N.Z. FARMERS' CO-OP.

Evening Post, Volume CXXX, Issue 58, 5 September 1940, Page 14

N.Z. FARMERS' CO-OP.

DIVIDENDS UNCHANGED

(By Telegraph—Press Association.) CHRISTCHURCH. September 4. Gross profit of New Zealand Farmers' Go-operative Association of Can- ■ terbury, Ltd., in the year ended July 31, 1940, was £228,835, an increase of £13,887 on the figure for the previous year. Net profit was £59,458, an increase of £4698, but from this £7254 has been deducted as additional depreciation for 1937-39, an allowance approved by the Commissioner of Taxes. « From the remaining balance, £52,204, the directors propose paying unchanged dividends of 4£ per cent, on first preference shares, and 4 per cent, on A and B preference shares, and also, for ,the first time since 1921, a dividend at the rate of 2 per cent, on paid-up capital of ordinary shares. Dividends absorb £20,484, leaving £31,720 for provision for taxation. The directors report that after consultation with the association's auditors and solicitor, it has been decided to eliminate the debit balance of profit and loss account by a reduction of £16,261 from general reserves, and the raising of a permanent account of £175,000, to be called a reconstruction account. A vacancy on the directorate caused by the death of Mr. Arnaud McKellar was filled by the appointment of Mr. T. A. McKellar, and a vacancy caused by the death of Mr. Thomas Stevenson was filled by the appointment of Mr H- J. Kernahan. Retiring directors are Messrs. C P. Agar. J. W. Black. E Hay, T. A. McKellar, and G. W. R. Osborne, who, offer themselves for reelection. . . The New Zealand Farmers Co-op, announces that dividends proposed by the company are as follows: —4J per cent, on Ist preference shares, 4 per cent, on "A" preference, 4 per cent, on "B" preference, and 2 per cent, on ordinary shares.