TRADING IN DEPRESSION

New Zealand Herald, Volume LXX, Issue 21617, 9 October 1933, Page 8

TRADING IN DEPRESSION

Two things are reflected clearly in the survey of a trading year submitted by the chairman at the annual meeting of the Farmers' Cooperative Auctioneering Company, the present difficulties of a business institution set in a community of primary producers, and, in this instance, the success with which they have been faced. The speech, which naturally reflects the mind of the directorate and management of the company, suggests that the shareholders are fortunate in the spirit in which the outlook is viewed, as well a? in the manner in which the business is conducted. There is in it a calm acceptance of adverse circumstances as something to be faced and fought, which should have a tonic effect not only upon those belonging to the company, but upon all with whom it comes in contact. The actual results of the year are impressive. The assets have been conserved, provision has been made against possible contingencies, and a net profit of some £17,000 has been produced in a year as difficult as could well be imagined. The chairman details the prices which ruled at the wool sales held during the period reviewed. They are eloquent of what the producers and those doing business with them have had to endure. The returns for dairy produce have been comparable with those for wool, and stock prices have naturally followed the rest on the downward road. In spite of these conditions, energy, care and strict economy have made it possible for a remarkably successful result—allowance being made for difficulties—to be produced. It is a real achievement -in conducting a business, and a testimonial to the reserves of strength in the rural community amid which the company operates. Here at least is a great co-operative organisation which is riding out the storm in a manner to earn the admiration of all who realise what business management in times like those prevailing for the past three years and more entail. The chairman has been cautious in estimating prospects for the immediate future ; but he could, with perfect justice, have claimed that the company stands ready to reap the advantage of returning prosperity because of the prudence and ability with which it has been managed in adversity.