FARMERS’ TRADING

Dominion, Volume 31, Issue 70, 16 December 1937, Page 7

FARMERS’ TRADING

Otago Co-operative Association Dominion Special Service. Dunedin, December 15. The annual meeting of the Otago Palmers’ Co-operative Association of New Zealand, Ltd., was held to-day. The directors recommend payment of a dividend of 5 3-5 per cent, on A preference shares, 5 per cent, on investment shares, and per cent, on ordinary shares. This would absorb £3117/19/10, and the profit available for distribution, including the carry-forward from last year, was £9310. They also recommend the transfer of £lOOO to the reserve for inconi" tax and £3OO to the reserve for staff superannuation. This would leave a balance of £4892/3/1 to be carried forward. Moving the adoption of the report, K which wag approved, the chairman, Mr. Jaspar Clark, said that wages and salaries, as compared with two years ago, showed an increase of £3OOO and. while it was possible to meet extra costs during a period of boom prices, the position might be somewhat difficult when prices, together with commissions, fell. The association’s interests were necessarily closely associated with those of the farmer. When his prices fell, the association’s earning power by way of commission fell also. During the past few years the primary producer was faced with disaster owing to a world-wide slump and assistance was afforded by various means. The dairy-farmer was assured of a guaranteed income, but. the general tendency resulting from legislation was to increase costs further, including wages and all supplies.. It appeared that the secondary industries might require further protection and the cost of living would continue to increase. The splendid prices' which obtained last year had enabled many farmers to reinstate their position. Farmers generally were advised to make provision against the time when prices might fall.