FARMERS' CO-OPERATIVE ASSOCIATION.

Lyttelton Times, Volume LXXVII, Issue 9761, 25 June 1892, Page 3

FARMERS' CO-OPERATIVE ASSOCIATION.

The following is, the Directors’ report for the year ending May 31, to be submitted to shareholders at the annual meeting of the New Zealand Farmers’ Co-Operative Association on July 9 The Directors in submitting the eleventh annual report and balancesheet to shareholders, believe they will concur in considering tbe result of the year’s operations satisfactory, all branches of the business showing a satisfactory increase* The issue of 1000 new shares sanctioned at the last general meeting was completed in August last. Applications were received for a very large number of shares in excess of those available, and the allotment , of the authorised number received thsT careful consideration of the Board, The Reserve Fund has been increased by the addition, as customary, of the premium (6s par share, £300) on these shares. The Directors recommend a further issue this year of one thousand shares, at s premium of 7s per share, and that in alloting these shares preference shall be given to shareholders holding but a small 1 number of shares, and who do their business through the Association, and also to : new shareholders. The necessity for further accommodation being apparent, the: Directors during the post year purchased i the, properties adjoining the Association’e Cashel street properties, and . recently occupied by Messrs Blaokbmm and Co., and Messrs Wreaks and Collie. After obtaining' possession of these premise* extensive alterations were made, which enable tbe business to be more satiefao corilj and conveniently worked, and tha Directors are of opinion that the alterations will meet with the appreciation of the shareholders. The balance- sheet attached shows that the nett profits for the year amount to £9390 6s Bd, to which falls to be added the amount carried forward from last year, £2488 5s dd, making the total amount to bo dealt with £11,878 12e sd. The Directors propose to allocate this amount as follows To pay*, meat of the ordinary dividend of 7 per: cent, and a bonus of 4 per cent on the: called up capital. To payment of a bonus' of 4 per cent to shareholders on their par-; chases of merchandise daring the year, and a bonus at same rate on salaries paid and wages earned, and also to refund 25 per cent on all net commissions earned during the year. To write 10 per cents off the machinery and office furniture accounts, to carry £ISOO to the reserve fund, and the balance forward to next year's account. All bonuses to be claimed before May 31, 1893, or considered forfeited. The Directors retiring by rotation are Messrs S. W. Bosg, J. Deans, J. Gammaok, J. J. Herrick, R. L. Higgins and J. Rennie, all of whom are eligible for re-election without notice, and offer themselves accordingly. Nominations for Directors (excepting these retiring) must be made at least fourteen clear days before the data of annual meeting, July 9,1892. In order to give those shareholders who may be unable to attend the annual meeting an opportunity of recording their votes, proxy forms are enclosed, herewith. As stated thereon, it is necessary, for these to be available, that they should be deposited at the office of the Association forty-eight hoars before the time of meeting. The nominal capital of the Association is £90,000, tha paid-up capital is £36,529, and the reserve fund stands at £7875. The amonnt to the credit of shareholders* current accounts is £13,878 15s sd, and the deposits are £21,340. The freehold properties are valued at £16,801 5s 4d, leasehold at £3258 0s 6d, and goods in store and. afloat at £32,006 8s 4d. ‘ The advances on* produce shipped and in store are £80,860 6a, and the drafts against’produce shipped amonnt to £49,382. The wages and salaries paid daring the year amount to £5566 175, and the gross profits have been derived from the following sources Merchandise, £10,286 4s 3d; commissions, £5085 13s Sds discounts and insurances, £1284; exchange and interest, £832 8s 9d; grain store and storages, £445 15s 6d j and transfer fee* £26 193 61.