GISBORNE FARMERS' CO-OPERATIVE COMPANY.

Poverty Bay Herald, Volume XLV, Issue 14572, 6 April 1918, Page 3

GISBORNE FARMERS' CO-OPERA-TIVE COMPANY.

The first annual meeting of the Gisborne Farmers' Co-operative Co., Ltd., was held in Redstone's Hall in Lowe street, this afternoon. Mr G. J. Black presided over a good attendance of shareholders. The annual report stated: — The directors have pleasure in submitting herewith the accounts of the company, viz., balance-sheet and profit and loss acoount for the year ending February 28, 1918, and havie to congratulate the shareholders on the successful results of this, tfie first year's operations of the oompany. The net profit for the year, after providing for all necessary depreciations, amounts to £1393 8s 2d. The directors recommend that this should be appropriated as follows : Payment of dividend at the rate of 7£ per cent on paid up capital, bonus of 2£ per cent, on all purchases of merchandise made during the year, rebate of 20 per cent, on stock commissions contributed by shareholders, and approximately £300 rebate on wool handled by the company. This amount will absorb £1171 13s, and the! balance, £221 15s 2d. will be carried -forward. .The directors retiring by rotation are Messrs. A.- A. Fraser, V. C. R. Mitford, .and Frederick Read, who, being eligible, intend offering themselves for re-election. The auditors, Messrs Graham and Dobson, -retire, but being eligible, offer themselves for re-election. Capital account, Feb. 28, 1918 : Liabilities, authorised capital 25,000 shares at £1, £25,000; assets, unallotted shares,' 10,027 at £1, £10,027 ; allotted shares— 14,823 at 10s, £7411 10s, 150 at £1, £150: £7561 10s; (unpaid calls 1 on shares allotted £615 15s), uncalled capital, 14,823, at ,10s, £7411 10s: £25,000 Profit and loss account : To salaries and wages, etc., £4349 4s lOd, net profit £1393 Bs. 2d : total £5742 13s ; by commission on stock sales, wool, insurance and profit on merchandise, £5742 13s. Balance sheet : Liabilities. — Paid up capital £6945 15s, Bank of Australasia £19,513 lis lOd, bills payable £135 4s 3d, sundry creditors £7754 13s Id, bonus accounts £36 3s sd, net profits £1393 and rents £336 4s 3d, net profits £1393 8s 2d: total £29,115. Assets : Saleyards at Kairoro 4 and buildings at Gisborne £11,870 17s Ud, plant and machinery and motor cars, less depreciation £1751, shares in saleyards companies, £76 ss, ' ' office furniture and fittingrs (less depreciation) £280, sundry debtors (secured £59 14s 9d), £11,481 8s 6d, merchandise on hand £3133 2s lOd, unexpired value of insurances and licenses £155 14s Bd, preliminary expenses £386 lis Id: £29,115. '