PURCHASE OF STOCK

Poverty Bay Herald, Volume LXIII, Issue 19123, 18 September 1936, Page 11

PURCHASE OF STOCK

DAIRY COMPANY ACCOUNT REPAYMENTS IN SLUMP The repayment of loans advanced by the Kia Ora Co-operative Dairy Company, Limited, for the purchase of stock by suppliers has been satisfactorily made despite the slump conditions. Comment on this was made at the annual meeting of the company in Makaraka to-day. The balance sheet showed that the balance owing in the purchase of stock account on June 30, 1035, was £9906, and £7840 was advanced during the season. Repayments of advance during the season totalled £12,490, the balance owing on June 30, 1936, being £5254. A letter from the auditors, Messrs. Graham and Dobson, was read at the meeting as follows: —‘WVe hereby confirm our certificates on your balance sheet, and report further that we have examined all securities for advance accounts of the company and find these to be in order, with the exception of one or two which have been satisfactorily explained by the secretary. In connection with the advance accounts, we would like to refer to the decidedly improved and sound position of these accounts. The repayment of £12,490 includes practically all of the balance of £9905 which was outstanding at the beginning of the year, so tliat the balance of £5254 now outstanding consists mostly of advances made during the current season, and' which is on conservative values adequately provided for.” Mr. 11. B. Bull said it spoke volumes for the grit and integrity of the suppliers in carrying on under trying circumstances and meeting their obligations in the manner they had done. The chairman, Mr. M. Doyle, agreed, and said that even a number of whom the company had doubts had paid up to the last penny. The secretary, Mr. J. H. Sunderland, said that the suppliers had responded wonderfully, even when butterfat was as low as 7d per lb. Very few requests had been made for payments to be deferred; and the directors had acceded to every application.