OPERATIONS OF FARMER'S COOPERATIVE ASSOCIATION.

Daily Telegraph (Napier), Issue 3821, 15 October 1883, Page 3

OPERATIONS OF FARMER'S COOPERATIVE ASSOCIATION.

Timaru, This day,

The third annual meeting of the Farmers' Co-operative Association was held on Saturday, when a favourable report and balancesheet Avere submitted. The paid-up capital is £7738, the reserve fund £915, and the profit for the year £1430. A dividend of 7 per cent. ivas declared and the balance carried te the reserve. The gross turnover for the year was £81,366, of which £52,740 represented transactions in grain and produce, and the balance consisted of sales of merchandise to the shareholders. Tho business is conducted principally on the cash system on both sides of the account,

the bills paA-ablo for goods being only £1(6, and the open accounts due to the association by the shareholders only £2500, representing about one month's sales. The advances on° produce uoav current exceed £10,000. The total liabilities include thoso secured adA'ancea; also mortgages on freeholds, Avhich aro valued at nearly £12,000, and a bank overdraft of £4500. The assets exceed the liabilities by over £10,000. A new feature introduced during tho year Avas tho acceptance of money on deposit, and £1140 was receiA-ed in this way. It is proposed to to add a separate department for tho sale of farm and dairy produce. Tho report and balance-sheet were unanimously adopted, and the retiring directors re-elected.