EGMONT FARMERS' UNION.

Hawera & Normanby Star, Volume XXVI, Issue 2586, 20 November 1893, Page 2

EGMONT FARMERS' UNION.

The adjourned annual meeting of the Egmont Farmers' Union, Limited, was bold on Satnrday afternoon. REPORT AND BALANCES 'SHEET. 1 The secretary read the report aod i balance-sheet, for period ending 14th * September, 1893, as follow :— Capital Account. 3 To capital account — £ s. d. I 1500 sbares at £8 ... 4500 O 0 , £4500 0 0 r By capital aoconnt — £ g. d. - 615 sbares issued a at £2 10s ... .1537 10 0 9 Calls paid in advance ... 14 0 0 8 .£1561 10 0 * Less unpaid calls 26 0 0 Total capital paid ... 1525 10 0 Unallotted shares — 885 unallotted at £3 2655 0 0 615 uncalled at 10s, £307 10s; \ less paid m advance, £14— 293 10 0 Unpaid calls ... 26 0 0 3 2974 10 0 B £4500 0 0 Liabilities and Assets. Liabilities. £ s. d. To capital paid op 1525 10 0 Unclaimed dividends ... 62 16 0 Reserve fund ... ... 75 1 6 Balanoe from profit and loss a account 267 19 5 t a £1931 6 11 ,' Assets. £ s. d. 1 Glover road yards 418 5 8 s Union yards ... :.. 47 19 6 Manaia yards 405 4 7 Stratford yards ... „. 411 410 Okaiawa yards 179 3 0 Office furniture 45 12 0 * Balance in bank (capital »/c) 23 0 5 (general a/o) 405 16 11 £1981 3 11 y Profit and Loss Account. Expenditure. £ s. d. Printing and advertising <..~ .216 14 0 Stamps and postages ... 84 2 11 Stationery „ 24 4 8 Exchange 18 5 9 Ground rent, etc 51 11 2 Sales attendance 194 11 5 Sundries, aadit, etc. ... 89 18 3 Interest ... 78 9 8 C License 40 0 0 r> Law costs 14 1 2 '* Preliminary expenses written 'j off 166 19 9 ifc To reserve fund — depreciation 75 1 6 Directors' fees, etc., paid ... 52 10 0 ( Management, commission, , etc 1585 10 7 j' Balance 267 19 5 £2852 14 10 Receipts. £ s. d. Balance October 31, 1892 ... 268 6 6 Commission from Bales, etc. 2234 5 8 Refund on account of adver. tising 216 15 11 6 Eefand on account of sales •• attendance ... ... 91 6 0 ; s Refnnd on account of interest 25 9 9 iQ " Transfer fees 10 0 ?< Forfeited sbares and dividends 12 6 0 Premium on 15 shares at 5s 3 15 0 '• £2852 14 10 } i Tbe report stated that the bal»ncß*she*t juad wfcjftiffMnt, of accounts only showed j the wDiftinga for the past ten and a half '• months, having been altered so- a* to bring tbe date of meeting in sccordanca with the rules laid down by the articles of rs aesooiatioc. Tbe total receipts were £2584 8a 4d, or £98 12s 9d less than last year, 5* but if commission bad been taken on tba twelve months' workings (judging by what i* had been earned since tbe booki were dosed) tbe Union would have shown even F. a more favorable balance-sheet than last year's. As it was, tbe net profit for tbe year— after writing off £166 19a 9d for preliminary expenses, and £75 Is 6d for ' depreciation on ealeyards— amounted to £52 28 lid, to wbioh must be added £268 6s 6(3 from profit and loss account, making in all £267 19s 5d avail* n able for distribution. The report I* reoommendid payment of an 3 per cent '1 dividend, amounting to £107 12e 6d, I* leaving a balance of £160 6s lid for y fnture distribution. The Okaiawa yard* Q had proved a great success; Stratford '• stook sales had increased greatly in d volome; and the Hawera aod Manaia it yards still continued a large source of 7 profit. Tbe report referred to the ereotion >• of the new horse bazaar, which bad coat P tbe shareholders little or nothing. In tht a matter of produce the shipments wera 0 nearly all confined to wool and batter, D tbe high price of stook precluding the c possibility of shipping meat at a profit, a There were indications of fresh business " coming in in respect to tbe two articles U named. Messrs J. Scott, J. T. Quin, H. * Downey, J. Mason, and P. Wilson were 7 tbe retiring directors. Deep regret was s expressed at the death of Mr George 1 Glenn, only recently appointed to the 9 directorate. The dividend will be payable •> on and aicer Monday. 27th November. 7 Mr J. Scott (chairman of directors) 1 moved the adoption of the report and balance-sheet. Mr Boddie seoonded. 1 Mr George McLean trusted tbe balance I sheet would in future be in tbe hands of ; tbe shareholders earlier, as they bad 00 > time to consider it. The chairman said it was tbe inteotion > of the direotors to have done so in tbis ' case, wbioh was the reason for having the * period ten instead of twelve months. > Owing to a difference of opinion and the > absenoe of one of the auditors delay was caused, but in future it would be out and copiea distributed in time for perusal. dividend. : Mr Shearer moved that the recom- ■ mendation of tbe direotors that a dividend 1 of 8 per cent, be declared be confirmed. 1 Mr Boddie wished to move an amend* 1 ment that the dividend be spent in gravel* ling the Glover road yards, but tbe chairnan said this could not be done without a ' <ppoial resolution, and tbe amendment vas withdrawn. Mr G. McLean said that the manager (Mr Fanthaml bad recently ecfferfld a , severe loos, and if be would accept it he (Mr McLean) thought tbe shareholders , should give tbe dividend to bim. Mr lakster sail tbe dividend was not t worth giving. He suggested calling a r meeting to see what could be ddne to meet the loss. c Tbe Chairman said it would be more ie j order to vote a bonus out of the funds. After further disoaseion the matter j ( dropped, and the motion was carried. ELECTION OF DIRECTORS. 8 The five retiring direotors were re- j ( elected, and Mr J. T. Stone was elected to fill tbe vacancy caused by tbe death of p Mr Glenn. v AUDITORS. Messrs E. Gibson and C. A. Budge were appointed auditors. FORFEITED SHARES. Tbe Chairman asked for directions as to ten forfeited sbares. He suggested that they be sold in the nsaal way. On tbe motion of Messrs Inkster and Quin, it was decided to sell them at full q value, i.e., in preference to any other , | shares. m BONUSES. ,:, Mr J. Mason moved that bonuses of j £10 each ba voted to tbe chairman and secretary. The latter bad had a great g . amount of work, and tbe latter bad Q( recently joined the ranks of the benedicts. Mr Larabie seconded.

The Chairman Mid ha omit dtotint to aco«pt more than the olhtr iifiliiHin Mesm LamHe and Wilwn wtw "put to expense in attending mtstingi, fad bt would sooner bave the money tnted to them in order to meet their tljptotM. Mr McLean move', as an amtodofßt that the same sum as laat ytar (£52 lOi) be voted to the direotors. This was understood to inetnde bonniM ot i?10«».ch to the chairman and stentary. Mr Shearer seconded th» amendment, which was carried. : \ GLOTEB HOAD YARDS. ', '*L Mr Boddie sugfMted tbat tbe dirsdtdi be recommended to gravel /Glover road yard's; and it wait explajtjed tbat Ihii would be attended to. . y^\-\-The meeting adjourned. *$*>■'