COMMERCIAL.

Timaru Herald, Volume CXXV, Issue 18355, 28 August 1929, Page 2

COMMERCIAL.

NORTH OTAGO FARMERS’ CO-OP. The annual report of the driedtors of the North Otago Farmers’ Co-oper-ative Association states that the various departments have been actively engaged throughout the year, and notwithstanding greatly increased competition, our earning power has been well maintained. “Further progress has been made in ihe reduction of book-debts, these being approximately £4OOO less than last year. Although we hold ample reserves to meet losses made on the realisation of farmers’ advances accounts, your directors are gradually strengthening the finances of the Association by writing off bad debts, thus leaving the reserves intact. Shareholders will ultimately benefit by the policy adopted.” The gross earnings for the year amunted to £18,409 Is Od, and after making provision for depreciation, baa debts, etc., the net amount available for distribution is £3,250 2s 7d, which the directors recommend shall be allotted as follows: To payment of a dividend of 5 per cent, on the paid-up capital, and after allowing for Income Tax, the balance be carried forward. The directors retiring this year are, Messrs W. Macdonald, J. R. McCulloch, A. Mclnnes, Colonel J. C. Nichols, J. D. Rutherford and James Smillie, all of whom are eligible for re-election and otler themselves acordingly.