WAIRARAPA FARMERS

Dominion, Volume 21, Issue 9, 5 October 1927, Page 6

WAIRARAPA FARMERS

MEETING OF ASSOCIATION CONFIDENCE IN FUTURE Masterton, October 4. Ths annual meeting of the Wairarapa Farmers’ Co-operative Association, Ltd., was held to-day, Mr. J. Caselberg, chairman of directors, occupying the chair. In his address the chairman said that trading conditions during the past year had been extremely bad. The fanners, for the last two years, had been unable to make much headway, and, as prosperity was bound up with them, their misfortune was naturally reflected in the business of the association, particularly the stock department, hence , the reason of the last year’s trading not being satisfactory. The outlook for the future, however,’ was improved. The prices at the time of speaking ruling for primary products were remunerative, and, if they held right through the season, the ensuing year’s trading should be satisfactory. The speaker went on to say that notwithstanding the unsatisfactory condition ruling through the Dominion, the total liabilities of the association had decreased during the vear by over .£9OOO, as shown by the following comparison

.£262,550 62271,882 These' figures showed a reduction of liabilities of about 629332. The bulk of the properties of the association had been acquired many years ago. said Mr. Caselberg, and had hitherto been shown in the books at a very low figure. This year, however,' they had been revalued and taken in at the new valuation. This had counterbalanced the heavy writing off of a number of bad and doubtful debts. The association was fortunate in having been in a position to do this. “The difficulties have been so great,” said the chairman, “particularly with reference to the stock department, that the directors feel that they should say nothing that could, at any future time, be taken as unduly optimistic, particularly as the new season has hardly begun. They do, however, assure the shareholders that they are devoting extremely close attention to' the question of getting the affairs of the association on to a dividend-earning basis so soon as is consistent with permanent prosperity, and that, owing to the soundness of the merchandise department, they have every confidence in the future." In conclusion, he expressed the thanks of the board to thb shareholders and the public for the consideration that had been throughout extended by them to the association, and to the loyal and efficient staff.

In seconding the adoption of the report, Mr. W. Howard Booth said that the association, like other such organisations, had met with difficulties, but he was confident that an improvement would be seen next year.

In reduction of last year’s figure of 62700, the directors were voted an honorarium of 62450, with another 62150 as travelling expenses to be divided amongst them.The retiring directors, Messrs, H. G. Williams, A. Caselberg. and Martin Elgar, were re-elected,- while Messrs. Wetkins, Hull, Hunt and Wheeler and W. G. Sellar were again appointed audit-

Votes of thanks were accorded the directors and staff. ,

with last year:— 1927 1926 £ Bank Overdrafts 177,339 160,257 Fixed Deposites Deposits at Call and Customers’ Cash A/cb. ... 22,888 31,631 3,801 7.760 Accrued Interest 6,351 6,152 Bills Payable 16,887 22,299 Sundry Creditors 32,258 43,464 London Agents ‘3,026 319