FARMERS' CO-OPERATION.

Poverty Bay Herald, Volume XLVII, Issue 15318, 14 September 1920, Page 2

FARMERS' CO-OPERATION.

■ — . ■ ■. . ..— OAJIARU, last night. At the annual meeting of shareholders of the North Otago Farmers' Co-opera-tive Association, the chairman said he wished- to refer to the recent disastrous fire which caused the partial destruction of the main warehouse aoid: the valuable stocks of merchandise, which it. -contained. Although it was impossible, at the present juncture, to -ascertain the extent of the loss above the insurance and ;thc"further loss owfng. to the temporary dislocation of business, it. was gratrfvlng to know that, from careful estimates made, the financial' stability of tlie, association had not beetl affected to any appreciable extent, and shareholders would be pleased to learn that the distribution of the past year's ."profits would take plr.ee as- origin, ally recommended by tlie' directors. Tha policy of the directors ha<l always beeu to strengthen the rrs-rves, and tho present disaster served to confirm tho wisdom of that policy. At the time of the fire the reserves stcv f | at £30,000, and the-paid-up capital of i:.17.500—a j;i.,sition of financial strength,. «ii was claimed, unsurpassed by any other farmers' co-oper-ative, association m New ~~7.i-.\ land. The net. amount available for rtls.rlbufion was .£18.002, and the •■ 'cl.lvct.ors recommended that the sum be dealt with as follows: To pay a dividend of 7 per cent and a honus of 1* per cent., equal to 8. per cent, on the paid-up capital (free of Income tax); that £3000 -b"e added to the res^ye account, which will then.stand at £22,000,- and that, after allowing for income tax, to carry the balance forward. -rPress Assn. .. ... ....