The Canterbury Farmers' Co-Operative Association

Oamaru Mail, Volume XXVII, Issue 8561, 16 August 1904, Page 1

The Canterbury Farmers' Co-Operative Association

At a meeting of the Board of Directors, at which there was a- full attendance, the manager submitted a, rough copy of the balance-sheet, and profit and less account for the past twelve months, ending July 31®t, which showed a, very satisfactory and gratifying result, the operations for the year disclosina; an even better outcome than last year, which was, it will be remembered, exceptionally favorable. After fully discussing the statement of accounts, the Board decided to make a recommendation to the general meeting of shareholders, that the profits for the year should be allocated as follows : —To payment of a dividend of 8 per cent, on capital, and to a bonus of 6 per cent, on shareholders' purchases •, to a. rebate of 25 per cent, off all commissions earned (wool excepted); to carry £2500 to reserve fund, and that after paying the usual bomis on salaries and waies. and allowing for auditors' and stocktakers' fees, and leaving a substantial balance to be carried forward to meet the recent loss by fire, and all other contingencies.