NORTH OTAGO FARMERS' COOPERATIVE ASSOCIATION, LIMITED.

North Otago Times, Volume CIII, Issue 13652, 21 August 1916, Page 1

NORTH OTAGO FARMERS' COOPERATIVE ASSOCIATION, LIMITED.

A SUCCESSFUL YEAR. A meeting of the Board of Diroptors I of the North Otfitfo Farmers' (Jo-opera-tivo Association was held on Saturday to consider the annual report and statement of accounts for the year ended 31st July. The association has had an active year in all departments and the results'of. the twelve months' trading must be very gratifying to all concerned. The net profit ivas shown to be slightly in excess-of the figures.of the preceding year, the amount available for distribution being £B,i)fl7 i 5/.1. The directors recommend that this sum be allocated as follows: To payment of a dividend of 7 per cent, on paid up capital; 20 per cent, rebate on stock aim! wool commissions; ;if per cent, bonus to shareholders on purchases of merchandise, making li] per cent, for the year; J5 per cent, on salaries earned lathe permanent staff; that i'L'UO be added to the reserves for bad and dmiblful debts; that .000 be, added to the ordinary reserve account which will then stand at .C12,00H, mid that after allowing for income and war taxes the balance be curried forward. The animal meeting has been lixed for Saturday, Kith September,