INCREASED BUSINESS

Waikato Times, Volume 122, Issue 20522, 11 June 1938, Page 3

INCREASED BUSINESS

PAST YEAR REVIEWED NATIONAL DAIRY ASSOCIATION (Special to Times) NEW PLYMOUTH, Friday "Due In no small measure to increased support by member shareholders there Is a marked Increase in the volume of business, continuing the steady progress shown over the past few years,” states the annual report to be presented by Mr A. Morton, chairman of directors, to the annual meeting of shareholders of the National Dairy Association of New Zealand, Limited, to be held at New Plymouth on June 22. The increased volume of business was reflected in the figures submitted in the balance sheet and profit and loss account. After providing for all expenses of management, depreciation (£IOSG 11s 7d), superannuation subsidy (£52.7 11s 10d), mortgage redemption, Wellington premises (£390 18s 9d), the profTt and loss account showed a credit balance of £363 14s, which had been transferred to the appropriation account. The total credit to this account was £895 5s Id. which, after allowing for income tax, would still show a substantial balance to be carried forward. The amounts allocated during the year from Jhe trading account to the rebates account showed a credit of £3103 12s 6d and the executive had decided to declare a 2 per cent rebate on purchases by contributing shareholders during the financial year. In accordance with the articles of the association the following directors would retire, but were eligible for re-election:—Auckland, Mr P. T. Ream (Tauranga) ; Taranaki, Mr F. Parson (Whenuakura), and Wellington, Mr J. D. Brown (Ohau).