CANTERBURY FARMERS' COOPERATIVE ASSOCIATION.

Temuka Leader, Issue 1161, 16 October 1883, Page 1

CANTERBURY FARMERS' COOPERATIVE ASSOCIATION.

The third annual meeting of the members of the above Association was held in their warehouse, Cain's Terrace, Timaru, last Saturday morning. The attendance was fair, and Mr J Bradshaw, the Chairman of Directors, presided. The manager, Mr James Watkins, read the balance sheet : BALANCE SHEET, 20th Sept., 1883. Dr. £ ». d. £ s. d, To Capital 2512 Shares of £5 each ...12,560 0 0 Less Capital Unpaid... ... 4,821 16 3 To advances received on wool and produce... 10,422 19 0 „ Bank overdraft as per pass book ... 3,735 12 3 „ Cheques not presented for payment and interest till date 825 12 10 „ Deposits hy shareholders 1,139 2 5 „ Sundry creditors 1,481 15 10 „ Bills payable against goods 175 16 3 „ Mortgages on Freeholds with interest till date .... . 8,117 13 6 „ Eeserve fund 914 14 10 „ Balance-Nett profit for year 1,430 1 3 £35,981 11 11 Cr. £ e. d. By Freehold Property 11,882 15 10 „ Office furniture—less 10 per cent depreciation 70 2 9 „ Goods on hand and afloattaken at nett cost 9,308 3 7 „ Heaton street store, rolling stock 310 16 0 „ Advances made on wool and Produce 18,461 18 3 „ Amount due open accounts 2,495 6 3 „ Commissions and exchange earned but not, yet charged to personal acconnts ... 167 19 2 „ Preliminary expenses, less two thirds written off ... 122 12 2 „ Balance in hand of London agent for surpluses on produce Bold 650 18 1 „ Cash on hand 510 19 10 £35,981 11 11 PROFIT AND LOSS ACCOUNT. Dr £ s. d. To depreciation on office furniture 7 16 O „ One-third "preliminary Expenses 122 12 0 „ Incidental expenses, charges stationery, printing and advertising 262 7 3 „ Eent and taxes 243 1 2 „ Stamps and Telegrams ... 129 3 1 „ Salaries and wages 1,034 13 4 „ Remuneration to Committee and London Agent's Commission 367 O 0 ~ Interest 174 8 0 ~ Balance, profit for the year 1,430 1 3 £3,771 2 1 Cr. £ s. d. By discount on cash payments and Insurance 341 15 5 „ Commission 727 18 1 „ Storage and shipping charges on wool and produce ... 457 0 2 „ Cancelled shares 15 15 0 „ General merchandise, sacks wool packs, Seeds and coal 2,224 15 4 „ Balance last year's profit and loss account 3 18 1 £3,771 2 1 The auditors, Messrs Jas. Granger and W Davidson, certified that the accounts were correct and testified to the go»d order of the books. The Chairman then read the report of the retiring Directors. He first alluded to the unsatisfactory harvest that was experienced last season, and stated that the Directors of the Association supported the agriculturists to the best of their ability during that trying period. The gross turnover for the year has amounted to £81,366 Is 9d, of which £52,740 9s 5d represented transactions in wool and grain, and £28,625 12s 4d consisted in sales of general merchandise. They find that out of the above £28,626 only £IOBS, or less than 4 per cent of the transactions in general merchandise, can be traced to persons unconnected with the farming interest. They also find that the Association has either sold in the colony or shipped for sale in London, produce to the value of £52,740. representing 38,426 sacks of graiu (of which 19,170 were sold locally, and 19,247 shipped), and 1022 bales of wool. It is. therefore. e\ident that out of a gross turnover of £81,366 but £IOBS, or less than cent, can be credited to persons not engaged in pastoral or agricultural pursuits. In the case of wool, the average cost of shipping Home last season amounted to no more than one penny per lb on greasy, and a penny farthing on scoured the calculation being based on the net weight delivered in London, and including all charges from the price f.0.b., but exclusive of exchange and insurance, which usually amount to a farthing per lb. The Directors' taking into consideration the present value' : of money, advised that the maximum dividend should be 8 per cent in future instead of 7 percent. The Directors also advise that the number of members necessary to constitute a general meeting should be reduced from one fourth to one tenth, as with 600 shareholders it might be difficult in wet weather to get the requisite number of shareholders together, and to adjourn a meeting would cause much expense and inconvenience. It was thought desirable that in. future the re-

muneratioo of the auditors should be fixed, and the shareholders' would bo' asked to pass a resolution to that effect. The shareholders would be asked to reelect such of the retiring Directors an were prepared to retain their seats (no new candidates having been nominated) and to confirm the interim appointments made during the year. The accounts an audited show the Association to be in a sound and prosperous condition. Although, the capital called up amounts to £7738, the avenge working capital for the year has been but £5447, on which a net profit has been earned of 26£ per cent, a fact which, under, the depression of last season, cannot be considered other than fiivorable. During the period under review, the mortgages on the-freehold of the Association have been /ejduced by £loß*7 8s 3d. The advances ,on, produce at present stand at £10,461,18s 3d, an amount which does , not ( represent the total advanced during last year, but is simply referable to the advances now current. A. few months ago the Directors decided upon receiving money from shareholders on fixed deposit, and it is satisfactory to find that the bum of £1139, taken- at fixed periods varying from three 'to twelve mootb.B» stand at the credit of sundry depositors, The amount due to sundry creditors is £l4Bl 15s lOd, representing the average purchases of goods for one monlh. It will be noticed that the bills payable stand at the small figure of .£175 16s 3d, proving that the purchases made by the Association are conducted oiv a cash system. The total indebtedness, of the Society stands at £25.901 2s Id. A reference to the statement of liabilities and assets will show that the latter exceed the former by £10,082 19s lOd, exclusive of the uncalled capital, which amounts to £452116s 3d The stock has been carefully taken and certified by Messrs. B. Turnbull and D. Stuart,''who !were appointed by the Directors for that purpose. The net profit with which wo have to deal stands at £1430 Is 3d. Acting under the powers granted to them by the Articles of Association, the Directors have decided to place the whole of this amount to the Reserve Fund, subject to a deduction ol moneys sufficient to declare at this meeting a dividend of seven per cent on thr paid-up capital. The Reserve Fund will then stand at about £2OOO, a very substantial sum to have accumulated in bo short a time." The Chairman then made a long statement on the report. It is proposed to add a separate department for the sale of farm and dairy produce. Thx report and balance-sheet were unani mously adopted. The following resolutions were carried : "That the following Directors be reelected, viz., Messrs J Rutherford, W Wright, J Page and J Campbell; that the election by the directors during the year of Mr J T M Hayhurst (in the room of Mr J Hayhurst, his father) and Mr A Clelland (in the room of Mr J iB Goodwin) be confirmed ; that -Mr James Granger be re-elected auditor for the coming year ; that Mr Ziesler be elected auditor ; that the remuneration of the auditors lie £SO, say £25 each, and that the same sum he fixed as the remuneration for auditors next year." Resolutions were passed authorising the payment of 8 per cent dividends in future in lieu of 7 per cent, and making the number of members necessary to attend a geneial meeting one-tenth instead of one- eighth.. The next annual meeting was fixed for the second week in October, 1884, and th> meeting terminated with the usual vott of thanks to the Chairman.