STEADY PROGRESS

Wanganui Chronicle, Volume 80, Issue 136, 10 June 1937, Page 11

STEADY PROGRESS

NATIONAL DAIRY ASSOCIATION IMPROVED FINANCES In their seventh annual report, covering the twelve months ended April 30, the executive of the National Dairy Association of New Zealand, Ltd., congratulate shareholders on the steady progress made during the year. There is a distinct advance in the volume of business done as compared with previous years, and the balancesheet and profit and loss account show the finances are in a very satisfactory condition—due in no small measure to increased support by members shareholders. After providing for all expenses of management, also depreciation of £1528, expenses national dairy conference £263 17s 9d, superannuation subsidy £466 4s 9d, mortgage redemption Wellington premises £390 19s Bd, profit and loss account shows a credit balance of £505 4s sd, which has been transferred to appropriation account. The total credit to appropriation account is £645 12s sd, which, after allowing for income tax, will still allow a substantial balance to be carried forward. Regarding rebates on purchases to contributing shareholders, the executive state that the sum of £2400 has been allocated from trading account to rebates adjustment account, and with the credit balance brought for- . ward from the previous year, £79 17s Bd, makes balance in this account £2479 17s Bd. In the past, rebates on purchases have been on the basis ol 1 per cent., but for the past year the rebate will represent 2 per cent, on turnover, excluding butter boxes and cheese crates. Since the last annual report the following co-operative dairy factories have applied for contributing shares: Rangitaiki Plains Dairy Co., Ltd., Awatuna Co-op. Dairy Co., Ltd., Tariki Co-op. Dairy Co., Ltd., N.Z. Farmers’ Dairy Union, Ltd. Since the year ended, application has been received for contributing shares from the Te Awamutu Co-op. Dairy Co., Ltd. Stocks have been valued in accordance with strict commercial practice, namely, cost or market value, whichever is the lower. | The retiring directors, Messrs. W. Harbutt (Cambridge), E. G. Appleton (Mangawhare) and T. Winks (Ararata), have been re-elected unopposed for Auckland, North Auckland and Taranaki districts respectively. Two other retiring directors, Messrs. J. Glides (Maharahara) and H. Tilyard (Greytown) have been nominated for Hawke's Bay and Wellington respectively. Mr. D. G. Begley (Hastings) has also been nominated for the Hawke's Bay seat and Mr. A. E. Booth .Ahiaruhe) for Wellington, and an election by ballot is being held. Mr. C. D. Morpeth offers himself for reelection as auditor. The balance-sheet shows paid capital at £22,272; Wellington land and premises mortgage, £20,500; Bank of New Zealand, £661; deposits, £14,944; sundry creditors, £22,118: rebates account, £2480; appropriation account, £645. Assets are: Sundry debtors, £3-,922; stock, £28,275: Hawera land and premises, £3600; Wellington, land and premises, £22,700; furniture, plant, etc.. £3133.