CANTERBURY FARMERS' COOPERATIVE ASSOCIATION.

Temuka Leader, Issue 1516, 23 November 1886, Page 3

CANTERBURY FARMERS' COOPERATIVE ASSOCIATION.

The annual meeting of the Canterbury J Farmers' Co-operative Association took place on Saturdayjlast. There was a good attendance, Mr Joshua Page, Chairmaa of Directors, presiding. We make the I following extracts from the repert : "During the year 64 new shares have been taken up, making a total of 2550 shares I held by 580 members ; the total called-up I share capital now standing at £9166 10s 4d. No great incraese is apparent in the sale of ordinary general merchandise, as compared with that of the previous year : this being, in a great measure, due to the lower level of prices ruling for both imported goods and coionial products. In another important branch of the business, however, viz., the local sale of wool and graio, a marked increase is observable ; the sales for the year ending 30th September, 1886, amounting to £37,498, as against £24,897 for the previous year. The steps taken by your directors for the disposal of all kinds of dairy produce have met with tbe support and approval of a large number of shareholders ; and have been productive of no slight benefit to South I Canterbury generally in relieving the previously congested state of tbe local market for this class of farm produce. In the general nurchandije department several new lines of business have been undertaken during the year to meet tbe requirements of shareholders, and with satisfactory results. The directors are now contemplating arrangements with the Manager of the Timaru Woollen Factory, under which they hope to supply shareholders with blankets, ready-made clothing, and other woollen fabrics, on advantageous terms. The directors have also under consideration a proposal to establish a fund for the purpose of providing subscribers with free medical attendance; or, as an alternative, to make arrapgements with medical practitioners in the various centres of the district to attend shareholders in the Aesociat'on at a eon aider able reduction upon the ordinary professional fees. During the year a monthly journal and market iepoit h-s been published under the auspiqes of the Association, and, with the approval of subscribers, it is intended either to increase tbe sige of the Journal,

or make it a fortnightly instead ot~TT monthly publican >ii. Tbe reserve has boi-ti : ncre«sft' by tbe sum o: £2i? 0? 3d ciii -id t,o tii- credit of that account at the l..'S annual meeting, whilst the i capitalised bonus account now shows a nreciit balance of £!6i3 lOa Id, aa g<.hopared with £1044 5s 4d for the previous year. The mortgages on freehode have been reduced by £SOO, that lum having been paid off during' the yuar eut of accumulated profit*. In addition to this more ihun half the co«t of * new floor to the Heaton«street graiu store bus been written off, besides the usual pf-r----centagesuponplant.furniture, and fixtures, In reference to the item of £54 lis lOd debitsd to profit and 10-'S account of bad debts, your Directors think it right to mention that a contingent liability of about £192, incurred eome months ago through an adverse judgment in the iuit Corkery T. the Association, may possibly appear at a debit in the balance-sheet of next year, should an appe«l be decided against the Association. In disposing of the sum of £IBOO 13i 9d, representing the net profit on the traductions of the past year, your Directors, after declaring a dividend of 7 per cent on the paid-up capital and giving a bonus to the officials of 5 per cent on their salaries, recommend that there be placed to the credit of individual shareholders]!n the capitalized bonus fund of the Association, a sum of about £660, being 3 per cent on the purchases made during the past year; and that the balance of £475 be carried to the reserve fund, subject to the usual deduction to cover auditors' arid stocktakers' fees. In wishing to make a substantial addition to the reserve fund, your Directors feel satisfied that tbey are suggesting a course which will meet tbe approval of shareholders."—Good reasens were given for this method of disposing of the profits of the Association, and the Manager and staff were very highly spoken of.—On the motion of the Chairman, secooded by Mr Cowllshaw, the report was adopted.— The Hon. W. Kolleaton moved : " That tbe shareholders bo requested to increase the number of their shares by resolving each of their shares of £3 16a per share paid up into two whares of £5 each with £ll7s 6d paid up." Iu speaking to the motion Mr Eolleston said if the resolution were adopted it would enable the Association to do a much larger business, would create a reserve fuud of moßt ample security and one of the best possible to be adopted, and would create an expansion and enable the Association to do bußinessouaproper,sonnd,andbetterbaßis. —Mr PosHethwaite seconded the proposal, which was carried, and at the conclusion of the meeting a number of those present gave practical effect to it.—Messrs J. Page, J. Kelland, junr., and J. Talbot were re-elected directors.—After a slight discussioi Messrs W. Davidson and W, M. Sims were elected aurfilors« their remuneration being fixed at £2O e-'cb per annum.