THE W.F.C.A., LTD.

Wairarapa Age, 17 September 1932, Page 5

THE W.F.C.A., LTD.

DIRECTORS’ ANNUAL REPORT. SURVEY OF PAST YEAR. The following is the report of the directors of the Wairarape Farmers* Co-operative Association, Ltd.:— “Your directors present the fortyfirst annual report and balance sheet for the year ended July 31, 1932. After providing for all expenses of management, providing for bad and doubtful debts, depreciation of plant and stock-in-trade, the accounts for the year show a loss of £16,188 6a lOd. The general' fall in prices, and the lessened public spending-power, resulted in a further fall in the volume of our sales for the year. Greatly reduced turnover of wool and live stock also caused losses in these departments, whilst it has been impossible to collect interest on many of our advance accounts. Expenses for the year were substantially reduced, though many items are beyond our control. “A substantial reserve was created last year for doubtful debts. Nevertheless, in view of the lower prices of live stock, the board has thought it advisable to make still further provision. All advances and open account* have been carefully assessed on the basis of present-day estimated realisable values. “On February 1 last, the Stock Department building and our bulk store in Chapel Street, Masterton, with their contents, were totally destroyed by fire. All property of the company was adequately covered by insurance. “The balance to debit of appropriation account is £61,006 Os Bd, made up as follows:—

Balance £61,006 0 8 “Your directors recommend that this amount be carried forward to the debit of next year’s accounts. “The board regrets that the company is unable to make any payment this year to preference shareholders on account of dividend or arrears. “Your directors gratefully acknowledge the assistance extended to the company by its bankers. Mention, should also be made of the loyal services rendered by the staff during this trying year. “The directors to retire under the articles are Messrs. W. Howard Booth and T. Beetham, who, being eligible, offer themselves for re-election. Mr. A. Bower Knight has retired from the board owing to pressure of private business. Mr. Knight has been a director of the company since September, 1919, and in 1928 occupied the position of chairman, which he filled with conspicuous success. The board hopes that Mr. Knight may see his way later on to rejoin the board. The board recommends that no appointment be made at the moment in place of Mr. Knight, as endeavours are being made to obtain the services of a qualified business man resident in Wellington. “The retiring auditor, Mr G. W. Sellar, offers himself for re-election.— For the directors, Chas. M. Bowden, chairman. ”

£ s. d. Amount forward from last year _ Add directors* fees vot47,761 14 « ed by annual meeting loss for 12 months 450 0 0 ended July 31, 1932 16,18® 6 10 64,400 1 4 Less Reserve Account Transferred 3,394 0 »