N.Z. FARMERS’ CO-OP.

Timaru Herald, Volume CXXXVIII, Issue 19904, 14 September 1934, Page 5

N.Z. FARMERS’ CO-OP.

NET PROFIT OF £27,574 By Telegrapn —Press Association CHRISTCHURCH, September 13. The report and statement of accounts of the New Zealand Farmers' Co-operative Association of Canterbury, Ltd., for the year ended July 31, 1934, has been issued. The accounts show a marked improvement on those of last year, a 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 profit, and also the sum of £2500 for extra depreciation against plant, machinery and fixtures, it is proposed to allocate the whole of the years net profit against the accumulated deficiencies shown in the balance-sheet. Provided present conditions continue, states the report, the net earnings of the association ' are likely to be more satisfactory in the future and, therefore, it has been decided by the directors to place certain financial proposals before shareholders at extraordinary meetings to be held during the year which, if carried, should have the effect of enabling the association to pay dividends at the end of the present financial year and in the future.