FARMERS’ UNION FUNDS

Dominion, Volume 28, Issue 247, 16 July 1935, Page 13

FARMERS’ UNION FUNDS

Heavy Drain Over Last

Three Years

PRESIDENTS HOPES For the three financial years just passed there has been a persistent drain upon the accumulated funds of the New Zealand Farmers’ Union, according to a report presented to the executive by the honorary treasurer, Hr. W. B. Matheson, yesterday. The president, Mr. W. J. Polson, said that the position was not as bad as tbe figures would lead one to believe. There was still a drift, but it was not as bad as it had been and he believed it could be stopped. “I am confident that with any luck we will ‘break even’ by the end of next year,’’ he said. The skies were clearing and there appeared to be better days ahead for the farmers and ‘the country generally. Mr, Matheson reported that the emergency fund account stood at £174 on April' 30. The total receipts from all orders amounted to £8402/3/1, while the amount returned unpaid by the bank was £l5l/5/6. Last year the total receipts from all orders amounted to £8396/15/9 and tbe orders returned unpaid bv the bank amountd to £209 2/6.

“From these figures.” said Mr. Matheson, “it will be seen that the position this year is somewhat better than last year. The various debit items of the organisation fund account need no elaboration. During the year £6261/9/1 was paid over to the provinces as against £5839/12/4 last year. The actual excess for the year amounted to £54/19/-. “The income side of the income and expenditure account shows that £lB4B 9/2 was recovered from provinces on account of Dominion levies as against £1719/5/3 last year. Interest on investments received this year amounted to £223/7/-, On the expenditure side, not including the amount of £6OO which has been written oil on account of an old outstanding and disputed amount of Auckland Dominion levies, the total expenditure for the year amounted to £3812/0/5.. The total expenditure for last year was £3169/1/6.

“The main items where an increased expenditure has occurred during this year are as follow, last year’s figures being shown in parentheses:—Bank charges, £72/11/3 (£37/11/8) ; conference expenses, £65/14/- (£54/19/9); “Point Blank,” £899/1/- (£468/19/6) ; “Farming First,” £274/13/9 (£177 5/10); salaries, £1206/18/9 (£933/3/-). This year the travelling expenses incurred by the Dominion executive amounted to £449/6/4, as against £492 16/2 last year.”

The balance-sheet showed that the last few years had made a persistent drain on the accumulated fund. The fund had been reduced from £10,759 13/6 in 1932 to £7094/0/5 at April 30, 1935, Investments held by the union totalled £6531/6/1, as against £7341/9/1 a year ago.

“Our investments have shrunk during the year by £BlO/3/-,” Mr. Matheson said. “This is accounted for by the fact' that an amount of £986/17/1 was withdrawn upon maturity from the Wellington Permanent Building Society and applied to the reduction of our bank overdraft. The position as regards Dominion levies shows an improvement in that the outstanding balance for levies due amounts to £536 5/1, whereas last year provinces owed head oflice in this connection £ll6l 8/2.”