W.F.C.A.

Evening Post, Volume CXVI, Issue 83, 5 October 1933, Page 4

W.F.C.A.

THE ANNUAL MEETING

PRAISE FOR THE STAFF

(Special to the "Evening Post.") MASTERTON, This Day. There was only a .sniall attendance at the annual general meeting of the Wairarapa Farmers' Co-operative Association, Ltd., held in the board room, Queen Street, yesterday. Mr. C. M. Bowden, managing director and chairman, presided. Other members of the board present were Messrs. H. G. Williams and W. Howard Booth. Apologies for unavoidable absence were received from' the three remaining directors — Messrs. T. Jordan, V. £. Donald, and Trevor Beethani. The report and accounts for the year were . adopted, Mr. H, G. Williams seconding Mr. Bowden. Js motion. The retiring' directors, Messrs, Y. E. Donald and T. Jordan,.were re-elected. No other nominations were received. On the motion of Mr. Richards,. Mr. D. Caselberg seconding, £300 was voted to the directors for their services, the amount to be allocated as tho board might decide. Mr. G. W. Sellar was re-elected auditor. Beferring; to the contingent liability, of which the principal item is £60,000, representing dividend in arrear on preference shares, Mr. A. B. Wood asked whether any move had been made towards wiping this out entirely, or reducing the amount. Mr. Bowden replied that the liability to pay dividend on: preference shares was contingent on( profits being earned. No claim to dividends could possibly arise until profits had been earned. The feeling of the board was that the timo was premature to approach, preference shareholders and that any question of their, forgoing any of tlieir rights had better bo deferred until it could be felt that some degree of stability had been reached and some proposal could bo laid beforo the shareholders. Mr. W. Howard Booth said he thought the shareholders should know that the directors, during the past year, had attended twenty-six ordinary meetings. It had been decided, prior to the previous annual meeting, to meet twice a month instead of once a month. It was fair to the directors that the shareholders should know that their interests were being watched as carefully as could be done. Mr. Bowden observed that he had intended to refer to the services rendered by the directors. The meetings Mr, Booth ,had mentioned were ordinary meetings. In addition it was, of course, necessary, from time to time, to ask the directors to give their individual attention to certain matters as well. ' OVERSEA EXCHANGE. Answering a question by Mr. Wood regarding the provision made for bad and doubtful debts and exchange adjustment, Mr. Bowden said it had been considered advisable to make some provision for possible .fluctuations in the exchange rate between' New Zealand and London. It might happen that the exchange at some futuro date would fall. They did not know when this would happen—he wished they did— but when it happened it would naturally occasion some loss- on stocks in hand. '. In addition to making provision for some possible losses oh book debts, it had been thought advisable to include also a sum as an exchange adjustment reserve. . Bather more provision had been made this year than last year for bad and doubtful debts. Moving^a very, hearty vote of thanks to the staff, Mr. Wood said that the staff had no doubt .been asked to shoulder, a portion of the reduction of 31 per cent, mado in expenditure.,, , The chairman had wisely ■said-.-that, when -times- improved -tho .staff.certainly; would participate in that iinprovemenj;. Profit on sales, ; commissions, etc., amounted to learly twice as "much as in-the previous year, and the staff had contributed 'greatly to this result. Thanks, were duo to the staff for- their part in making possiblo the. presentirtion of what all would agree was a far better balance-sheet than, that'of th©:previous.'year. Tho whole1, of the; staff would-be entitled to consideration when conditions improved. "Ueplying~o"h~beTiaTr of*"tno staff7~Mi\ F. E. Wells said that after a year's hard work, it was very gratifying indeed to hear'the words "Well done," more particularly when this commendation was deserved, and he thought' in this instance it was. The association had a loyal and willing staff, whose members were, intimate with; their jobs. They had had.very drastic cuts in their salaries arid wages. These had been accepted cheerfully, members of the staff recognising that in the best interests of the association economies must be effected. The year had been a very difficult; one, and he could say on behalf of all members of the staff that they were very disappointed that the results of the year were not different to what they were. Thero was a very general expectation of an upward'movement in the trade cycle. Ho hoped that by keeping up the quality of goods and giving service to shareholders and customers they would got a full share of increasing business. It would be the earnest endeavour of all members of the staff to show a balance on the other side next year. (Applause.) A vote of thanks to tho chairman was carried on the motion of Mr. D. Caselberg. '