The Co-Operative Stores.

Taranaki Daily News, Volume XLVI, Issue 195, 22 August 1904, Page 2

The Co-Operative Stores.

ANNUAL MEETING OF SHAREHOLDERS. There was a large attendance at the annual meeting of shareholders in the New Plymouth Co-operative Society hold in the Town Hail on Saturday afternoon. In the absence of Mr J. B. Comiett, chairman of directors, through illness, Mr K. Wells was voted to the chair. The chairman stated that owing to illness of tho society's clerk, no balance-sheet was available for presentation to the shareholders. Several shareholders spoke In unfavourable terms of the management which failed to present a statement of the year's business. Then followed a discussion on the financial positfon of the society. Tho bankers had sent in a notice that they required some assurance of tho stability af the concern, on account, apparently, of rumours afloat concerning tho possibility of liquidation.

Somo shareholders complained that tho butter supervision was lax. Butter was received for sale on commission, and months elapsed before advances or payments were made, and large amounts were owing to farmers under this account. A question was raised as to whether this was so.

Mr Wright assured the mooting that the society owed him for 03 boxes of butter.

A shareholder ; Perhaps the society holds a contra account.

Mr Wright ; Yes, for £l4 Is 3d.. I got the bill yesterday. Mr C. Andrews asked if it were right for the manager to sell his (Mr Andrews') butter on commission' and withhold the money. He had about £IOO to come.

Mr Brash (the manager) said that' Mr Andrews' butter was not of tho quality to sell quickly. Mr Andrews ; £99 worth of it is sold. You told me this morning you had that amount to hand over to me. And there are 24 boxes besides that.

Mr Bi ash : I was proposing to hand you that money to-day.

Mr Andrews : It hasn't come, and I, would like it. Whv didn't I get it?

Mr Brash : Probably on account of this meeting. Mr Cork'iU : Where isi the money, Mr Chairman, can you tell us ? Mr Brash said he had been instructed by the bank to issue no further 'cheques until after this meeting, as there was a fear that tho society, would go into liquidation.

Mr Corkill ; What about Mr Wright's advances ? Mr Seamark thought that Mr Wright should speak lor himself.

Several : Hear, hear. Mr Corkill : I believe, sir, that tills is a meeting of shareholders, und no one should be here but. shareholders and the reporter. Is that so ? The chairman : Yes. Mr Corkill : And no one but shareholders have any right t 0 take part by "hear, hearing'-' or otherwise V The chairman : Quite right. Mn Corkill : Then, Mr Secretary, will you please turn up the register and see if Mr John Mynott's name appears there ?

This was done, and Mr Mynott's name was found, though not in the general index.

In the midst of u babel of voices Mr Were sftgigestocr that if there were any fighting to be done it could take place outside.

MrMynott appealed to the chair for a few minutes in which to make a' personal explanation. " Who is Mr 1 F. P. Corkill," he asked, ■■ that he should come here and dictate to a lot of respectable formerly ? I venture to say that I hove spent more money in tho society, and taken more interest in it, .secured more members for it, than Mr Corkill. He withdrew his support years ago. But he has for years past consistently tried to run John Mynott t 0 earth—" Mr McAllum : I protest Mr Mynott : If you are ono of hli puppets, I'm not Cries of "chair," "order," and

"aitdown, you're wasting time!" Mr Mynott : It's no use telling me to sit down. I'm on my legs now, and no one will get me down. (The remainder of the speech was of such a nature that its reproduction would proudly land the News in dangerous proximity to the libel court.) Mr Were said he understood that the shareholders had met to discussbusiness, not to indulge in personalities. The main quewtion just now was to re-construct the society. The directors' scheme had been rejected, and it was now the duty of the shareholders to devise some other method of making the concern pay. Ho moved—

"That on account of the financial position of the company an-appeal be made to shareholders to raise £2OOO additional capital in 2000 shares of £1 each; that a notice be sent to each shareholder pointing out the position of the company, and asking for further support, and with each notice an application form asking shareholders to fill in the number of shaivs they aro willing to take up and return the same to the society's offices by a certain date, say a month hence, and should there then be a sufficient guarantee, tlie directors should hand tho present book debt* to a collector for collection as soon' as possible, and that all new busi-l ness be confined to short credits' not more than two months ; and if, at the expiration of one month suflicient support is not forthcoming, the society should go into voluntary liquidation."

