IMPROVED POSITION

Taranaki Daily News, 14 September 1934, Page 5

IMPROVED POSITION

CANTERBURY FARMERS’ COMPANY.

BALANCE BETTER BY £lOO,OOO.

By Telegraph—Press Association.

Christchurch, Last Night.

The report and statement of accounts of the New Zealand Farmers’ Co-opera-tive Association of Canterbury Limited, for the year ended July 31, 1934, has been issued. The accounts show, a marked improvement on those of last year, the net loss of £95,218 last year being converted into a net profit of £27,574 in 1934.

The gross profit for the year was £154,777 and the net profit £27,574. After providing for a very considerable amount of interest, which' has been suspended and not taken into the profit and also the sum of £2500 for extra depreciation against plant, machinery and fixtures, it is proposed to allocate the whole of the year’s profit against the accumulated deficiencies shown in the balance-sheet. “Provided conditions continue,” states the report, “the net earnings of the association are likely to be more satisfactory in future, and therefore it has been decided by the directors to place certain financial proposals before; shareholders at an extraordinary meeting to be held during the year which, if carried,, should have the effect of enabling the associatiefn to pay dividends at the end of th® present financial year and in the future.