AUCKLAND FARMERS' UNION, LTD.

Kaipara and Waitemata Echo, 27 September 1911, Page 3

AUCKLAND FARMERS' UNION, LTD.

Mr Maurice Harding, chairman of Directors of the Auckland' Farmer's Union, Limited, addressed a meeting of shareholders and clients, iv the Foresters' Hall Supper room on Tuesday 12iust., m accordance with the custom «-f the Company m holding meetings in centres distant from headquarters. In his opening remarks he said it afforded-him,great pleasure in addressing a 'meeting at Helensville, being one of the centres where they.had 3 ■started neAv business, and was pleased with-the support the Union mad received from local settlers, who 'hadalso joined the Company as shareholders, and ho was sure,.the business -in Helensville •' would increase, " It has been stated that the Union is not for' small farmers. Why the. Union is practically- composed of small farmers and belongs to them, and-the fact that nearly 800 *■ SHiall - farmers north of. Auckland have already joined its ranks speaks' for itself. Out of the whole share list not one man holds more than £750 worth of shares. In some companies one or two shareholders hold a controlling . interest. It is not so "in' this Union, and I hope it never will be. We are in business prim-arly for tlie assistance of the small settlers, and-we. hope to remain so., 7 The large' farmer is not so much in need of such an^institution as ours as is the small farmer, The batiks and other institutions are always open to 'the .''ot'rnor, whilst the Union "is practicallyl tho small Settlors' Bank, and I "venture to assert that from its hands you. will receive much more kindly consideration than from any purely fiuaucial company or firm.

- If a man taking up land, applied to the Union for assistance, he would get all the assistance he required, and when his land was ready for stock the Union will stock it on such te**ms a? he could not get from any other institution of its kind, Some comments had been made respecting the personnel of the directorate, inasmuch as it is said the directors are all what are called ' large lind-holders,' and more small farmers should be on the board ; the directorate is quite open to any shareholder holding 100 shares to go upon the Board. The shareholders in this district could nominate one of their number as a director, but as the meetings are held in Whangarei, they would have to see that either the shareholders a tended the annual meeting, or that proxies were sent to ensure his election, ns those who were elected were generally nominated by shareholders attending the meeting, and it could not be expected that a member from any outside centre would be elected unless his nomination was backed up by shareholders from his district. Any of the present Directors, myself included, (continued Mr Harding), would be only too pleased to stand out to admit of a shareholder f.iom any of the outlying contros being elected to the Directorate. By the balance-sheet, of which you all have copies, as presented at the Annual raoeting, you will, I am sure, agree with me that it is a very satisfactory one, when you realise that out of 17,----926 sha.es allotted there was £10,3(38 paid up, and there were not many concerns that could show a similar proportion ro this. It meant that their shareholders were anxious to pay up their holdings in full so os to receive their dividends. As regards their turnover, ho would point out that night years ago the turnover of Wakclin, Crane, and Co., was £15,000 per annum, while that of the Farmers' Union was £10,000, and this last y<*ar their turnover had increased to £'270,600. For tho year ending the 30th Juue, 1911, the turn over in our business in all departments shows an increase on tho previous year of £19.----000. 3601 new ordinary aud preference shares have been allotted, with a total increase in the Capital Account of £4059 and directors still look forward for a continuance of applications for new shares, as to this scource the Company must look for the increased capital with which to carry on the increased business. Tho Profit and Loss Account shows a credit balance fur the year's working ol £3490 7s 2d, which witli. balance brought forward from last year of £1262 8s 8d gives as available on 30th June, 1911, for distribu-* tion £4752 15s LOd. It was decided at-the Annual meeting that a dividend on ordinary shares at the rate of 8 por cent per annum be paid, also a. rebate allowance of 25 per cent on Stock Commissions to shareholders. In conclusion, Mr Harding said the Union had a good staff of officers who carried out their duties faithfully and well, and was one in which the public reposed confidence, although with over 800. shareholders they had to expect some'" growling, still it was only by the ventilation of grievances that they were able to put things in a satisfactory position ; th.erefo.ro .he would say t-j slaveholders whan they had a grievance they would receive courtesy and attention fron the officers in the clearing up of all intrio.tcies, ilie Union were vii a firm commercial basis, so that he had no hesitation in recommending any of then*, to put their money into either ordinary or preference shares. They had more than sufficient to pay 20s in the £, with a good bit to spare. Personally he was not at all afraid of the future, and ho would say that their largest folder of shares (730) was j*heir own manager, Mr Crane, and he thought that should be sufficient to convince farmers that the Union was a good concern for the shareholders,

As regards wool, he would read the manage-*s' comments at the Annual meeting at Whangnrei, Avho could not be present to meet them ou account of press of business. Mr Crane said, " The total offerings in Auckland during.the

past wool season showed a decrease of 173 bales compared with those of the previous year; three of the five firms operating showed a decrease of 529 bales ; the fourth firm showed an increase of 42 bales ;and the fifth an increase of 284 bales— and the fifth was the Auckland Farmers' Union, Limited The real reason for the decreased offering of wool in Auckland was no doubt the fact that the flocks of the Dominion showed some shrinkage. He would like to see a further increase in the Union's wool business— as there was1 a tone of importance about a large wool-broking firm, and they mus"t not forget that wool production was one of the principal industries in the Dominion. Although it 'was .-riot possible for the coining wool season he still hoped to see the Farmer's -Union' at the top of the tree in the Auckland wool business, and shareholders present could assist in that direction. He advocated the selling of wool locally in place of shipping Home, as nowadays buyers came to the colonies, and the tendency was to sell localy with better results to sellers, as had been proved by instances at the last November and January sales compared with prices realised for Home shipments, which had averaged £1 10s less per bail than for local sales. The wool received by the company was valued by experts in Auckland, who were thoroughly conversant with the markets, and shippers were protected by there valuations to within a farthing per pound:

The company was always ready'add willing-to receive the by-products, such as hides, skins, tallow, etc., which were sold weekly in Auckland by Messrs Dalgety and Co., who actea as agents for, the Union there, and prompt account sales were dispatched for such consignnt nts to Auckland. Shareholders could also assist the company by sending their stock consigned to the Union in Auckland, these also being sold and handled by Messrs Dalgety and Co. The total number of cattle handled in the eight northern counties in which the Union .does - business was 1-62,687 for the year, in three years the number had increased by 11272 head.

At the conclusion of his address MiHarding was accorded a vote of thanks on the motion of Mr Jas McLeod, which was carried by acclimation.