CANTERBURY FARMERS’ CO-OP

Stratford Evening Post, Volume LVIV, Issue 1, 4 October 1926, Page 3

CANTERBURY FARMERS’ CO-OP

WRITING DOWN CAPITAL. TOO LIBERAL ADVANCES. Press Association— Copyright. C.HTTTSTC'HURCH, October 3. The annual meeting; of the New Zealand Farmers’ Co-op. AssoC.'"*-on, of Canterbury was field on Saturday, it being the forty-fifth annual meeting. The main proposal of the directors was that the capital be written down by £420,000 to provide for losses made chiefly by advances against farm properties on values which presentday conditions will not sustain. In detail the proposals involved the writing-dawn of Co shares (previously reduced hy li3s) by 3os; £3 shares (previously reduced hy I os) and a. reduction of £1 on A and B preference shares. The chairman, in his address, said the directors reegnised that the condition .of affairs disclosed in this year’s accounts had been cumulative over several years. He claimed, however. that the shareholders need have no doubt as to_ the position of the company. The association could pay all us debts and still have a surplus of £823,000 of shareholders’ capital intact, of which £283.000 still lay uncalled in the hands of the ordinary shareholders. During the year there had been a nett profit of £36,000 out of a gross profit of £223,000. The resolutions were agreed to with only one dissentient.