In placing this motion before the meeting, Mr Were said he considered ] that the society was a necessity to the farming shareholders, and it would be a disgrace to tho district,, 1 to the farmers particularly, if the concern were allowed to fall through. The Jong credit system must be knocked on the head.

Mr Warren seconded, but thought that £SOOO should bo naked.

The chairman thought tlio meeting was slightly out of order. Tlie next business was the election of new directors.

Mr Watki<|s : Not necessarily. Mr Lemon thought the time had aniived for something definite to be ! done. They had had before them a proposal to purchuse Mr C. Carter's business, but they had not investiga-j ted his banking account. The chairman ruled that that busi- 1 ness had been finally disposed of, and l could not be discussed now j MrLennon continued: What was! wanted was new blood in the man- 1 t ri . J,i " Mr Were intend that the old directorate should continue in olhoo? If so, no one would tako ui. would°bo a hn? , f Bl r aI ' <1 tho «^o P would-bo hopeless from the outset A voice: That's nothing to 'do wrthMrWere's motion I as on amendment-" Thnt in dance with rule-ts ~i llat,n a«cortorate bo removal JTT di '' CCth:,kedfortheirlse^ces^<ll,'CCto,'S Th?cmu;m:? call l ''^-~^ lc a loud amondnion-t wa sinortl , ,uW «■'" Mr Bakewell secon<le(J the OH,, ' ir,tet i" fi «8«I»»t «'hen m Fore, an 1 ™"" ," g ),,0,; °" of order. Jir Were C " , ", ),oiill ' >**•■ three orfouTumls , "ently >*e„ Pair -,, ""' n »d gadlv had stated his w Zn f '' CCtors ' ;nd^hadth,^tr t rdo o r' Bn i the dilators' tr h<.m„ ° '' - and had also sit v °/ ejocted ■' ■ J. Wado: Ho "Poke for himse,,

Mr Bakewell: At any rate, it's time you all resigned. You wanted

Mr Foreman Eaid he vitas in favour of the concern going on under the old I directorate. Mr Were wonted the I shareholders to have a chance of fur-, nishing more capital. That issue wus not going stiaight before the meeting ibut would be alTeclod by Mr Lennon's amendment, winch should

be put as a separate motion. Ho askod those present not to vote for the amendment—it was a side issue. Mr Foreman, speaking to the motion, asked if those IJUU or 7UO peoplo with a pound share each had put enough capital into the concern. If this were wound up it would only mean starting another—perhaps not so good. Mr J. fc>. Gannett asked the chairman to state that his father's (Mr J. B. Counott's) resiignatioin was already in.

Mr Wado said the resignation was in, had been for some time.

Mr Connett thought the society had no power to obtain fresh capital. Mr Wright asked that Mr Lennon's amendment should be put first.

Mr Andrews said that there was no chance of obtaining fresh shareholders, or of getting shareholders to put in mom cupital until the present directorate was removed.

Mr Watkins pointed out that the I retiring directors were the only men I eligible for re-election. , | Mr Wells (chairman) thought the directors should have been elected, early in the meeting. Mr (iaukrodger said that people wanted to know whether the society was to be wound up or not. Merchants and otliers would not advance, goods under the present uncertain I conditions. Mr Were had brought' a new scheme down, which he con-! siderod would act, aivd he hoped his motion would go first before the Ing. MrFookes suggested that the motion should be withdrawn to allow Mr Lennon's amendment to be put first.

