FARMERS' CO-OP.

Press, Volume LXIII, Issue 18894, 8 January 1927, Page 12

FARMERS' CO-OP.

REDUCTIONS IN CAPITAL. CONFIRMED BY SHAREHOLDERS. A meeting of the ordinary shareholders of the New Zealand Co-opera-tive Association of Canterbury, Ltd. was held yesterday afternoon. Mr James Stevenson presided over an attendance of 3-5 people. The motion before the meeting was to confirm the following clause:—^ "That the ordinary share capital of the Association bo reduced from £722,500, divided into 170.C00 ordinary shares of £-1 os each, to £4->,5 000 divided into 170,000 ordinary shares of £2 10s each." Vvhen the motion was put to the meeting Mr F. Hubbard said that he considered the manager and directors of the Association should be very grateful to the shareholders for their loj altj. Not a soul could imagine it gave the directors any pleasure to ask the shareholders to make such a sacrifice, or the shareholders to support such a recommendation. However the shareholders had all loyally stood by the Association and given the directors all they asked for. Mr A. D. Hassall hoped that they would never be placed in such a position again now that the handicap the Association was labouring under had been removed. A shareholder considered that the Board had not taken the shareholders into its confidence, and many of them still felt the whole truth had not been revealed. Careful management would be required on the part of both managers and directors. Commercial men wero needed on the Board. I

The Hon Mr Buddo said he did not doubt that the shareholders had now been given the whole truth. Two things were now wanted to assist the Association's activities, good seasons and reasonably high prices. If these were not experienced neither commercial nor agricultural men on the Board could remedy matters. The Association had, incidentally, experienced 40 very good years with a Board entirely composed of agricultural men. Mr F. H. Bowler said he considered tliey could now be expected to take a cheerful view of the Association's prospects. Another £35,000 pr <it was all that would be required to allow a good dividend to be paid to ordinary shareholders. Mr If. H. Holland said the truth had been revealed as far as tho directors knew it. Tho Board now comprised a good combination of agricultural and commercial men. The motion was confirmed unanimously. The general manager (Mr W. Machin) congratulated the shareholders on their loyalty and confidence and predicted that, with good prices, the affairs of the Association would prosper. The staff was co-operating loyally to assist the business in every way. Preference Shareholders. With Mr Stevenson presiding, confirmatory meetings of "A" and "B" preference shareholders were also held when tho following resolution adopted at the meeting on December 17th was moved: — That the "A" preference shareholders of the New Zealand Farmers' Cooperative Association of Canterbury, Ltd., approve, confirm, ratify, and adopt an agreement dated November 29th, 1926, made between the said company on tho one part, and William Machin, of Christchurch, company manager, purporting to contract on behalf of the said "A" and "B" preference shareholders of the said company on the other part, whereby it is agreed, subject to the provisions of the said agreement: (1) That the "A" and "B" preference shareholders of the said association relinquish and extinguish their claims to any dividends accrued or claimable, or which may hereafter accrue or become claimable up to the 31st day of July, 192 G. (2) That the "A" and "B" preference share capital of the said association be reduced from five hundred thousand pounds, divided into fifty thousand "A" preference shares of five pounds each, and fifty thousand "B" preference shares of five pounds each, to four hundred thousand pounds divided into fifty thousand "A" preference shares of four pounds each, and fifty thousand "B" preference shares of four pounds each, and such reduction be effected, by cancelling paid-up capital, which is unrepresented by available assets, to the extent of one pound in respect of each of the "A" and "B" preference shares of the association, which has been issued, and by reducing the noininal amount of such "A" and B preference shares, and all unissued "B" preference snares accordingly to four pounds each. About 20 shareholders attended the "A" meeting, at which tho motion was carried unanimously. At the "B" meeting Mr J. J. Weathered called for a ballot. The motion was confirmed as follows: For the motion, 608; against 16.

BITTERPIT.

THEORIES AS TO CAUSE. (Br cable —rEEBS association— copybight.) (AUSTBALIAN AND K.Z CABLE ASSOCIATION.) LONDON, January 6. The Department of Scientific and Industrial Research has issued tho report of Dr. Smith, of Cambridge Research Station, on Bitterpit, in which he discusses the various theories advanced to explain its cause. He points out that in no case has direct experimental verification been obtained. Most theories are open to grave objection on theoretical grounds, but the published data yiek\» tw,o fairly definite results that, first, severe pruning, and, secondly, heavy irrigation towards the end of the season are circumstances predisposing tho fruit to Bitterpit. Tho commercial importance of the problem lies largely m the development of Bitterpit during the carriage of the fruit overseas. Dr. Smith tentatively suggests that the way out of the dilemma appears to lie in more rapid refrigeration, particularly cooling before shipment. This would probably allow fruit to be left longer on the tree and still arrive in England without being over-ripe and with appearance, flavour and, in some cases, even the size considerably enhanced. MELBOURNE MARKETS. (BT CABLE—PEES 3 ASSOCIATION— COPYBIGHT.) (AUSTRALIAN AlfD K.Z CABLE ASSOCIATION.) MELBOURNE, January 7. Wheat—Nominally about 5s 3d Flour-Old £l4 10s, new £l3 10s (cash 5s concession). Oats—Milling 2s lOd, feed 2a Barley-English 4s 4d, Capo '3s Gd to 3s 9d. Potatoes—£l4 to £ls 10s. Onions—£7 5s to £7 10s. FROZEN MEAT. ■ a!Kl J Com ? an >'> limited received the following advice from their Londo.i office dated January 6th, 1927• omce, thf Ser a ni s t c o c t «»■> holidays DOt ~ed"Me