FARMERS' CO-OPERATIVE CO.

Thames Star, Volume LII, Issue 13657, 27 March 1918, Page 4

FARMERS' CO-OPERATIVE CO.

PAST YKIAK'S Oi^rU.Tji.O.Nri,

The annual inoeutig ol the snarehoiuers vi Ji-« i'armeirs ivo-opeiauve xvuutioneering Uompa-ny, .u>u,, was liwu oil JS&tuxuay. in moving the a-uoption ot tab report anu balance-sheet, tlio latter 01 wliioa showea a prolit oi iJ6U,oa. l<s i luu, ' from Avmioii a dividend, ol t> pur oejit on^jreiemioe aaid ti per cent on ordinary sJiares iiad tx*n paid, ike ciuurman, Mr j. Barugh, niaae teelaig reference to tno deatn of Mr A. J. storey, who had btx/n managing director since tho formation of tne ajmpauy. jttefernng to the growtn of tne company since its incorporcition in 190Y, tii© chairman said thbtro were now a total oi over oUuu shareholders, as again 735, and the subscribed capital now stood at £zb5,0&0. A dividend of 6 per cent bad Been -piud for fcha iirst thi'ee y-&vr& and 8 per cent, since. Tho toial distributions in rebates and dividends had been £158,914, prac- v tically tiio Xyhoxe of this sum going to fanner shareholders. The reserve account stood at £47,008, with a special, reserve of £2329 for equalisation ot dividends. There was a »uytantiai, credit at uhe bank, and the proportion ot liabilities, _i! 162,476, to assets, £4bo^UC, was 31.35; A sum of £10,000 had been invested in the war loan, £7500 being paid up .during the year. The turnover was £2,297,730, a record, the percentage of expenses tq profits was 57 and the turnover 2.72, while the percentage ' of net profits to turnover was 1.34, proving that the company, was truiy co-opera-tive. Various branches had been estaolished during the year and extensive improvements and additions ha/3, been made to premises and saleyards. ty? Carr RoUet^ in ..seconding the miotion, paid a tribute to the splendid result attained by the management! and Btafl, and expressed satisfaction at the policy of investing th© reserve funds m outside securities, and said he hoped it would b© extended.

Mr J, B. Thomas congratulated the directors; on the financial position of the company, and said the nominating of a candidate for the directorate from the Thames Valley in no way ;meantj any reflection on the retiring directors. They thought, however, that the district should have representation. The report and balance-shee were adopted- amid-applause. lit was announced that Messrs J Barugh and W. G. Park had been reeJected a-s '3ireotors, the noting being • Mr Barugh 600, Mr Park 196, Mr «J. B. Thomas 149. Messrs W. W. Bruce and "R. English were reappointed auditors and Mr G. Edgcumbei shareholders' scrutineei 1.