The Ward Farmers' Assooiation.

Manawatu Herald, 16 June 1896, Page 2

The Ward Farmers' Assooiation.

__ — + The Hon. J. G. Ward has not shone long as a financier, bat it will surprise a good many to be reminded that the Company has not been more than three years in existence. A Wellington correspondent to the Chronicle says that according to documents laid before the shareholders at their first meeting (seven months after the company was formed) the alleged capital was £100,000 but the cash was only £5,276. ' There was an item of I £15,000 set down as capital (but capital only to Mr Ward) being what was called Mr Ward's goodwill in the business. Though the company was called a co-operative one the liabilities amounted to £87,220 and thus for every one pound invested by the shareholders there were £15 10a of somebody elae's. The profits deolared for the seven months period amounted to £44,141, a truly mag. nificent return for the capi:»l invested. A dividend of 10 per cent was paid, a refund of 20 per cent of commission charged on wool, a bonus of 2£ per cent given to shareholders who bought goods. A bonus was paid to the lucky clerka and storeman in the employ of this " vigorous and progressive com-> pany." £1000 was paid into a reserve fund, and a balance carried forward to next year. Mr Ward dilated at length on the advantages gained by people becoming share* holders and gave several examples of how immanse the gain was to them. Here is one of his illustrations : " A- farmer from Drummond t has two ihares, upon whieb, £2 hits |

been paid, and gets back £1 12s 6d as dividend and bonus." He then went on to deplore the manner in which people had suffered in Southland in previous years through other cosoperative associations there. He said : They did little or no good. It could not be expected they would. They were crippled for want ot capital and handicapped greatly by the strong competition of my firm's business."