FARMERS’ ASSOCIATION

New Zealand Times, Volume LI, Issue 11932, 12 September 1924, Page 12

FARMERS’ ASSOCIATION

ANNUAL REPORT OF DIRECTORS. CANTERBURY CO-OPERATIVE CONCERN. ' - Per Press Association. ' CHRISTCHURCH, September 11. Tbe annual report of the New Zealand Farmers' Co-operative Association of Canterbury, Ltd., states:— I “When taking into consideration tbe abnormal conditions ‘under which your association has operated during the past twelve months we feel confident that shareholders will accept the present halSnce-shee t as satisfactory, and agree with the directorsjin the feeling that the ‘corner’ has been 'turned,' and that the association is once again upon a return to a state of prosperity. A good deal of reorganisation work has taken place throughout the period under review, l and all departments are now upon a profit earning basis. In November last the directors, for the purpose of stabilising the nuances of the association and giving depositors and bondholders specific security, thereby full yprotecting their interests, introduced a finance proposal which was adopted almost Unanimously. The benefits of which are plainly evident, when. perusing the balance-sheet, and more particularly the statement of capital and liabilities, the full benefit of the introduction of this proposal will be more fully demonstrated (particularly with refa™ to the interest account). During the forthcoming period your directors have considered it wise to deal fairly drastically with regard to the provision for bad and doubtful accounts. The sum of is provided in a special reserve account for this purpose. The gross profit (shillings and pence omitted) amounted to =£191,281, as against ,£168,175 last year, an increase of .£23,105; whilst 7,% inV i . coa i s ,A a „'; a been reduced from f a total reduction of j'“L'S?-. After P r o Ti <Jing for bad and doubtful accounts and depreciation of plant, the net profit is £32,319, which it is proposed to carry to the profit and loss appropriation account. When the proposal adopted at the last annual general meeting of writing down the share capital is given effect to the present deficit, as «r£vn n J n tb i» iV: ofit a“d loss appropriation account, will disappear, thereby enabling y? e . association to resume payment of ™, lde ?- ds £* s 9pA t as profits permit, and nn«*w lre( l tor - fee l « a nguine this will bo possible at. an early date. '.