H. B. FARMERS’ CO-OPERATIVE ASSOCIATION

Gisborne Times, Volume XXVII, Issue 2546, 6 July 1909, Page 5

H. B. FARMERS’ CO-OPERA-TIVE ASSOCIATION

ANNUAL MEETING. •Ter Press Association.] NAPIER. July G. The annual meeting of the Hawke's Bay Farmers’ Co-operative Association, Ltd., was held to-day. The balance .sheet showed, after making due provision for all necessary depreciation on buildings and plant. tliat_ the balance of profit, including £1457 14s 7d brought forward from last year, amounted to £5333 9s lid, which the directors recommend to be allocated as follows: —Dividend of S per, cent, on oaid-np capital, bonus of 12-£ per cent, on commissions contributed by shareholders (land excepted), bonus of 2 per cent, on goods purchased by shareholders, bonus of 5 per cent, on salaries. and balance carried forward. The Chairman (Mr. A. H. Russell) said that, notwithstanding the financial stringency, the paid-up capital had increased by £713 during the year, representing the allotment of 2371 new shares. The liability under headings shareholders’ deposits and sundry creditors now stood at £39,255, being a reduction of £15,192. The balance of profit for the year must be considered highly gratifying, when the conditions under which the business' was conducted were considered. The report and balance-sheet were adopted, and Messrs J. W. Harding, W. A. Couper, and J. Hunter-Brown were re-elected directors.