Manawatu Herald. TUESDAY, JULY 21, 1891. Farmers Associations.

Manawatu Herald, Volume III, Issue III, 21 July 1891, Page 2

Manawatu Herald. TUESDAY, JULY 21, 1891. Farmers Associations.

-- ♦ The. Settlers on this coast are now, being canvassed by the brokers of two Farmers Associations, therefore there will be a natural interest felt in learning of the success of kindred institutions of some years standing. The other day the Farmers Co-oper-ative Association of Canterbury heard their tenth annual report read, which must have been very gratifying to them, as it not only gave them the usual interest of seven per cent., but it further provided bonuses of four per cent to capital, four per cent on purchases, and four per cent to the wages earned by every worker in the establishment. From the Chairman's remarks we learn that during the first six years of the existence of the Dompany their sales ran from £25,000 to £85,000 per annum, 'whilst the past year the sales had reached the sum of £99,000. The Company has evidently been appreciated by its shareholders. One of the items of their sucoess has laid in j cheap oarriage, and for many years [ they have successfully chartered and loaded vessels for the Home markets. They now propose to go further afield, and in conjunction with a | similar Society they will either purchase : or- charter a steamer for the Australian and Caloutta trade. In advising such . a step the Chairman said he did not think they need fear competition, as if it came, it was what they wanted, competition not monopolies, being the farmer's gain. One branch of their business is certainly open to adoption here, and that is an Insurance Company. The Chairman said that " not only was the Company a success in itself, but also it is proving of value to the farmers by providing capital to take up their mortgages at a moderate rate of interest. Many a farmer has placed his mortgage with the Insurance Company at 6£ to 6 per cent interest, and effected a saving on the interest he was formerly paying. On referring to your balance-sheet you will see that this year we- have a profit on interest and exchange of £716. This profit, I may tell' you, is largely due to the assistance of the Insurance Company's funds shareholders' deposits. The various temporary advances made by this Society during the past year to assist farmers in their business amount in the aggregate to no less a sum than £227,000. Gradually, but surely, the farmers are solving for them- : selves the cheap money question by utilising the capital they create." If the movers in the formation of the proposed companies are able to produce results such as the Company, we have mentioned, they will Have been of much service to the community, but to do so they will have to carefully keep within the : true' lines of co-operation, and make no. vain attempts to imitate the large trading corporations.