CANTERBURY FARMERS COOPERATIVE ASSOCIATION.

Temuka Leader, Issue 2126, 18 November 1890, Page 3

CANTERBURY FARMERS COOPERATIVE ASSOCIATION.

Tbe tenth annual meeting of tbe Canterbury Farmers’ Co-operative Association was held in Timaru on (Saturday. Mr J. Page, chairman of directors, presided. There was a large attendance.

The directors’ report and balancesheet were taken as read. The report waa as follows: “ In presenting the tenth annual report and balance-sheet to the shareholders, the directors have phamre in congratulating them on the successful nature of the year’s operations, and on the increased business transacted in j>U departments. The department for the sale of draptry, boots and shoes, has proved an unqualified success, and the satisfactory condition of the stock, as certified to by the stocktaker, Mr J. H. Glasson, is also a matter for congratulation. The continued expansion ®f the business may necessitate, era long, the building of additional premises to give the requisite accommodation. During the year the mortgagees on the freehold properties have been paid off in full. The directors have purchased the; le,ase of two sections situated near the Heaton Street store, and it will be a matter for consideration, during the year, whether suitable buildings should be erected to cope with the constantly increasing demand for storage accommodation for grain. Offing to the continued demand for shares, the directors suggest that the sharelist be re-opened for the sale of 2560 shares, at 2s fid premium. The balance-sheet shows that tho net profit for the year amounts to £6776 15s 9<l, and to this must be added the amount brought forward from last year, viz., £350 Os sd, making a total of £7126 16a 2d available for distribution. The directors propose that the usual dividend of 8 per cent be paid on capital; that 7£ per cent bonus be paid on all purchases by shareholders and on shareholders’ storage accounts; that £2OOO be carried to reserve fund, and, after providing for the fees to the auditors and stocktakers, and the bonus to the staff, that tho balance shall be carried forward. The directors retiring this year arc Messrs J. Kelland, R. Id. Rhodes, E. P. Sealy, and W. J, Herdie, all of whom are eligible for re-election, itjhas been suggested by members that . the directorate be increased to fifteen, and you will, therefore, be asked to elect six additional directors to bring the total up to this number.” The balance-sheet showed a paid np capital at present of £11,771 ; reserve, £2450; deposits by shareholders, £15,214; bonuses capitalised, £1869. On one side are drafts against produce, £46,865 ; on tho other advances on produce, £49.264. Qoode in band are valued at £14,955 ; duo on open accounts, £9436; and for grain sold, £1035. Chief items of earnings were, discounts on cash payments, £963 ; commissions, £2531; storage, £1663 ; and profit on merchandise, £SOOI Among expenses were interest on mortgages, £353 ; salaries and wage-', £1606 ; directors £194 ; office and incidental rates and t»xeS| £789 ; bad debts, £172,

The chairman in moving the adoption of the report, referred to the great progress the Association had made since its inception 11 years ago. In the course of his remarks he said: —“ Looking back to the year 1883, by

way of measuring our progress, m that year we commenced to take deposits from shareholders, and at the balance we bad deposits amounting to £1139, and the advances were £11,969, Last year the deposits were £10,152, and the advances £17,181. This year our deposits are £15,214, or thirteen times more than they were six years ago. And this year our advances are £49,264,0r £37,295 more than six years ago. Whilst speaking of deposits let ua look at the advantages which accrue to both borrower and lender under this system, Ihe depositor gets his interest according to the term of his deposit, and then shares in the general distribution of profits. So also does the borrower. What can be more mutual? ‘Each for all and all for each ’ is the motto. Commissions earned last year were £1652; this year £2531, or £879 more than last year; and when I tell you that the principal part of this is made by selling members’ grain at 1 per cent, it will give you some idea of the extent of business done in this line.” He then referred to the Co-operative Insurance Association, which had just been floated. As soon as it had been registered business would be commenced. The rates would not be reduced, but after providing a reserve the profits would be divided on a cooperative basis between capital and insurers.

The report was adopted, with an amendment that the number of directors remain nine an. Amendment by Mr A. Mee, seconded by the Sev. T. J. Smyth, fixing the premium on new shares to be issued at 5s per share Mas negatived. The Rev, T. J. Smyth moved that the Railway Gommissionera be written to, pressing them to make better provision for carrying farmers’ grain to port in the coming season than was made last year. An espeeial need was more tarpaulins. Another thing that should be supplied where practicable was a blocs and rope in the roofs of the station sheds, to save carrying bags up the great heights. From what he had seen in going about the country be expected to see another heavy harvest.

Two candidates having been nominated a ballot was necessary. The ballot resulted in tbe re-election of the retiring directors. Messrs Granger and Ziealer were elected auditors, and their remuneration fixed at £3O each.

The votes of thanks to the directors, the manager and staff, and the chairman terminated the meeting.