PROFITABLE CO-OPERATION.

Taranaki Daily News, Volume XLVII, Issue 7928, 18 September 1905, Page 2

PROFITABLE CO-OPERATION.

(Per Press Association.? TIMARU, Sept. 12, there was fl largo attendance at tho amiual meeting of tho Canterbury Farmers'. Cooperative Associ-. ation hekl 10-day. The Chairman congratulated the shareholders on the successful year's operations, the net profit being £20,38;), the largest in the history of the Association. The safes totalled newly a million, being £200,000 in excess of Inst year. The profit on merchandise ' was £28,899, goods in ha ml being valued at £82,000, as against £65,000 last year. The increase is in a measure due to the opening of a new branch at Waimate, where the' total capital invested approximated £86,000. Salaries and' wages in. croased; from £II,OOO to £lB 000 1 Hiring the yeail £IO,OOO of „ cw capital was subscribed through the issue of 2000 .shares. The grain department, which showed a loss last year, showed a profit of £2OOO this year.

Mr ialbot (the Chairman) referred with sat isfaction l 0 I the success which attended the Association's efforts in opening markets 'in South Africa, where tlie.y sent over £40.000 worth of produce during the past year, tile Association having been assisted in opening up this trade by the subsidised line of steamers. He also referred to the action of the American Implement 1 rust, saying that the sympathy of the directors of the Association was with the local implement makers, tho object of the trust being to kill the local industry and then "squeeze" the fanner. In conclusion he predicted a continuance of good prices for farm produce.

The amount for distribution was £23,000, ami it was deckled to allocate it in the following way : 8 per cent, to be paid on capital, (J per cent, on purchases, 25 per cent.' refund on grain ami auction commissions, wool exempted, 6 per cent, bonus to tho staff, £-1000 to tho reserve fund, and-tho balance curried forward.

The meeting was made very lively with criticisms of certain parts of the management, uml|was .ultimately, adjourned for three weeks.