Taken from reserve . 20,000 1,300 15.500 Stwta en hand .. 332,684 220.550 12,064 Bad and doubtful dcbl3 .. 25.175 19,793 5,382 Incse. Xet trading profit, .. 16,160 26,162 9,976 "IS will thus he seen thai, as at. July 31st, 1925, our financial responsibility has been wreath- reduced," the directors state. "Trading profit shows an increase, of £9976, and affer providing £10,793 for bad and doubtful debt«, there still remains a net profit of *6777.' In order to pay preference dividends, it was necessary to take £ISOO from the reserve fund. -whereas last year it was necessary 'to lake £'20,000 from tho reserve. It will l>o wen therefore, that the Association has improved its general position for the year to the extent of £15,500. "The Finance Ommittoe of Directors has ■jriven tho closest attention to tha matter of advance accounts, and though it cannot be said that bad and doubtful debts are. entirely eliminated, it m confidently anticipated that during this coming year the last of those remaining will be finally adjusted. The Board-also set up a Special Committee this last year to consider general questions of tradinp and overhead charges. This has "been of frreat. value to tho Association, and his resulted in very considerable savings in overhead expenses.

"Both commit tees have worked very assiduously -Jid advantageously for the welfare of tho Association, and to their efforts is , largely due the greatly improved position of tho Association for the past financial year. The Board has an absolute grip of tho business, and considers i.at during the current year the Association will put all its difficulties behind it."