CO-OPERATIVE SUPPLY ASSOCIATION.

Gisborne Times, Volume XXVI, Issue 2101, 29 January 1908, Page 2

CO-OPERATIVE SUPPLY ASSOCIATION.

HALF-YEARLY MEETING Tho ninth half-yearly meeting of the Poverty Bay Co-operative .Supply Association was held at Townley's Hall last night. Mr. IV. Sievwright occupied the chair. REPORT AND BALANCE-SHEET. The report of the committee stated that 6ince last meeting 17 shares.had been taken up. Goods overstocked under the late management were being steadily worked off. It was recommended that no bonus or dividend bo paid until next meeting. Mr Sievwright, in moving the adoption of the report and balance-sheet, said that the low profit shown on the balance-sheet was accounted for by the fact that the value of the stock had been kept down to bedrock. He' thought tha ; t among the assets on the balance-sheet there should appear an amount representing the value of the Association’s option of purchase over their property. Mr. Brady, manager, said that when he arrived he found the stock in a very bad state. He had since got rid of much surplus stock. The plant had been renovated, and the horses were now first-class. He had had some trouble with the staff, but everything was now going on well. Far too much was paid for produce in the town, and lie felt sure that good business would result from buying produce iu southern markets. The balance-sheet showed a. profit on the trading account of £57 Is lOd. Tlie auditors reported that the sales had increased by £l3O, and tho purchases by £250. Mr. E. G. Matthews seconded the motion. He said that of the sum of £974 shown as being owed to sundry creditors, the majority had been paid. Tho committee could on this occasion come forward with more hope than ever before.

Mr. Reid, in a few remarks, told of his experience .with co-operative associations in England and Scotland.

Mr. Oxenham supported the motion. He urged that all shareholders should support the store. They received support from outsiders, but the committee would like to see all the shareholders lending their support. , iady shareholder paid a tribute to the present management. The motion was carried. It was decided to carry the profit forward to next half-year. ELECTION OF OFFICERS. Mr. Sievwnght asked to be relieved to his position of President,—Mr Oxenham proposed that he be reelected.—This was seconded by Mr. Lawton and carried.—ln returning thanks for his re-election, Mr. Sievw.vight outlined the progress made by cooperative societies in Great Britain. The following members were unanimously elected to the committee:— MeSsrs Reid, Lawton, Steele, Matthews, and Aylward. Mr. Rcdward was re-elected auditor. CREDIT. In accordance with notice of motion, Air. Matthews moved that in future no shares could be transferred unless tho amount owed by the holder had been 'paid. Shareholders were allowed credit up to three-fifths of their share value, and unless this motion was carried they could not recover debts unless by a Jong Wal process. D Tho motion was carried. GENERAL. It was decided that inVfuture the ball-yearly meetings will be held in July and January. Mr. Brady said the co-operativo baker was doing well. Ho had had the effect of keeping down the price ol bread charged by other bakers. A lote of thanks to the manager niul stair, and to the President- and committee, was passed unanimously.