SUCCESSFUL CO-OPERATIVE COMPANIES

Otago Witness, Issue 2949, 21 September 1910, Page 7

SUCCESSFUL CO-OPERATIVE COMPANIES

NEW ZEALAND FARMERS' ASSO CIATION.

CHRISTCHURCH. .September 18

The annual general meeting of shareholder* in the New Zealand Farmers' Cooperative Association was held this afternoon. The following retiring directors were reelected: —Messrs J. A. Pannett, J. L. Lambie, C. J. Harper, J. Allan. R. Morriss.. J. Rennie, and Hon. D. Buddo. The balance sheet showed a net profit for ths year of £38.366 4s Id., which, with £2357 14s 9d carried forward from the previous vear. - made a total profit of £40,723 18s lid. which the directors recommended should be dealt with as follows : —Pay a dividend of 6 per cent, on

the preference share capital, 5 per and a bonus of 4 per cent, on the ordinary paid-up capita], 4 per . cent, on share* holders' purchases of merchandise during the year (sundry net items excepted), to pay a bonus of 4 per oent. on sundry, salaries and wages, and to refund 30per cent, on sundry commissions earned, to carrv £5030 to the reserve fund (increaa< ing "it to £68,400), and to writs 10 pei cent, off machinery, furniture, and general plant, and £460 off other accounts, ana to carry foiward the balance.

NORTH OTAGO ASSOCIATION. OAMARU, September 18

At the annual meeting of the North Otago Farmers' Co-operative Association to-day the report and balance sheet were adopted. The actual turn-over was £185,000, the gross profit £11,721, and the net profit £3755. A 7 per- cent, dividend was'declared, with a 5 per cent, rebate on stock and produce commissions, and a 3$ per cent, bonus to the staff, and; 2£ per cent, on purchases of merchandise; £3OO is set aside for bad and doubtful debts, £IOOO to the reserve fund, and £9OO is carried forward.