EKETAHUNA FARMERS' CO-OPERATIVE ASSOCIATION.

Dominion, Volume 2, Issue 570, 27 July 1909, Page 8

EKETAHUNA FARMERS' CO-OPERA-TIVE ASSOCIATION.

, A GOOD BEGINNING.. A statutory mooting of shareholders of the Eketahuna Co-operative Association was held on Friday, wlicn thoro was an attendance of about 20. Mr. Thos. Parsons (chairman of provisional.directors)l who presided, said that _ when_ tho association was first mooted tho intention was not to ■ commence operations until £4000 worth of shares had been subscribed, but it was found impossible at that period, to get this number. Business was therefore begun with about £1000. Mr. 'Parsons detailed .tho obstacles- which faced the- directors with such a limited amount of capital! to work upon—£2oo—and wlicn'advances and accommodation was deprived them by banking and other institutions there was nothing left but.to call upon those who could afford it to nay as much as possible on theij'shares. This had resulted in £250 extra wing obtained. Tho business had started on May 6 with stock valued at £1070 3s. 4d., but it took some manoeuvring to get,this together. Tho sum of £1279 Bs. 3d. had been paid to merchants for goods supplied during May and June, and these engagements had been met out of call money and that received for purchases. The. turnover for May and Juno had reached about £1000, and each week, ae business went on, showed-a substantial increase. If the 164 shareholders proved loyal to tho association and to themselves there was nothing ■ to fear. . During tho past fortnight 80 shares had been taken up' by 20 shareholders, and ho firmly,believed that :\vhen tho first balanceTjheet • was presented it would show a substantial profit to bo divided among shareholders. Some of the biggest co-operative concerns in New Zealand, said tho speaker, commenced on a smaller scale than' the association, and yet now they were able, to act as bankers to farmers. Mr. Parsons added that the subscribed capital was £1083, the number of shareholders 164, the amount paid , on application and allotment £218 55., and the amount paid on, calls'£23o. The following directors were elected for the ensuing year:—Messrs. T. Parsons, RoDg'okokako; A. Falkner, Kaiparoro; J. Scott, Rongomai;. M. Galvin, Hamua;- D. FJett, Nirealia; J. -P. Heckler, Mangamahoe: P. D. Peterson. Hastwell; M. Keliiher and M. Sheehyn, Eketahuna.. -'■'.■