THE FARMERS' CO-OPERATIVE ASSOCIATION.

Lyttelton Times, Volume CIII, Issue 12242, 30 June 1900, Page 11

THE FARMERS ' CO-OPERATIVE ASSOCIATION.

The annual report.and balance-sheet of the • New Zealand Farmers’ Co-operative Association, to be, presented at the annual meeting of shareholders, which will be held on July 14, has .-been ‘published. The directors state that the abnormally low prices which have been ruling for grain, and the great difficulty of - getting freights at reasonable rates during the current season, have retarded the Association’s business in the grain department, and have caused farmers to'hold hirge quantities of grain in’ store in anticipatidD. of higher rates later on. The low prices, of -grain have been compensated for by the high prices realised at laßf season’s series of wool sales in Canterbmy, ahd by the enhanced returns for stock. ~ At. the lost annual meeting, an issue of 2000 shares, af a premium of 8s had been . authorised, and as a large application was received, and 2532 shares were allotted, the directors now recommend a further issue of-2000 shares, at a premium of Bs, a share, at an -early date. The balance-sheet shows that the net profits for the year amounted to £16,459 6s lid, to which has to be added the sum of £3627 Is 7d brought forward, from last year, making a total of £20,086 8s 6d to be dealt with. The . directors propose to allocate this amount as follows.:—To pay a dividend of 6 per cent and a bonus of 4 per cent on the paid called-up capital; to pay a ’bonus of 4 percent to shareholders on their purchases of merchandise during the year, and a bonus at the same rate bn salaries and wages earned;, to refund 25 per cent to shareholders on. net commissions paid on produce sales; to cany £2OOO to the reserve fund’ and strengthen the “special for contingencies fund” by an additional £1000; ami to write 10 per cent off tie machinery, and office .furniture and warehouse fittings account; the balance to be carried forward to herb year’s account. All bonuses net claimed' before May 31, 1901, are considered . forfeited. The balance-sheet also shows that the sum of £10,202 8s 4d was'paid in wage®, and that the bad debts contracted amount to £462 13s 3d. The profits for the year on the various departments were; —On merchandise £19,734 3s lid, on cormndesion and so forth, £7160 6s, disc-cunts, exchanges and interest £2955 2s 2d; grain stores and storage £1250 15s 9d. As no other candidates have been nominated, Messrs R. Blnnden, F. H. Britton, J. Hayden, H. A. Knight, D. M’Millan, E. Herring, and H. W. Peryman have been re-elected directors for the year.