NEW ZEALAND FARMERS’ COOPERATIVE ASSOCIATION.

Otago Witness, Issue 3993, 23 September 1930, Page 13

NEW ZEALAND FARMERS’ COOPERATIVE ASSOCIATION.

CHRISTCHURCH, September 15. The report and statement of accounts of the New Zealand Farmers' Co-opera-tive Association for presentation to the annual meeting of the company have beenissued. The statement, which is for the year ended July 31, 1930, is as follows:— The gross profit for the year amounted to £190,743 Ils lOd, and the net profit of £19,139 19s 4d carried forward last year shows £38.164 3s Id to the credit of the profit and loss account. The diminished gross profit is due partly to reduced commissions on the sales of wool, live stock, etc., owing to the greatly reduced prices, and partly to the consequent withdrawal from sale of a proportion of the usual wool and live stock turnover. The diminished net profit is partly due to the above causes and partly to the extra provision which it has been deemed advisable to make for possible contingencies in connection with advance accounts because of the seriously decreased returns of some of our clients and the unknown future of prices of farm products. The turnover and service of our merchandise departments have been well maintained, and improved during the past year. It is recommended to shareholders that the balance to the credit of the profit and loss account be dealt with as follows:— The transfer of a further sum of £20,000 to the special reserve account inaugurated two years ago, which will then stand at £40,000; the transfer of a sum of £5OOO to the reserve against alterations and plant account; th 6 payment of one year’s dividend of 6 per cent, on the first preference shares, amounting to £9000; and that the balance of £4164 3s Id be carried forward.