GREAT FINANCIAL SUCCESS

Dominion, Volume 14, Issue 208, 28 May 1921, Page 8

GREAT FINANCIAL SUCCESS

CHRISTCHURCH BOND ISSUE. INTERA'IEW WITH MR. E. AV. RELPH. (Published by Arrangement.) Learning that the Bond Issue of fh« New Zealand Farmers-’ C'o-oneratiye Asscciation nf Canterbury. T/tn*. had been, very successful, an interview was sought with the Superintendent of the association, Mr. E. AV. Relph. who passed through Wellington yesterday. "When we announced our 71 per cent, bond flotation four weeks ago,” said Mr. Relph, "we had no idea, that the pubic response would be so prompt and spontaneous as if has heen. It was naturil tn expect, a readv demand for our bonds from investors in Canterbury, where the association is so well and favoirahlv known; but the directors are pleased to report that almost two-thlrds of the amount subscribed has come from other parts of the Dominion. 8o f:r we have had upwards of 1260 applications. the amounts ranging from A2j to .£451X1. It is significant that over £l9O 000 was received during the fim 14 days. This is at the rate of £9 a minute for a 24-honr day . during that time. Capital is still coming "i freely. "As the quarter-million asked for lia» Been oversubscribed my directors have decided to extend the issue, lint anplie.itions will be received for a further limited period onl.v _ "All sections of the community have taken up the bonds, and in this corniertion the flotation disproves the common idea that. New Zealand workers do not save. A most gratifying resnonse has been made by all classes, including bricklayers "arpenters. earners, constables, domestics, drovers, farm labourers, gardeners labourers, miners, postal and railway officials, seamen, and waterside workers. In the nrofessiqnal section we have amongst others, received money for investment in our 71 per rent, bonds from accountants, bankers, doctors, dentists. journalists. secretaries, school teachers, and surveyors.” , "How doos the AVellineton district compare with other parts?” Mr. Relph was askpil. , fr Tbn response na« exceoaen onr exnectations. To date over £60,000 has been subscribed from this centre. It is in deference to the wishes of n number of AVellington investors who desire further particulars, that T arranged to onen a lomnorary office at I'ormers Go-op. Wholesale Federation <N-Z.). Ltd., Farmers’ Institute Building. Featherston Street on Afondnv and Tuesday of next week An executive officer of our company will be available to answer inquiries. mid give the fullest iriforiuatwu nt first hand. * r The fuccffs of onr bond issue I* pofilive testimony.” deebves Air. Relph, rtas to the public faith in the future prosperity of New Zealand, and it shows that the financial condition nf onr neoplo is thoroughly sound. Incidentally, it denotes Ihe standing with which out association is regarded in public cstima--1 “I would remind investors that our r.er cent, bonds are issued in bearer form they are readily transferred, and uitewt coupons, payable half-yearly are attached AVc pav the income tax. and ttm nr'incipal sum i® repavable in fire or ten vears at purchaser’s, option. “Ever since the inception of the association. 40 years ago,- H has been remarkably successful. Me now have over 12.600 shareholders, and our turnover Inst vear reached the large sum'of £5 501.319. The operations of the company extend throughout the rich provinces of Ganterlmry, Alnrlhorough. and Nelson. During the whole period of our existence we have paid an average yearly dividend of over SI- per cent, on our ordinary capital- The security supportine this issue of bonds rmount to over a 'million and n half, besides which the monev now beiire subscribed con “ stitnt'e -till further margin. The monev i= required to render ndditiona assistance to the farming community, the backbone of the Dominion. It can thus be claimed that (he investment is a sound one. giving a splendid return to the investor, who docs not tie liis money up for a prolonged period, but can ontain it hack in five or rtn year'. “In addition to dividends, yon have paid rebates to shareholders, have you not. Air. Relph.'’ ■ , j , "Yes,” renmrked the superintendent, “Hu- association hns distributed no less than three-quarters of a million to shareholders by way of bonuses upon purchases of general merchandise and rebates upon their commissions. The latter charges, by tho way. are lower in. Canterbury than those prevailing in other parts of New Zealand, a fact for which the association has been largely responsible. . “I have been connected with fne Christchurch Association for many rears, and I have watched its _ progress from its inception. Now it is the largest concern of its kind South of the Line. It: has made consistent progress, has paid good dividends and renjies. and we have <i healthy reserve fund of £I96,(VXt. besides an appreciation in. the value of onr freehold and leasehold nroneriics, not inaccount, of £125,0110. ‘Farmers’ of Cb.ristchurch welcome the fullest investigation. Copies of the prospectus can lie seen, and all possible information afforded by calling nt the. office of the Farmers.’ Co-onerative Wholesale Federation, N.Z., Ltd., Fw,i,lnstitute Buil'’i%’. Featherston Street. AVellington. The prospectus can also be obtained from any branch of the Bank of New Zealand, or from any member of the Stock Exchanges"’