UNITED FARMERS’ CO-OPERATIVE ASSOCIATION.

New Zealand Times, Volume LXVI, Issue 3264, 22 October 1897, Page 3

UNITED FARMERS’ CO-OPERATIVE ASSOCIATION.

The report and balance-sheet of the United Farmers* Co-operative Association, Limited, for the year ended 31st August, 1897, states that after making ample provision for bad and doubtful debts, the nett profit available for distribution, including the balance carried forward from last year, amounts to .£3668 10s lOd. The directors recommend that it tie disposed of as follows Payment of 6 per, cent, dividend on capital, payment of 2 per cent, bonus on shareholders* purchases, to write off half the cost of raising debentures, to write a farther ,£156 off the plant, and after providing for the directors' fees, a bonus to employees, auditor’s fees and income tax, to carry the balanoo of, say, JB9OO forward. During the past year 1171 shares h*vve been allotted- The sum of £2o,o<Xf has been borrowed on debentures for seven years. Bxten«iv© additions to the Foiluiug branch have been, W9tcd In brick, and further

accommodation for storage of gram and produce is contemplated during the ensuing year. Trad© has shown a satisfactory uxcreaso, which it is hoped will be fully maintamed in tho future. In accordance with the articles of association two directors, Captain Hewitt and Mr Show, retire* ahd being eligible offer themselves for re-election. Mr O’Brien, having returned to England, resigned his seat on the board, which has been filled by the appointment of Mr P. Bradey, whose election the shareholders will be asked to confirm. Mr Bridge has been appointed chairman during the temporary absence of Mr Martin in Europe. The directors add that it is satisfactory to be able to report that arrangements have been made for advances to wool-growers at very low rates, and that these arrangements will be continued during the season of 1898. Mr Badham, the retiring auditor, also offers himself for reelection.