ANNUAL REPORT.

Manawatu Standard, Volume LVII, Issue 296, 13 November 1937, Page 4

ANNUAL REPORT.

N.Z. FARMERS’ DIST. COY., LTD. The annual report of the New Zealand Farmers’ Co-operative Distributing Company, Limited, records a most successful year’s activities, the business transacted constituting a record. The report states: “Tho directors have much pleasure in presenting the 34th annual report and balance-sheet for the year ended September 30, 1937, and congratulating the shareholders on the highly satisfactory result of the year’s trading, which again constitutes a record in the history of the company. After paying to sliare-

holders a rebate of 2) per cent on their purchases from the company, and making prpvision for hook debts and depreciation on plant, motor-cars, and furniture, the net profit amounts to £27,011 5s 4u. compared with £22,039 10s 5d last year. With the balance of £5,164 13s 8d brought forward from last year there is available in the profit and loss appropriation account the sum of £32,175 19s, which it is proposed to allocate as follows; To] pay to shareholders a dividend at the : rate of 5 per cent ■ per annum ; to write off £1444 7s 4d for depreciation on premises; to add £7OOO to the general reserve;- to provide sufficient to pay income tax ; and to carry forward the balance estimated at £7265. The directors acknowledge with gratitude the continued loyal support accorded the company at all points, and report a further substantial increase in turnover, which (excluding land sales) totalled approximately £1,800.000. During the year all premises have been kept in good order and repair and new, up-to-date premises are now being erected at Pahiatua to facilitate handling the business we now enjoy at that point. The retiring directors are Sir William Perry. Messrs D. Collis and H. B. Maunsell, all of whom, being eligible, have Ireen nominated for re-election, and offer themselves accordingly. The retiring auditor, Mr S. E. Lambert, F.P.A.,N.Z., has been nominated and offers himself for reelection. It is with deep regret that the directors record the death during the year of Mr W. PI. Buick, who for many years had been a keen supporter of the company and a member of the board since 1935.”