FARMERS' UNION

Evening Post, Volume CXVI, Issue 100, 25 October 1933, Page 9

FARMERS' UNION

FINANCIAL POSITION

OVERDRAFT ARRANGED

Reporting to today's meeting of the Dominion executive of the New Zealand Farmers' Union, the treasurer (Mr. W. B. Matheson) said that true to their usual custom at this period of the year the deficit on tho quarter's work was a very heavy one; the reason was that the payment of new season's orders did riot commence until November 20.. So great a financial strain had been imposed on the finance of head office that he had been compelled to arrange for an overdraft, to enable them' to carry on until moneys from dairy companies commenced to come in. "As you will see from the statements of receipts and expenditure," said Mr. Matheson, "there is a deficit of £1613 i3s 7d, but of this amount about £400 is recoverable. "There is one phase of the union's finance in which I would like to see considerable improvement during my term as Dominion treasurer, and that is tho regular forwarding of Dominion levies to head office. Several provincial executives have failed during the past three or four years to forward these trust moneys, whilst others,, on the other hand, ■ have asked for loans. Provincial executives, cannot have it both ways, and I ask provincial presidents to help to easo tho financial strain of head office.'* Replying to a question, Colonel J. Pow, tho secretary, said that the overdraft rate was 5J per cent.