SATISFACTORY YEAR

Wairarapa Times-Age, 18 November 1941, Page 6

SATISFACTORY YEAR

EXPERIENCED BY F.C.D.C. THIRTY-EIGHTH ANNUAL REPORT. DIVIDEND OF 5 PER CENT RECOMMENDED. The following is the thirty-eighth annual report of the New Zealand Farmers’ Co-operative Distributing Company, Ltd., to be presented to the meeting of shareholders at Masterton on Wednesday, December 3 at 2.30 p.m.: —

The directors in presenting the thirty-eighth annual report and. balance sheet again congratulate the shareholders on the satisfactory result of the year's trading.

After paying to shareholders a rebate at the rate of 21 per cent, amounting to £3OOl 3s 8d on all their purchases from the company, and making provision for depreciation on properties, plant, motor cars and furniture, and for book debts, the nett profit amounts to £22,442 Ils lid compared with £26,393 8s 3d last year. With the balance of £7029 9s 5d brought, forward from last year, there is available in profit and loss appropriation account, the sum of £29, 472 Is 4d which it is proposed to allocate as follows: — To pay to shareholders a dividend at the rate of 5 per cent (five per centum) per annum (free of Income, Social Security and National Security Taxes). To provide sufficient to pay Income, Social Security and National Security Taxes, and to carry forward the balance estimated at £9350.

Foi’ comparison purposes it should be noted that depreciation on properties, £1,370 Is sd, has been charged against profit and loss .account instead of being written off through appropriation account as has been done previously. The directors have pleasure in reporting continued loyal support from shareholders and the farming community generally, resulting in the turnover showing a considerable improvement. During the year our wool departments at Wellington and Wanganui. handled 34,764 bales of. wool, an increase of 2.874 on last year’s figures. Mr Alex Stuart resigned from the board of directors during the year and Mr Joseph Linklater, of Palmerston North, was appointed to fill the vacancy. The directors wish to place on record their appreciation of Mr Stuart’s services to the company during his long term of office. The retiring directors are Messrs J. Linklater, G. L. Marshall and J. P. Tylee all of whom, being eligible have been nominated for re-election and offer themselves accordingly. The. retiring auditor, Mr S. E. Lambert, F.P.A., N.Z., has been nominated and offers himself for reelection.

The report is signed on behalf of the board of directors by Mr Thomas Currie, chairman.