CANTERBURY FARMERS’ COOPERATIVE ASSOCIATION, LTD.
ANNUAL REPORT.
The annual report of the Canterbury Harmers Co-operative Association, Ltd., states, inter alia, that the operations of tae A^^® tion resulted in a trading profit °f £20,182 16s 7d. It was a most difficult year in view of the slump experienced in wool, meat, sheep, etc., and the directors decided to make ample provision for bad and doubtful debts, resulting after this Provision in a net profit of £2972 18s sd. frenro ar S\ forward from last year of £6068 4s 2d there remained at the credit of the profit and loss appropriation account the sum of £9041 2s 7d and it is recommended as a further insurance against existing low prices for primary products that the. sum of £7OOO of this amount be put into reserve for bad and doubtful debts. This will leave the assothe position of having reserves oi £37,331, with.a carry forward into next year of £2041 at the credit if the profit ana loss account. lhere, was a very serious decrease in iarmers incomes for wool, meat, and stock amounting to £175,768, which has pi ecluded farmers from making any headSat all this year, the report continues, made it necessary also for values oi sheep held by fanners who are under advances to the association to be written down one-third. It will be seen, thererore, how necessary’ it was to make ample provision in doubtful accounts, and to enable the probable continuation of low prices to be satisfactorily met.' Again the serious drop in prices has affected trading adversely, and profits from this source show a diminution of £lO,OOO. Notwithstanding the difficult year, the directors fee] that the most loyal support has been given to the association -onsidermg the reduced spending power, the direct result of greatly deflated markets. , °r rhe satisfaction of the auditors an independent valuation of the association’s assets was made, with the satisfactory Iqlaaa • at . va ' ua tions came out some £34,000 in excess of ledger values The ' aluers also advised that their estimate oi value covered full depreciation for this year Ihe directors, after fully considering the niatter decided to insure all employees instead of the association taking tne risk there is an amount in reserve ;°l- ,n3ur ance of £2116 10s 7d, which the directors recommend be added to staff superannuation, as the association is now fully protected with the insurance companies.
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Bibliographic details
Otago Witness, Issue 3996, 14 October 1930, Page 15
Word Count
400CANTERBURY FARMERS’ COOPERATIVE ASSOCIATION, LTD. Otago Witness, Issue 3996, 14 October 1930, Page 15
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