WAIRARAPA FARMERS

Taranaki Daily News, 27 September 1933, Page 2

WAIRARAPA FARMERS

OPERATIONS OF ASSOCIATION.

LOSS OF £10,836 FOR YEAR.

Wellington, Sept. 22. A loss of £10,836 for the year. ended July 31 is shown by the , Wairarapa Farmers’ Co-operative Association Limited, after providing for all expenses of management, bad and doubtful debts and depreciation of plant and stock in trade. In the 42nd annual report the directors state that trading conditions during the year were even less favourable than previously and price levels continued to fall. Though the volume of sales kept up very well the money figures of the previous year were not maintained. The uncertain outlook of the dairying industry introduced a new factor in conditions in the district and the board had thought it advisable to create further reserves against possible losses in the realisation of book debts. Expenses of operation were again substantially reduced. The reduction over four years was £8420, equal to 35.31 per cent. The balance to the debit of the appropriation account was made up as follows: Amount brought forward from last year, £61,006; directors’ fees for. 1932 voted by the annual meeting, £300; loss for 12 months ended July 31, 1932, £10,836, making a total of £72,142. The directors recommend that this amount be carried forward to the * debit of next year s accounts. The company is unable to make any payment this year to preference shareholders on account of dividend or arrears. The loss of £10,836 compares with an adverse balance of £16,188 in 1931-32, and of £48,281 in the previous year. The last dividend paid was on the 6 per cent, preference shares for the year ended July 31, 1930.