CANTERBURY FARMERS!

Gisborne Times, Volume XIX, Issue 1561, 18 September 1905, Page 3

CANTERBURY FARMERS!

SUCCESS OP CO-OPERATIVE ASSOCIATION. jj. !(Poc Press Association.) Christchurch, last night. Tho twelfth annual meeting of the Canterbury Farmers’ Co-oporatlve Aaso-* oiation was hold yesterday, Mr J. Talbot, chairman of directors, presiding over a largo attendance of shareholders. The Chairman congratulated the share*holders on the suooeas of tho year’s operations. Tho not profit was £20,585, the largest in the history of tho association. f. The sales totalled nearly a million, being £200,000 In exoese of last yoar. Tho profit on merchandise was £28,899. The goods on hand were valued at £82,000. against £65,000 last yoar, tho increase being in a measure due to tho opening of a now branoh at Waiuaate, where the total capital invested approximates £30,000. Salaries and wages increased from £II,OOO to £12,000. During the year £IO,OOO now capital was aubsoribod through tho Issue of 2000 shares. The grain department, Which showed a loss last year, showed a profit of £2OOO this year. , , ■ Mr Talbot referred with satisfaction tc the sneoees that attended the association 1 ! efforts In opening markets in Sonth Africa, s where they sent over £30,000 worth in the past year, doable that of the previous year, the association being assisted in opening this trade by the subsidised line of steamers. Ho referred also to the notion of the American implement trust, saying the sympathy of the direotocs of the association was with the looal implement makers, tho object of the trust being to kill tho .local industry aud then " squeeze ’’ the , farmer. In conclusion, he predioled a oontlnuanoe of good prices for farm produce. Tho amount available for distribution was £23,000, It was deoided to allocate it as follows Eight per oent to bo paid on capital, 6 per oent on purchases, 25 per oent refund on grain and auolion commissions (wool excepted), 6 per cent bonus to staff, £IOOO to reserve fund, and the balauce being carried forward. The meeting was made vory lively with • oritioism of a oertain part of the management, and waa ultimately adjourned for thrse weeks.