WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION

Pahiatua Herald, Volume XII, Issue 2465, 17 September 1906, Page 5

WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION

FIFTEENTH ANNUAL REPORT. Following is the text ot the fifteenth report ot the above association, the annuel meeting of which will he helu at tiie association’s office, Masterton, on the 26th inst. : lour directors have pleasure in presenting to shareholders the fifteenth annual report and balance-sheet, which is very satisfactory. After having made due provision tor bad and doubtful debts, depreciation on stock and plant, and paid auditors’ fees, the net profit on the year’s transactions is 613,433, to which has to be added 67005, carried forward from last year's profit and loss account, making the total available for division ot 620,438. lour directors recommend the distribution as follows: Payment of dividend on paid-up capital, 6 per cent. ; payment of bonus on paid-up capital, 3 per cent. ; bonus to shareholders on their purchases, 3 pei cent. ; bonus to employees on their salaries, 3 per cent., and a bonus to managers and to heads ol such departments which have shown a substantial increase of profitable trade during the year. To carry to reserve £SOOO, which will then stand at £25,058 After paying the Government income Tax, placing £2OO to the Employees’ Accident Fund, and honorarium to directors, there will remain a sum of .65013 to Carry forward to next year’s profit and loss account. lour directors are pleased in being able to state that the business of the association has increased considerably during the year, the same being of a sound and profitable nature. Tlie stocks are new, well selected, suitable for our trade, and of gold value. The- buildings and plant are in good repair. The prope-rties arei worth considerably more than the book values. The? staff is efficient and capable. The retiring elirectors are Messrs L. Caselberg, It. J. Nathan anel It. Donald, who, be-ing eligible, offer themselves for re-electie»n. The Auditors, Messrs It. T. Madham and W. R. Cnannells, alao offer themselves for re-election. (Signed) M. CASELBKRG, Ghaii man.