Mr Wero absolutely declined to do I so. Ho suggested some of the oldl directors should be returned with some new blood, to " whip the I thing. into shape." Mr Morris thought the bettor plan would be to issue ono thousand £5 shares, and call up £1 each now, and £1 each in six months.. The amendment was withdrawn. The chairman was putting the motion, when Mr Foreman asked whether the society could obtain fresh capital without altering the articles of association. . , . Mr Lennon informed the chairman that there were less than a thousand £1 shares unallotted. He suggested that some qualified men should fully investigate the whole of the society's affairs and bring down a scheme for its re-construction. H< thought .the bank, would withhold pressure when it was seen that great efforts were .being made to revive it. Mr Wright said a resolution on Mr Were's lines would show the bank that the shareholders wero determinci to reconstruct. Mr Lennon : You can't carry it. It's not legal. Mr (Jorkill thought the meeting must havo a chance of adopting or rejecting Mr Were's motion. Mr J. Anderson favoured the appointment of a select committee of investigation. It would be n great misfortune to allow the thing to fall through. Mr Were's motion was altered to authorise the issue of an additional 1000 shares of £5 each, with £2 on each share to bo called up 'n six months. Mr Anderson wanted to know if anything had boen done to collect the £4OOO worth of outstanding accounts, The question was ruled out, and the motion was carried without dissent. —Election of Directors.— Mr Wade said that he would decline to stand again for the directorate. He understood that his codirectors were of a like opinion. It was pointed out that there were none eligible for election to the directorate if the present directors refused to act, ns no notice of nomination had been given. Mr Adlam said he was determined to resign from the directorate. All dividends for years had been paid out of capital. The society had Jt3ooo worth of stock and £3OOO worth of b o ok debts, and could not be so badly off. Ho criticised the action of those shareholders who had overdrawn their butter accounts and refused to refund. There were too many trad debts, too, and the society had to pay interest on this money. That's how things had been going. A volco : You ought to have stopped it. Mr Adlam : We couldn't. Mr Wqtkins : I believo that some of the directors are in that position. M* Adlam : I can safely say thai I haven't owed the society anything. Mr Watklns moved that the present directors be asked to resign. The chairman refused to accept the motion. ; Mr Were was elected to the directorate in place of Mr J. IS. Connett, resigned.

For tho vacancy caused by Mr, Morris' resignation there wen nominated Messrs C. Andrews, Were, H. A, Lennon, C. Bundle, Warren, Todd and Bakowoll.

Mr Corkill considered Mr Were's election informal. They could not replace Mr Connett, aa hisl resignation haid not been notified.

MrLennon pointed out that rule d.> provided for formal nomination of candidates for tho office of directors, and names of such candidates must bo advertised at least six days before the general meeting • unless of course, the directors were called upon by the meeting to resign and did so Then they could immediately elect fresh directors Mr Nations' motion was then accepted, and seconded by Mr Lcnnon. Mr lorcnian thought this a mistake. He moved that the resignation of Messrs Wells, Morris, and Connett bo accepted. Mr Wuide ; And Wade, too Mr Foreman: No, wait a minute. Mr J. Lcnnon depreciated the action of a young man like Mr Lennon asking the old directors to resign Tnoy had done yeoman service for the society, some of them for twenty years past. •>

Mr Watkins thought the old directhe fattest ten years that Taramiki hod c TCr had, and had railed to mate a success 01 the cc-ncorn. Mr Lemon said Mr Foreman's / amendment was out of order ' Mr Lisle asked if tj lo resignations | *l' dl " et o™ would moan up the company. It stvmiv) t„ icu^r^i u^™c<,dis s s lc - Posals before the ,«t°„,! h o t r, ,J ''°- *"» ™ aS accused of „l &L. l ' U '"~ rectoisof wanting (o w j nd ~„ ~ The amendment wn s «d elected woro *««*■>■ The meeting was ,«i JourlMX , Saturday, August Ist nwt.

us to tuke up your scheme to try ami revive tlu> society, but you ought to know it's 110 use putting new win©

into old bottles. Out of courtesy to us you ought to reiign now, and give 'better inen a