The U.F.C.A. An Dual Meeting.

Feilding Star, Volume XIX, Issue 109, 4 November 1897, Page 2

The U.F.C.A. An Dual Meeting.

The annual meeting of the shareholders of the U.F.C.A. was held at Palmerston on Tuesday. Mr G. S. Drid<;e occupied the chair. In opening the proceedings, the chairman paid the shareholders would notice that they bad made a fair pro tit, amounting to £3,668 This might not bo considered a large amount by some, but he wished it to be understood that the directors did not consider it a function of tho Association to make excessive profits, simply to pay it back to the shareholders by way of bonusei. Their business was to supply the farmers with goods at reason able rates, and a margin of profit sufficient to corer any losses that might be made. It would also be noticed that they had borrowed £20,000 on debentures, a«d the reason this had been done was, that they had obtained this new money at a lower rate of interest, and thereby avoided making another call on the shareholders as well as having a stated time of currency. A new manager has been appointed in the Wellington and Wanganui branches with good results, and the business of the Pahperstou branch maintained its high •tindard, while that at Feilding justified the action of tho directors in starting it. He moved the adoption of the report and balance sheet, which was seconded by Mr J. R. Johnston, of Cbeltcubam. Mr Fletcher regretted the absence of the auditor, whom he thought should have been present, as be was the only safeguard tho shareholders had, and there were several points he would have liked to question him upon. The Chairman assured Mr Fletcher that everything had been most carefully examined by the auditor. On the motion of Mr R B. McKenzie, seconded by Mr J. R. Johnston, the retiring directors, Captain Hewitt and Mr R. F. P. Snow, were re-elected. Mr McKenzie then dealt at some length with a number of matters of detail that had been brou,ghs under his notico, amongst others, the advisability of giving shareholders a larger measure of control over tbe affairs of the company. At tbe same time he admitted the Association bad done much good for tbe district, as tbeir cheap money was cheaper than that of the Government. Tho Chairman replied to Mr McKen zie'ft remarks, pointing out that if the shareholders desired greater control, they could get it by taking more shares. The appointment of Mr Bradey to the directorate was confirmed, on the motion of Mr J, R. Johnston, seconded by Mr Fletcher. On the question of electing an Auditor, Mr D. Fraser expressed tbe opinion that it was desirable to have a change of auditors every year, bat on tbe motion of Mr Byrce, seconded by Mr Johnston, Mr Bad ham was re-elected at the same remuneration as last year. Mr Johnston then brought up tbe question of charges on wool sent to Wellington for sale, pointing out that Is was charged if no sale was effected, and 2} per cent if it was sold. This he thought was too much, and ought to be reduced, and be hoped tbe directors would look into the matter. The Chairman explained that the charges were fixed by tbe Wool Brokers Association, but tbe matter would re« ceive their considerationMr McKenzie moved a vote of thanks to tbo Directors, which was carried, and a similar unanimous compliment to Mr Cohen &nd tbe staff was accorded on the motion of Mr D. Fraser.— Standard.