Page 3 Advertisements Column 2

New Zealand Times, Volume XXX, Issue 4333, 8 February 1875, Page 3

TO THE MEMBERS OF THE WELLINGTON CO-OPERATIVE BAKIXG SOCIETY, LIMITED. Gentlemen - ,— l have been asked to give my explanation of the causes which led to the winding up of the Society. It is well known that the Society was formed by theexertionsof Mr J.Smith, Mr. Compton, and myself, and the management for the first three months was mainly in our hands. The report presented to the members on the Ist July last shows:— Dr. , & s. d. Instalments on Shares /. .... 339 5 0 Bills payable .. 309 G 10 inn to ii Open accounts 192 12 II £l3*ll 4 9 Cr. Good debts .. Cash Stock of flour Horses, plant, &c. .. Preliminary expenses & s. d. 181 2 11 164 1 9 404 10 10 473 15 G 04 7 9 £1341 4 9

The report -was adopted. A new committee was appointed, and I was reelected secretary. Towards the end of July one of the committee proposed and carried a resolution that I had no right to propose* any measure or take part in any discussion, and that I was not to interfere with the manager. In September I became aware that the profits of the business were not paying expenses, and I drew the attention of the committee to the matter, and suggested that stock should be taken. Mr. Knlggc was appointed to do it, but it was eventually undertaken by Mr. Prideaux. I have not the exact figures by me, but it showed that we then had a balance of some £2OO in our favor. On the 31st October I made an offer to the committee which, if adopted, w'ould have paid the shareholders 10 per cent., arid left a balance of £SO for insurance, but Mr. Compton and Mr. Smith were the only persons who voted for its acceptance. On the sth November some of the committee treated me with so much discourtesy that it “ riz my dander "and a general row occurred, when I and some of the committee left. The others passed a resolution, ordering the manager to ignore me as secretary, and I had no voice or hand in the management from that date. A provisional committee was appointed to carry on the business, and call a meeting to appoint a legal committee. On the members assembling, they were astonished to learn that -they had been losing at the rate of £lO per week, and that there was but one sack of flour in stock. The resolution to wind-up emanated from the committee, and was unanimously adopted by the meeting. The causes which led to the collapse were—the nonpayment of shares as instalments fell due ; too lavish expenditure in petty expenses ; waste in manufacturing bread; and expenses incurred In building new bakehouse and ovens, absorbing the whole of the share capital. I take my share of the blame, as I ought to have called the members together ami laid a true statement before them. I worked hard to form the Society, and was one of the largest shareholders. Some £3OOO passed through my hands in the short space of eight months. The books and affairs arc in the hands of the liquidators, and I shall, no doubt, have to account for every penny. The formation of the Society was a public benefit, and reduced the price of bread some 15 per cent., saving some £4OOO to the inhabitants of the city, teaching the master-bakers that they would not bo allowed to combine and raise the price of the staff of life to an excessive amount. I am. Gentlemen, Yours truly, C. MOODY. Courtenay-place, February 6.

Drapery-JM-l ARO HOUSE, CUBA-STBEET GREAT CLEARING SALE. Alteration and Extension of Premises. Great sale of fancy dresses 3/0, 4/9, 5/6 Great sale of cambric costumes 7/6 Great sale of Tussore costumes 12/6 Great sale of Batiste costumes 15/0 Great sale of ladies’ liuon culls 0/4 J Great sale of ladies' linen collars 0/34 Great sale of ladies' linen sets 0/1 04 Great sale of ladies’ straw hats 1/0 Great sale of ladies’,trimmed hats , 4/6 Great sale of ladies’ trimmed bonnets 8/9 Great sale of ladies’ lustre jackets 5/6 Great sale of ladies’ polonaises 7/0 rjIB AKO HOUSE, CLEARING SALE. Great sale of ladies’ washing skirts 1 5/6 Great sale of ladies’ white cotton hose 0/44 Great sale of children’s white cotton socks 0/24 Great sale of washing prints 0/4-| Great sale of Scotch gingham 0/3| Great sale of striped and checked shirting 0/64 Great salo of men’s strong tweed trousers 5/9 Great sale of men’s strong tweed coats 10/9 Great salo of men’s trousers and vests 15/6 Great sale of men’s straw hats 1/0, 1/3 Great sale of men’s felt hats * 1/0, 1/6 Great sale of men’s strong striped shirts 2/0 JAMES SMI T H, To Aro House, Wellington.