ROAD TO PROSPERITY

Evening Post, Volume CVIII, Issue 64, 12 September 1924, Page 3

ROAD TO PROSPERITY

NEW ZEALAND CO-OPER iTTVV ASSOCIATION'S JfEPOET

(BI TBLEGBAPn—PftESS "ASSOCIATION.)" christchqrch; nth Sept. iarmers Co-operative Association' of Canterbury, Limited, slates:— "When taking into consideration the abnormal has operated during the past twelve months, wo feel confident that shareholders will accept the present balancesheet as satisfactory, a nd agree with the directors m the"feeling that. the.corner has been turned, 'and that 'the association is once again upon a. return to a stato of prosperity. A good deal of reorganisation work, has., taken; place throughout tli© period under revisw, and :iH departments are now upon a profitearning basis, ru November last the directors, for tho purpose of stabilising the finances of tho association and living depositors and bondholders specific security, thereby' fully ■ protecting;their interests, -introduced a. tinance pioposul winch wag-adopted almost unanimously' and tho benefits of which are plainly evident, when perusing the balance-sheet, and more particularly the statement of capital and liabilities. The > full benefit of the introduction of this proposal will be more fully demonstrated (particularly with regard, to. the. interest account) during the forthcoming period. Your directors have considered it wise to deal fairly drastically with regard to provision for bad and doubtful accounts, the sum of £41,247 being provided in a special reserve account for this purpose. "The gross profit (shillings and pence omitted) amounted to £191,281, as against £168,175 last year, an increase ol £23,105,' whilst overhead costs have been reduced from £163,101 to £150,335, a total reduction of £12.765. After providing for bad and doubtful accounts and depreciation of plant, the net profit is I £32,319, which it is proposed tq carry to the profit and loss and tho appropriation accounts. ' When the proposal adopted at the last annual general meeting, of writing down Bhare capital, is given effect to, the present deficit, as shown in tho profit and loss'and appropriation accounts, will disappear, thereby enabling tho association to resume the payment of dividends as soon as: profits permit. The directors feel sanguine that this will be possible at an early date."

Roso of Wellington Rebekah Lodge No 38, TO OF NZ, held its fortnightly meeting last vveek, Sistor E Maley", ]N T G , presiding -After1 conducting essential business, the- lodge entertained members and friends at a social evening Bio T. Glengair\, PG , k acted as M.C., and music and items''were rendeipd by "M^t SfhoUj Sisleis Maley (2), Elliott, and Lindoeys, Mr. H. E. W'llaon, Mr. P?v 6 i, Brat. Xannei, Craig-