FARM ACCOUNTING ASSOCIATION

Evening Star, Issue 22325, 29 April 1936, Page 6

FARM ACCOUNTING ASSOCIATION

ANNUAL MEETING The third annual meeting of the Farm Accounting Association of New Zealand was held last night in the Public Trust Buildings. The chairman of directors (Mr A. C. Leary, of Evan’s Flat) presided. The Chairman said that the association regretted the death of Mr Peter Arnett, one of the directors. His death had caused a vacancy on the board of directors, and his place had been filled by Mr W. Lee, who would be an acquisition to the board. CHAIRMAN'S RE-MARKS. Moving the adoption of the report and balance sheet for the year ended on ■ December ul, the Chairman said members would note that, alter paying a fair proportion of the .salaries and expenses of the accountants and clerical stalf, plus a proportion of rent and overhead expenses at the four centres —Christchurch, Timaru, Dunedin, and Invercargill—and after the deduction of directors’ fees and travelling expenses, there was a net profit on the year’s working of £8 11s lOd. This might not appear to be large, but he would remind them that the first object of the association was to provide for members an accountancy service suitable to the needs of those engaged in farming occupations in New Zealand, and it had been the aim of the directors to see that this service was provided at the lowest possible figure consistent with the high 'standard of the work carried out by the accountants. This association was mutual in that it functioned for the benefit of its farmer members—not for the benefit of shareholders. No dividends were payable, and there was no necessity to accumulate profits beyond making a necessary provision for possible contingencies. He thought members would agree with him that the association had accomplished an achievement when lie said that the business was now firmly established throughout Canterbury, Otago, and Southland, and the balance sheet showed that the association had met all liabilities, including preliminary expenses, out of current revenue. This happy position could not have been accomplished had it not been for the assistance rendered the association by the Otago Farmers’ Union Mutual Fire Insurance Association, whose general manager was also general manager of the association. He wished to pay a tribute to Mr A. C. Cameron’s work, and also to the work of the staff, particularly the senior men—Messrs A. E. G. Lyttle, A. B. Struthors, H. I*. Aitken, C. F. Jones, and D. M. Malloch. It was to Mr Cameron and to these men that the directors owed the very fine goodwill which had already been established. They had abundant evidence of this at every point. During the season the association’s accountants had to work long hours, and Mr Cameron had assuied him that as soon as the farm accounting work was completed he had more than enough for them to do on the insurance side.

The work in Canterbury and Otago was increasing steadily, necessitating increases in the number of the staff. The directors had not yet been able to accede to the request of the Nelsou executive of the Farmers’ Union to commence operations there. The directors also had requests from Wellington and Hawke’s Bay provinces to establish branch offices therq, but these had been declined, mainly because there was no organisation such as the Otago Farmers’ Union Mutual Fire Insurance Association, with which the association could work in conjunction, and which would enable the directors to keep its men fully employed all the year round. It was with great regret that he announced that the directors had closed down the branch at Invercargill. This decision had been brought about by the Invercargill manager (Mr D. M. Malloch) having handed in his resignation to the association in order to commence business oh his own account. The association had initiated the service throughout the South Island, and it was felt that the directors’ aim had been fulfilled in Southland, and that the work would be continued on similar lines under Mr Malloch’s guidance. The directors regretted having lost Mr Malloch’s services as supervising accountant to the association, and it was regretted that _ the decision meant that the association would lose the direct benefit of all the spade work the directors had done in Southland. It was a direct compliment to the

association that Mr Malloch had been able to gain the confidence of all the association’s clients in Southland. The same applied to the work of Air H. F. Aitken in Dunedin, Mr A. B. Strothers in Canterbury, and Air C. F. Jones in Otago. Unless the associations developed this personal contact with the clients through the members of the staff the directors would feel that there was something wrong with tho association’s methods. On the other hand, the directors had always to face the risk of losing an officer. This problem was not a problem which was peculiar to an organisation such as the Farm Accounting Association. He was pleased to report that enrolments were coming in steadily from young men engaged in farming occupations from North Auckland to the Bluff, and. judging from the letters received l , these young men were finding the course extremely interesting and helpful. If the Farm Accounting Association did nothing else except establish this course, then the directors would fool that its existence had boon justified. He could assure members that Air Cameron and his assistants spared no pains in ensuring that each student received a thorough grasp of each, lesson, ami one of the encouraging things about tho course was the manner in which the young men saw the course through once they commenced it. The prospects for tho future were very bright indeed 1 . He could not forecast what type of legislation would be forthcoming and what its reaction would be upon the affairs of the association. He ventured to think that the men who had availed themselves of the services of the accountants realised the value of the work which was done for them and would not readily go hack to their old methods. Indications had been given that the sliding scale of taxation would be increased. If this happened it would be more than ever necessary for farmers to take every legitimate advantage of the deductions which could be gained by way of depreciation, etc. Fanning was now a business and must be run on business lines, and h,e ventured to think that the successful farmer of the future would be the man who could combine practical knowledge T\;ith common sense and business ability. Seconding the motion, Air Colin AlTntosh, of West Eyreton, Canterbury, said that when the association was formed the idea was to render an accountancy service to the farming community. The satisfactory balance sheet showed that the price charged by tho association was not excessive. The association’s business had improved considerably during the past year, and it was freely acknowledged that the service was serving a useful purpose, as was indicated by the letters of appreciation received by the directors. Further testimony of the business rendered by the association was shown by the increasing numbers availing themselves of tho accountancy service. He felt sure tho service would continue to grow and to give the same useful results as it had done during the past three years. Dr I. AW Weston (Lincoln College), Air J. Preston (Waikouaiti)Air Stuart Sim (Crookston), and Air G. A. Hamilton (Lumsden) congratulated the association on the excellent work carried out during the past year, ami emphasised the fact that the association was performing a very useful service for the farming community. The report and balance sbeet were adopted. Air A. C. Cameron thanked those present for tho kindly reference made on behalf of the staff. On all sides he was receiving indications of the fact that the work of the association’s accountants was appreciated. Numerous letters of appreciation were also being received from students who were taking the correspondence course. The work of the association was steadily expanding on sound lines. The retiring directors (Messrs J. Clarke, G. A. Hamilton, and W. Lee) were re-elected for tho current term. Mr J. A. Robinson was re-elected auditor.