A PROSPEROUS YEAR.

New Zealand Times, Volume XXIX, Issue 6326, 28 September 1907, Page 8

A PROSPEROUS YEAR.

WAIEAEAPA FAEMEES’ ASSOCIATION. THE YEAR’S WORKING. PRESS ASSOCIATION. MASTBETON, September 27. The annual meeting of shareholders of the Wairarapa Farmers’ Co-operative Association, Ltd., was held to-day. nr M. Caselberg, managing director', presided. The chairman, in moving the adoption of the balance-sheet and report, said business showed - continuous growth of a sound and safe character. The result of tho year’s transactions enable the association to pay the usual dividends and bonuses, to carry £3OOO to 'reserve, which will then stand at .£28,102, and carry forward £SCOO to next year’s'profit- and loss account. FINANCES. The financial position was shown to bo as follows: ■Present paid-np capital ... £70,800 Calls paid in advance ... £IB2O Present reserve £25.102 Amount to reserve £3,000 Amount carried forward ... . £5,000 Total capital and reserve ... £305,722 Uncalled capital ... ... £11,280 Total ... ... ... ... £117,003 The assets are £301,212 and the liabilities to creditors £81,376, thus showing a surplus of assets over liabilities of £116,836. The annual report of directors stated inter alia that after having made due provision for bad and doubtful debts, depreciation of stock and plant, and para auditors’ foes, the net .profit on the year’s transactions is £11,113, to which has to be added £SOOO carried forward from last year’s profit and loss account, making the total available for division £19,113. The directors recommended the distribution of this as follows: . (1) Payment of dividend on paid-up capital, 6 per cent. (2) Payment of bonus on paid-up capital, 3 per cent. (3) Payment of bonus to shareholders on their purchases, 3 per cent. (13 Payment of bonus to emnloyees on their salaries, 3 per cent, and a bonus to managers and to heads of departments which have done a profitable trade daring the year. The .report and balance-sheet were adopted. Tho retiring dtoectors, Messrs C. B. Pharazyn, P. X Nathan and. A. Caselberg. were re-elerted. Mr E, T. Padham and Mr W. B. Chennells were reelected auditors.