ACCOUNTANTS MEET

Taranaki Daily News, 4 March 1935, Page 12

ACCOUNTANTS MEET

TARANAKI BRANCH OF SOCIETY. NEW COMMITTEE ELECTED. The outlook for the profession,' the economic position of the Dominion, especially in regard to its primary, industries, and the progress of accountancy wete discussed at the annual meeting of the Taranaki branch of the New Zealand Society of Accountants held at Hawera. Mr- G. A. Duncan, retiring president of the branch, was chairman, and there was a good attendance of members.

The ahnual report stated that the membership of the branch was 70, comprising 30 public accountants and .40 registered accountants. This was an increase of two compared with the previous year. The committee congratulated Mr. Duncan on his appointment as a member of the Executive Commission of Agriculture. The selection of a member of the profession to fill such an important and responsible position constituted a further proof of the recognition on the part of the Government of the standing of the society. The most important legislation from an accountant’s pbint of view . passed during the year was the Companies Act, 1933, which came into force on April 1 last. The advent of this legislation had thrown added responsibility bn accountants’ shoulders.

A study of the latest balance-sheet showed the financial position of the society to be very strong. The committee forwarded a recommendation to the council that a sum of £lOOO should be transferred from the accumulated funds to the benevolent fund, and advice had since been received that a sum of £l4OO had been transferred, bringing the capital of the benevolent fund to £B5OO. The chairman remarked that, as one Who had had a great deal to do with the farming community, a pleasing feature was that the farmers were realising more and more the value of accountancy as an aid to efficient conduct of their farming operations. In this regard the necessity placed on farmers of submitting returns for income tax and unemployment tax pui-poses had been a blessing in disguise, in that many farmers hitherto hazy about their financial position had the exact profit and loss and capital aspect revealed to them. Mr. Duncan briefly reviewed th 6 economic position, particularly as it referred to the dairy industry, and said there were rays of hope that international trade barriers might be removed.

The committee of the t council was elected as follows: Messrs. T. Penn, G. Laurence, T. F. McKenzie, W. M. Eggleton, F. T. Davis, S. E. Nielson.

Mi-. W. Fewer declined nomination, because in his opinion it was in the interests of the society that there should be changes from time to time in the membership of the committee. He had enjoyed his work on the committee but desired to see fresh blood in its membership. It was suggested that at least four general meetings be held during the year, and it was decided that members be asked to hand in subjects on which they considered papers might be read.