CANTERBURY FARMERS’ COOPERATIVE ASSOCIATION.

Temuka Leader, Issue 1018, 17 October 1882, Page 3

CANTERBURY FARMERS’ COOPERATIVE ASSOCIATION.

There was a large attendance at the meeting of fshareholders of the above institution last Saturday in Timaru. The Chairman of Directors, Mr W. Postlethwaite presided, and delivered a most exhaustive address, a condensation of which is as follows ; After a few introductory remarks he said that on the 20th September, 1881, the Association comprised 347 members, holding 1925 shares, representing a capital of £9625. On the 20th September; 1882 the share list embraced 543 names, holding 2382 shares, or a capital of £11,910, V and the directors bad good reasons for believing that during the next twelve months a still further accession to their numbers would take place. At last annual meeting the contract for the excavations necessary to their property in Heaton street had just been signed. The spacious building which, they all knew, had been completed at a total cost of £4366, and the freehold of the land had been purchased from Mr John Jackson for £2200, This property, therefore, stands in the books as representing a value of £6566. A mortgage of £4500 had been effected on this, for which the Association pays interest at the moderate of 64 per cent per annum. The grain store had beam well patronised, and after deducting working expenses and interest paid on account of moneys expended in buildings a.id land, left a small profit to the Associaton. The Association had effected an affiliation with numerous tradesmen in Timaru, under which members of the Association c ould get a liberal discount from them by paying cash over the counter. This, with certain reductions, would be extended to all the most important centres in the district. The y Association met with great competition, which might naturally be expected, but the balance-sheet showed that while the shareholders and the general public have benefited by the Association, there was nothing to be feared from the effects of competition. The Association gave liberty to its members to purchase where they liked, but it would be to their ultimate advantage to support the Association in the best way they could because were it to cease to exist prices would go up again, Owing to the resignation of Mr Ballantyne aMr Sample had been appointed agent in London, and he had proved himself a good man of business. The premises of the New Zealand Grain Agency would soon fall into their hands when n reading room would be established for the convenience of farmers. As regards the balance sheet they had £1677 10s 5d to deal with. Of this £6OO would be reserved for paying off the debt on the freehold property, a dividend of 7 per cent on pa’d-up capital would be declared, and 24 t per cent bonus given to members on their gross purchases, and the balance carried forward. The auditors’ report was next read, and its poke highly of the financial position of the Association. The Chairman next proposed the adoption of the report and balance-sheet, and in the course of his speech asked members if they had complaints to make to go to the directors,as it would be prejudicial to the interests of the Association to have tilings talked about outside, and never brought under the notice of the Directors whose duties weie to correct mistakes if they occurred. The motion was seconded bj' Mr Hayhurst. Mr A. Wilsen spoke of the good the Association had done, and moved a vote of thanks to the Directors. Mr Ensor seconded the motion, and it was agreed to unanimously. On the motion of Mr Pigeon the retiring directors were re-elected. | On the motion of Mr Acton it was i agreed to hold the next general meeting on the second Saturday in October 1883. Mr Talbot moved that £1 per sitting * be allowed to the managing committee, and after some; discussion it was carried. I On the motion of Mr R. A Barker, seconded by Mr Ensor, Messrs Davidson and Granger were appointed auditors. Mr Bradshaw moved, Mr E. P. Beaty seconded— “ That the sum of £25 each he paid to the auditors out of the amount carried to profit aud loss account.” — Carried, A vole of thanks to the manager and staff, moved by Mr Ensor, and a vote of thanks to the Chairman, both of which were carried, terminated the proceedings.