The N.Z. Farmers' Co-operative Association

Press, Volume LXV, Issue 19719, 9 September 1929, Page 8

The N.Z. Farmers' Co-operative Association

Canterbury people will learn with pleasure, from the annual report and accounts of the New Zealand Farmers' Co-operative Association of Canterbury, that the institution is rapidly recovering from its set-back during the general depression after the boom period in New Zealand, and is now well on the way to its former prosperity and financial stability; for its fortunes have for many years been closely linked with the fortunes of the province and especially of the farming community. The reorganisation proposals designed to retrieve the situation received the sympathetic consideration of shareholders and bondholders, who by large majorities agreed to the writ-ing-down of capital and the reduction of interest in order to give the concern every help to carry on; and the result has been most gratifying. Dividends have been resumed on the first preference shares, and this year it is proposed to pay two years' accrued dividends on the " A " preference shares. The reserves are also .being built up again and the general financial position is strengthened. Everybody interested will now be hoping that the time is not far distant when the returning prosperity of a great Canterbury institution will enable the claims of the "B " preference shareholders to be met and the ordinary shareholder to receive something after his long wait in the financial wilderness.