WAIRARAPA FARMERS

Evening Post, Volume CXXIV, Issue 62, 10 September 1937, Page 11

WAIRARAPA FARMERS

INCREASE IN PROFITS

The directors of the Wairarapa Farmers' Co-operative Association, Ltd., Masterton, report for the year ended July 31 that the gross profit upon the operations of the various departments amounted to £101,538 12s Id, against £87,264 iOs 2d the . previous year, an increase of. £14,274 Is lid. After paying debenture interest of £3000, depreciating plant and fittings £2094 Bs.9d, and expending a further sum of £1425 7s 6d_ in renovations and alterations, the net profit amounted to £16,901 6s Id, compared w.ith £10,225 12s 6d last year, an iricrease of £6675 13s 7d. . ....'.'■■

Out of the surplus of £16,901 6s Id, it is proposed to write off the balance of cost of alterations account £822 15s 3d, add £1000 to taxation reserve account, add £1000 to exchange adjustment reserve, leaving a sum of £14,078 10s lOd available for reduction of the debit balance in the profit and loss appropriation account, which will then stand at £7078 2s 6d.

The directors state that they are sure that shareholders will feel gratified that the expectations of better results, as forecast in last year's report, have been realised. The board thanks the management and, all members of the staff for their loyal cooperation and the company's bankers for their assistance.

The directors elected by ordinary shareholders to retire are Messrs. T. Jordan and H. G. Williams, who offer themselves for re-election. It is also necessary for the preference shareholders to elect a director to fill the vacancy caused by .the death of Mr. A. B. Wood. The retiring auditoi, Mr. G. W. Sellar, offers himself for re-election. "It is with deep regret," states the report, "that we have to record the death of Mr. A. B. Wood, who last year was appointed a director, and whose work during his short, term of office was most helpful." ,