MOA FARMERS' UNION.

Taranaki Daily News, Volume XLVII, Issue 81876, 29 October 1906, Page 3

MOA FARMERS' UNION.

There was an attendance of over a hundred shareholders at the annual meeting of the Moa Farmers Union at lnglewood on Saturday. Mr A. Morton, chairman of directors, presided, and submitted the annual report and balance sheet (published in last Tuesdays isssue). The Chairman, in moving the adoption of the report and balance sheet, stated that unfortunately the year had not been as successful as the preceding ones, and had not been nearly up to anticipations on account of the. scarcity of ready cash. This had doubtless been caused by the lowprice of cattle. The year's operalions, however, did not reflect any idiscredit on the. company or the district, for the position was really belter than appeared in tlie balanee sheet, the land and buildings being valued low. The book debts had not been reduced by the extent anticipated, but Mr Morton expressed the conviction that this season would be a good one, in which these might be liquidated. Farmers knew their likely earnings, and they could not be tripped up with cattle, for they were rearing something else. He would like an expression of opinion upon the matter of reducing the amount of interest paid on share capital, for 8 per cent was a high rate. For the first time in many years, the directors "were unable to make any allocation to the trading capital account, but there were indications that next year they would be able to bring the figures to

Mr Todd seconded. Mr Hopson complained that the book debts exceeded" the trading capital fund. Mr Trimble said- he noticed the percentage of profit was smaller than usual. • The Chairman explained that the system of selling bread at a penny a loaf below the prices in other towns accounted for a good deal of this, fully a week. It did not amount to selling bread at a loss, but the shareholders lost that amount of pro-

fit. ~ , Mr Nicholls (manager) said that had the usual depreciation been written off there would have been a loss., Mr Tarplee considered the depreciation insufficient—2* per cent on the buildings and 7I per cent on the plant. The lowest previously was 5 per cent and 10 per cent. The Chairman said his own opinion was that sufficient had been allowed. The buildings might with advantage

be appreciated rather than depreciated, until they reached their proper level. Mr R. C. Hughes deprecated any such course, and urged a continuance ot the present safe policy, so as to be prepared lest a slump came. He considered the time had come for promptly checking the system of drift. This delivery waggon expense of .£I4OO a year was intolerable. As the solicitor who drew up the companys first rules, he remembered the Union was started to give shareholders the benefits accruing to cash dealing, but now h«' saw the book debts amounting to £SOOO, bearing no interest, whilst on the contrary they had to pay interest on mortgages, overdue bills, etc. It should be the aim of the directors to return to the cash trading system. In reckoning the assets, thev must remember that stock in hand and book debts were not good assets, for they were not easily convertible into cash. He reasoned from the balance sheet that there had been a loss of ,£l2O in the year, and unless some change took place in the management the concern would go from bad to worse. Mr Bridgman complained ot the excessive credit asked for by the shareholders. Mr Brown thought there was too little attention paid to getting in money, and gave his opinion there was no need for all the credit. Mr Hopson referred to the fact mat the chairman had been appointed at a salary to collect the debts. I here had been £Boo collected in his first year, but the amount of debt liau been growing lately. Mr Morton stated that the debts had been reduced, but not in the past year, owing to shortage «t v cash. He believed there would be a very big reduction this year, Mr Hopson: Oh, we've been l °ld thai so often. A shareholder objected to the proposal l» conduct a strictly cash business, fur their was no surer way ot closing the institution. The Chairman said the book debts were less in proportion than thosu ot anv busings in Inglewoud. He cor-r-c'ied Mr Hughes 1 figures, pointing out that theie had been a dividend paid during the year. .Mr Todd considered tue linion was in a very flourishing condition. Every £ i share was worth £4 (A

voice: You can have nunc at par), and the Union conferred a benefit on the general public by keeping down prices| There was not another such concern in the colony. Look at New I'lvmouth. Wheru was its co-opera-tive store? (A voice: Bad managcim nt and book debts killed it.) "Well, we've got good management here." ELECTION OF DIRECTOR'S.

Messrs A. Morton and R. Stevens were nominated, and the former returned by Go, to 4'JAUDITOK. Mcs-rs J- I'etiiiinKion and W. Ogic-r wer.- nominated. Mr I'enningjto withdrew, and Mr Ogier was c^cted, THE WAGGON SERVICIi. The meeting discussed for a long time the advisability of discontinuing ,lu- ruunng of the delivery waggon*. The charman explained that two big ttaK is..r.s employed it horses, and here were three bread carts besides. „ lhl! u ., Kg ons were aboli>hed lhe.e would be work for two more bread carts. He .uggesied tbe heavy carts mi.rht be replaced by light expresses, f„ r ronv theie was no need for them, owing to the improvement of ilie roads. Of course, it would mean the discontinuance of die delivery ot tonuf manure, and so forth. But they must remember that to absolutely stop delivery would mean the lo>s oi ■ uianv of the eustomt'l9, who, of course, would patronise the firm that d'-livered the goods. Mr Nicholls" I'.xph.iped that horse feed alone cost from /j.;o to /A" I"'" month. lie considered it would b suicidal to abandon the running of tin' carts, for other people were ready in do the trade if til'V could ge it. But some iea-omd>le charge should be made for delivery. Mr Old movd, and Mr Lambert ' si-'-ondcd, that it be a recommnienda.- ■ ii<m to the directors to abolish the de-

livery calls. Mr llopson moved as an amendment that the directors b" recommended to modify tin- sy'om of d'j-„ -v. reduce the cost, and devise a tariff J ca "'W' fcL ' S - iMr Su ' ml ' son secern,','' 1 - , , , , Mr Nieholls; ;ttggcsted a charge ot 3 dpercwl on good* delivered w;lhia five miles of the store, and ;: tll'llVciy charge of id per loaf of bread. Mr Alec Brown said that had it

been known the Union was going to cater for Inglewood town, farmers would not have put llioir money into it. (Applause.) If this society abolished delivery, the Moa Farmer"' Union would soon dwindle down to a recollection only. The amendment was adopted by the meeting. MANAGING DIRECTOR. It was decided to discontinue the engagement of a managing director. Mr Nicholl.s, the manager, expressed his regret at this action, mentioning the valuable services rendered by Mr Morton in that capacity, Though he had not taken the wig and gown, he was every bit as good as a lawyer, a shrewd business man, and cautions. _„____