NATIONAL DAIRY ASSOCIATION

Wanganui Chronicle, Volume 83, Issue 144, 21 June 1939, Page 12

NATIONAL DAIRY ASSOCIATION

INCREASED BUSINESS DONE The directors of the National Dairy Association of New Zealand, Ltd., in their report for the year ended April 30, state that in spite of lower production, there is a marked increase in the volume of business, which is in keeping with the steady progress over the past lew years. The balance-sheet and profit and loss accounts reflect the increased turnover due, in no small measure, to the increased support of shareholding companies.

Essential to the stability of the association”, full provision has been made, including depreciation £3070 17s 7d, superannuation subsidy £626 15s lOd, mortgage redemption Wellington premises £390 18s 9d. The profit and loss account shows a credit balance of £436 2s sd, which has been transferred to appropriation account. The total credit to this account is £1259 7s 6d, which, after allowing for income tax and social security charge, will still

show a balance to be carried forward of £1259.

The amounts allocated during the year from trading account to rebates account show a credit of £3998 Is 9d, and lhe directors have decided to declare a rebate to contributing shareholders of 2a per cent, on purchases of dairy factory requites and machinery, and 1 per cent, on merchandi.se, which absorbs this amount. During the year the Kaikohe, Kakaramea, Konini and Morrinsville co-operative dairy companies have applied for contributing shares, and the hope is expressed that those cooperative dairy factories who are not contributing shareholders will seriously consider applying for their quota, which is based on the respective companies 'output for 1930. Stocks have been valued in accordance with strict commercial practice, namely, cost or market value, whichever is the lower. The following directors retire and have been nominated for re-election: Auckland district, Mr. J. Cotter (Hinuera); Taranaki district, Mr. A. Morton (Egmont Village); Wellington district, Mr. J. G. Brechin (Pahiatua). The following nominations also have been received: Auckland district, Mr. Wm. Marshall (Paeroa); Taranaki district. Mr. E. A. Aldridge (Stratford): Wellington district, Mr. J. E. Monaghan (Newman*.