CANTERBURY FARMERS’ CO-OPERATIVE ASSOCIATION.

Temuka Leader, Issue 1419, 17 November 1885, Page 2

CANTERBURY FARMERS’ CO-OPERA-TIVE ASSOCIATION.

The annual general meeting of the above was held in Timaru last Saturday, at which there wai a large attendance. Mr J. Page, Chairman of Directors, presided. The Chairman laid that notwithstanding the depression there were some encouraging points in the balance-sheet. The paid • up capital amounted to £9095 as against £8940 Iss last year the increase being made up of new shares, which fact showed the Association was steadily gaming ground. The sum to the credit of reserve fund now was £478 14s 4d and there was a decrease of £IOOO in the bank overdraft, which was due to the adoption of the capitalised bonus system. Of the £4115 18s 3d book debts, £3044 11s was for the month of September last; and as the bonus were closed on the 30th of that month, only a small amount could have been got in before that date. Block had been taken by Messrs A. Turnbull and D. Stuart with a view to reduction in prices, and there were goods on hand to the value represented. The Directors had written off 10 per cent, for depreciation of plant and furniture, and, although the business had not decreased, there was a marked diminution in the working expenses, which was due to the recent changes in the management placing the business in the hands of a trustworthy and industrious officer. Of the £276 9s 2d set down as bad debts, there was £143 19s Id bad last year. There was no likelihood of of losses next year. The operations of the year resulted in a sum of £1350 12# Id being to the credit of the profit and loss account. Of this a dividend of 7 per cent, would be declared; £450 carried to the capitalised bonus fund, and the balance to reserve fund. The capitalised bonus fund should become a feature of the transactions of the Association, and should not be withdrawn except at the death of a member. Agents had been appointed in most of the colonial towns for disposing of dairy produce, and the establishment of refrigerating work* in Timaru would afford facilities for exporting butter and cheese to London. As some of the Articlas of Association were inoperative, and som# incompatible with the others, the Directors had decided to rescind them, and pass new Articles (which (should be confirmed at a general meeting to be held within 21 days. ' The Auditors’ report was to the effect that the business was in such a state of efficiency, that little was left to be desired—a fact which which reflected great credit on the manager. The balance-sheet showed the capital (less unpaid calls) to be £8993 4s lid ; reserve fund, £478 14s 4d ; capital bonuses, £1044 5s 9d; bank overdraft, £lßl7 8s lOd; mortgage on freehold, £BOOO, The total liabilility amounted to £31,896 13s 3d. There was a profit of £IBSO odd to the credit of the profit and loss account. On the motion of Mr Barker, seconded by Mr Wright, the report and balance-sheet were adopted. The revised Article* of Association were then submitted. A discussion took plac# as to the amount of capital, Mr Ansted moving that it be reduced to £25,000. The Chairman pointed out that unless the Association bad a paid-up capital of £50,000 they could not take advantage of the “ Mortgage Debentures Act,” and accordingly the capital was fixed at £50,000. It also decided to grant annual tickets fir 10s to non-shareholders. The number of Directors was fixed at not more than seven and not less than fire, and their remuneration at 10s per attendance, besides travelling expenses. After some other matters had been dealt’ with, the following gentlemen were then nominated as Directors Messrs J. Page, W. B. Howe'l, E. P. Sealey, J. Campbell, A. Clelland, S, D. Barker, J. Kelland, junr., R. A. Barker, W. Wright, W. Postlethwaite, J. S. Rutherford, J, Talbot, J. Meikle and C. W. Eichbsum. Messrs Sims and A. B. Smith were appointed scrutineers. The ballot resulted in Messrs Page, Howell, Sealey, Kelland, Postlethwaite, Talbot and Meikle being elected. Messrs W. Davidson and James Granger were appointed-auditers, and their remuneration fixed at £25 each per annum. The Chairman, Mr Page, urged them to to stick together, as that was the only wav in which they could compete with monopolies, Ho referred to the shipping companies and showed how the movement set on foot in North Canterbury made them reduce their freight. He next referred to Captain Sutter who in his place in the House had maligned and slandered the Association. He moved a rote of thanks to the manager and officers which was carried by acclamation. Mr Shirtrliffe responded on behalf of the staff. The meeting wound up with a vote of thanks to the Chairman.