FARMERS’ COOPERATIVE SOCIETY.

Stratford Evening Post, Volume XXVII, Issue 32, 8 June 1915, Page 2

FARMERS’ COOPERATIVE SOCIETY.

The first annual meeting of shareholders of the above Society was held at the Society’s large store-room, Hawera. on Saturday morning. There was an attendance of upwards of 150 members, representatives being present from practically every part of Taranaki. Mr Geo. H. Buckeridge, chairman of directors, pi’esided.

DIRECTORS’ REPORT. The following report was presented by the directors: — During the year we purchased the business of Messrs Gillies and Xaldei as a going concern, and we feel sure the results have fully justified the purchase. The business has shown a marked increase since it was taken over by our society. To the business purchased from Messrs Gillies and Nalder we have added merchandise, motor and machinery departments, and in each of these depeartmeuts the results have been most satisfactory. Your directors, in compliance with the request of a large number of shareholders in the Opnnake district, obtained property and erected up-to-date aaleyards. The yards were completed and opened on March 22, with what mav be looked upon as a record sale for this district. Your 1 directors also met a large number of shareholders in the Inglewood district to consider the advisability of opening a branch at Inglewood. The proposal met with very hearty support, and your directors have decided to opeu saleyards at that point at the first available opportunity. Superannuation Fund. —Your directors have decided to establish a scheme of superannuation for the staff anti employees, which will be carried into effect from April 1, 1915.

The net profit lor the year in all departments is £3152 13s lOd, and after providing for depreciation of plant account £395 10s 3d, and writing £IOO off goodwill and £3OO off preliminary expenses, there remains a balance of £1457 3s 7d, which your directors propose to allocate as follows; Dividend on paid-up capital of “C” issue of shares at 8 per cent., £525; rebate on commissions at 10 per cent., and rebate on purchases through the produce department at 2-i per cent., £Ol9 18s 2d; bonus to staff at 5 per cent., £204 Is; amount carried forward, £IOB 4s sd. lit accordance with the articles of association the directors to retire this year are Messrs. Buckeridge, Gwynne, Richards, Skedgivell, and Barkla, who are eligible for re-election. Auditor.—ln accordance with the articles of association Mr J. A. Turton retires but is eligible for re-elec-tion.

The directors desire to place on record their high appreciation of the manner in which the staff have carried out their duties during the year. The balance-sheet showed on liabilities side that the nominal share capital was £500,000, that there had been subscribed £33,510, and paid-up £7BBB. On fixed deposit there was £13,846; overdraft at bank, £18.030; owing on mortgage, £24,000 ; amount at current jaccounts, £1457. 3he assets showed property, £12,577; working plant and ■office furniture (less depreciation), 1£920 ; bills receivable, £2456 ; amounts due on current accounts, £37,413; {stock of merchandise and machinery on I hand, £3874: stamps and stationery on hand, £347 ; goodwill (less £IOOO depreciation), £11,000; preliminary expenses (less depreciation), £96b, cash in hand, £O6; total, £69,625; balance [profit and loss account, £1457. i The profit and loss account showed: [Charges, £7770; exchange, £107; interest, £497 ; depreciation, £1695. The earnings were £11,588, including profit on merchandise. ELECTION OF DIRECTORS. The election of directors resulted as follows: G. H. Buckeridge 273, Jas. j Bark la 246, H. Skedgwell 200, A. T. Wills 196. Swimllelmrst 175, G. Gwynne 96, H. Richards 89, J. S. Toshuid 30, 4. O. Taylor 29. The first live were declared duly elected. | .Mr. J. Turton was re-elected auditor at a remuneration of £IOO.

| It was finally resolved to vote directors who had to come from a distance twenty shillings and local directtors ten shillings for each meeting attended during the past year. The .chairman was voted an honorarium ol £oo, and the directors were recommended to reimburse him his out-of-pocket expenses during the time he was organising the Society. ) At a special meeting it was resolved that the present meeting he dissolved, and that the directors call a special meeting of shareholders to consider and pass the proposed alterations to the Articles of Association on the basis of 7 per cent, to preference shareholders in place of (i per cent.