FARMERS' CO-OPERATIVE AUCTIONEERING COMPANY.

King Country Chronicle, Volume I, Issue 14, 1 February 1907, Page 2

FARMERS' CO-OPERATIVE AUCTIONEERING COMPANY.

Mr Allen Hell addressed a meeting in Hctct's Hall, Te Kuiti, on Wednesday last, for (lie purpose of explaining the aims ;ind objects of the company, and of answering any questions put before him by settlers. Major laisk presided rind the hall was well filled. The points emphasised by the speaker were that the linn of McNicol and Co., was being absorbed by the new company, and was not being sold to the farmers for the purpose of making money from Ihe sale. McNicol and Co., were leaving a large amount of capital in the company, and were taking shares instead of cash. This disposed of the idea that they were getting a large price for the goodwill. A southern (inn had offered McNicol and Co.. a much larger price for the business than they were receiving' from the farmers, but it was not accepted, the proprietors preferring to keep faith with the farmers. Their book debts could eilher be taken over by the new concern, or left lor the old firm to collect. Moreover, McNicol and Co. gave a guarantee of 6 per cent interest on the subscribed capital, for a period of five years. The new company was not formed for the purpose of paying dividends, but that (lie fanners might do their own auctioneering on a co-operative basis. The usual commission of /\ percent, would be charged by the new company, and, after provision being made for sinking fund and other expenses, the profits would be divided between the shareholders. Thus Ihe fanners, who were shareholders, would get the benefit, and those who were not shareholders, would just pay the usual rales.

At the conclusion of the address, a vote of thanks to Mr Bell for his address and confidence in the undertaking, was proposed by flic Chairman, and seconded by Mr Wratten, and carried unanimously. About £2()(i() worth of shares are held in the King Country, and after the address about £l5O worth were taken up in the hall.