WAIRARAPA FARMERS CO OPERATIVE ASSOCIATION.

Evening Post, Volume LVI, Issue 74, 24 September 1898, Page 5

WAIRARAPA FARMERS CO OPERATIVE ASSOCIATION.

The report and balance-sheet o£ the above Association for the year ended 31st July is as follows : "At the end of a year of unusually keen competition, ill all branches of trade, your directors have the pleasure of submitting a statement of the portion of the Association as on 31st July. The profit and loss account shows, after making full provision for bad and doubtful debts, a sum of £5490 for divi- | sion, including £5)5 brought forward from \ last year. It is proposed to pay a dividend ] on the paid-up capital at the rate of 0 per cent., and a bonus on purchases made by j shareholders of 2 per cent., and write off properties £400, the balance being carried forward. The reserve fund will be increased to £8861 by the addition of amounts received as premiums on new shares issued. Shareholders who have any knowledge of the conditions under which all trade has beeu carried on during the year will not be surprised to find that profits have necessarily been considerably reduced thereby. Those who only hold a small number of shares will recognise the fact that the much reduced price at which they have made their purchases far more than makes up for the reduction in itheir dividends. On the other hand, large shareholders must be content with the knowledge that in hardly any business is it now possible to obtain high rates of dividend without incurring serious risks. The main point for both classes of shareholders to consider is that the finance of the Association is absolutely sound, and that it is therefore in the best possible position to take full advantage of the more profitable conditions of trade, wh ; oh always follow penods of undue competition. The whole of the premises of the Association are now in a thoroughly efficient state, and suitable for the steady increase in business which may confidently be expected. The attention of your directors and the management will now be directed entirely to consolidating and perfecting the management in every detail, so as still more thoroughly to meet the requirements of shareholders and others, while doing their utmost to show a more satisfactory profit as the result of the operations of the now current year. Messrs. TV. Booth, H, G. Williams, and C. .Pharazyn are the retiring directors, and the two latter, being eligible, offer themselves for re-election. Mr. Booth will not offer himself for re-election. The retiring auditor?, Messrs. R. T. Badham and TV. B. Chennells, are also willing to accept re-election."

Potatoes are just now at almost famine pricei in the Tuapeka district.