AUDITOR'S STATEMENT

During the past 12 months the Farmers' Union Trading Company has purchased throughout the Auckland -Province a great many stores, which it now operates as distributing depots. In some quarters the wisdom of this step has been doubted, but the figures given below by the Trading Company ar e proof of the remarkable progress of these branches under co-operative management.

Sales for July, compared with the corresponding month last year, when these concerns were privately owned, and managed, show increases ranging from 10 to 152 per cent. In support of the figures th e company appends a certified statement by its auditor, Mr Thomas E. Whitton: —

Increase in sales Julyj 1920, compared with July, 1919. Huntly . .» 43 per cent Hangatiki 39 „ „ Kaitaia -40 „ „ Katikati 43 „ „ Kopaki 66 „ „ Maketu 18 „ „ Netherton 84 „ „ Ngaruawahia 37 •„ „ Onewhero 100 „ „ Ongarue 59 „ „ Opotiki 123 „ „ - Otewa ...:... . . 88 „ „ Otorohanga 17 „ ~ Paengaroa ....;.... 118 „ „ Paeroa . . . 92 „ „ Papakura 64 „ „ Pio Pio 152. „ „ Portland . 26 „• „ Pukekohe . . 61 „ „ Raglan , 89 „ „ te Kuiti . 50 „ „ T« Puke ..■••■ 25 „ „ Tuakau 79 „ „ Waitomo . . 52 „ „ Wellsford 75 „ „ Whakapara ......... 43 „ „ Whangarei 10 „ „ • AUDITOR'S CERTIFICATE Having compared the books of the former proprietors of these stores with the returns under the Farmers' Union Trading Company's management, I hereby certify that the percentages of increas es in turnover for July, 1920, as given above are true and correct. THOS, E. WHITTEN, F.P.A., (N.Z.) Public Accountant, Auckland. The 'big increase in the business done-by the Farmers' Union Trading Company's branches is an index to the wonderful growth of co-opera-tion in this province. Country folk are getting together in growing numbers for the purpose of supplying themselves direct with all their requirements without having to pay middlemen's profits. During the eight , months of this year the Farmers' I Union Trading Company added 4216 I new shareholders, making a grand total of 13,543. In the same period it 'sold 133,060 shares, bringing the total subscribed capital to £519,320. DIVIDENDS AND REBATES Farmers and country residents who have not yet taken shares in the Farmers' Union Trading Company should make early application. On ordinary shares a dividend of 8 per cent., free of income tax, was paid last year, and this rate the directors intend to maintain. The following substantial rebates are also allowed off share-holder's purchase:■— 2 i per cent, off groceries, flour, sugar and kerosene. 5 per cent- off drapery, clothing, furniture, bedding, boots saddlery, jewellery, stationery, farm implements, seeds, crockery and hardware (excepting roofing iron, wire cement, lime, and galvanisd piping. Last year th e directors guaranteed rebates of 2 1 per cent, off groceries, and 31 per cent, off other goods. As a result of the loyal support given to to the company by its shareholders, the rebates actually paid on last year's purchases were 38 and 7i per cent, as well as 8 per cent, dividend on the invested capital. The Farmers' Union Trading Company is able to give rebates because its shareholders are 'both owners and customers, and after paying working expenses, the whole of the profit goes to the shareholders in dividends, rebates, and reserves that strengthen the company and increase the value of its shares. Everyone who wishes to take shares in this prosperous co-operative concern should apply to th e Trading Company's warehouse in Auckland, or at one of its branches, tor application form. 307