Farmers' Co-operation

Horowhenua Chronicle, 27 November 1915, Page 3

Farmers' Co-operation

AN ANNUAL REi'ORT

Endowing is me report 01 lire directors ot the New Zealand farmers' cooperative .Distributing Company, to be presented at the annual meeting convened for Tuesday, 7th December: -■ "The directors have niucn satisuicuoa in submitting to shareholders the twelfth annual report aim .jaiaiice-»neet showing tho position ol the company's affairs. . Tho totai net profit lor the year filter making provision lor uad debts audi writing down premie:-, plant, and ollice machinery and motor account..; is £1,457 lbs Id, to wnien lias to oe added the amount brougtu lonrard Horn last year- (£23 17s Gd) making a total of £1-181 15s V'd available ior distribution.- The total safes for the year show at; increase of £17,038. liie result o<

tile year's trading is, iheroloro, a very satisfactory one, on which the directors oiler their congratulation!,. "Your directors recommend that Mie balance to the credit of the profit and loss account be disposed ot as follows : — (1) Hivklem>-^v-cubital at the rate u 71 per cent; (2) Boi'uis coupons for the financial year ending oUth September, 11)15, b-e redeemed on. i'(ie following basis:— (a) Rebate on eoni'niasions, shareholders 15 per cent, non-shareholders o per cent; {b) bonus on coupon purchases oi shareholders, r percent, (b) Bonus to (staff, the allocation, of wlikm ■will be left to the directors, (-1) transfer the sum of £191 os irom profit- ami loss account and L'S L3s lrun premium on shares account, to tiie reserve mud. bringing the same up to £500; (5) balance to be carried forwaul. These proposals are on true cooperative lines. In addition to the profit earning capacity ol the company, it must not oe iorgotten that there are many other advantages which tho company has 'been able to confer on its shareholders and others. The rates of commission and ottier charges have been kept down to the level at wliicli.. the company commenced business eleven years ago, while customers of the company nave been provided with a reliable market tor their produce and iaciJities for procuring all their supplies at lowest rates. '

"As forecasted in last year's report, the company has now become a member o* the Wellington Wool brokers' Association, and has actively commenced bluffiest; in the selling ol wool, skins, hides, tallow, etc. At the lirst wool-sale nolo on November 17th "last, tne company s portion of the catalogue was 168 nates —a very satisfactory beginning, cousin.ering.the backward state ot the .season. Considerable over 1000 oaies have already been definitely placed in the Company's hands for sale during the present series. The company also receives consignments of wool etc., tor London, and excellent arrangeiu-oins have oeen made in the Home market ior disposing or such shipments. .v aide and skin store has been established, ami leguiar lortnightly sak.s are ooing eonducted by the company ami largely availed of by clients. A thoroughly competent wool expert ami auctioneer has been engaged m the poison of .tir J. P. Morcom, ivlio tor io-.'en yeait-. was in charge of the wool deparmont oi Uiv Bank of Sew Zealand, London. "lour ddrectors are pleased to report that theie is every probability ot the Farmers' Wholesale 'Co-operative Federation commenting ousiuo&s early in the Saw lear. A una I conference oJ delegates oi the ten co-operative associations participating in the movement is being held in \\ ellington on Bth December next. Tne bonetits ol collective buying and the immense saving obtainable through the feneration will be available to the company s cffeiit.s at an early date, when a London office will bo established. The indent agreement •with the Wellington provincial branch ot the N.Z. Farmers' onion, which nas

not so lar uouw into iml operation, o\fing to tiio disorganisation oi trade an..i shipping due to tJie war, u ill, under tiio federation scheme, confer groat benefits on those clients who joni this department of the company's business. ihe total number ol indent members to date is 3o\J. •'lu duly. IUI-l. a special issue or 10,OOU shares wore olhjrcd -on exceedingly favourable terms, i.e., existing shareholders at par, and applicants at 2* (id per share premium. .Notwithstanding tlie fact that the war prevented a. canvass of the province being madie, applications have been" received lor d'Sm shares. As soon as this issue i 3 fully taken up tiie directors will consider a further issue at an advanced premium. Every facility has been given to customers to take up the company's shares on favourable terms. Your di rectors therefore recommend Hi at in future no rebates in commission tie' granted to non-shareholders. lour company has taken a prominent part in establishing the Dominion Farmers' Institute C, Ltd., which lias now been registered, and holds valuable freehold lands in Eeatherston-street, on which the institute will be erected, and in •which your directors on behalf or tne company applied lor and 'wore alii : shares in the Institute "Company to the Value of £'200. lour directors tender their heartw thanks to the staff for their untiring efforts on behali of "the company during the year. This year especially the Jvork of the staff 1 has been very arduo'is and cheerfully and eilieiently done."