CANTERBURY FARMERS? COOPERATIVE ASSOCIATION:

Temuka Leader, Issue 2284, 24 November 1891, Page 2

CANTERBURY FARMERS? COOPERATIVE ASSOCIATION:

The eleventh ordinary annual meeting of the Canterbury'Farmers’ Co-operative Association was held at; their offices on Saturday. Mr W. B. ; Howell,- acting chairman of Directors, presided, and* there were present about 70 shareholders when the meeting was opened, and presently after that about double that number. The manager, Mr C. H. Inglis, read the advertisement calling the " meeting) and the minutes of the previous annual meet* ing, which were confirmed. ' The report and the - printed, were taken as read. The report was as follows: “The Directors have pleasure in presenting the eleventh annual report and balance sheet to shareholders, and in congratulating them on the satisfactory nature of the operations of -the past twelvemonths., ■‘•Owingto the demand -made for-in. creased accommodation in some of the do partment, additions were necessitated to the Cain’s Terrace buildings, with satisfactory results, the goods dealt in being shown to much better advantage than heretofore. “A building has also been erected on the Mill street sections -.for; storage, ; and dressing of grass seed ' and, punching standards. - / “ In order to cope with the largely increasing demand for storage accommodation for which the present capacity of the Heaton Street buildings is inadequate, the .directors have decided to extend the buildings over the whole of the unoccupied space at present used as the coal yard. “ During the year 347 shareholders have been alloted 1080 of the hew issue of shares, snd the premiums, amounting to £135, have been placed to reserve fund. “ The directors have pleasure in referring to the fact that the. Farmers’ Cooperative Fire>nd Marine Insurance Coin* pauy has been successfully floated during " the year. ... “The balance-sheet shows that thd' C profit for thp year, with the amount brought torward from last year, amounts . to £7500 l.Qs lid, which is available for > ■■■:;• - , “ The Directors propose that the usual dividend of 8 per cent. be. paid oncapital; that 7 per cent, bonus -be paid on all purchases by shareholders, and on shareholders storage accounts; that £2OOO be added to the reserve fund, and, after payment of stocktakers’ and auditors’ and the usual bonus to the staff, : the balance shall be carried forward. “ The directors retiring this year are Messrs J. Page, W. JS. Howell, J, Campbell, J. Talbot, and J. Wilson, all of whom are eligible for. re-election.” “You will be asked to elect two auditors for the ensuing year,: and to fix , their remunertion.” i The balance sheet shows the paid-up capital is £13,195 10s, and in addition to this the Association have £24,739 of fixed deposits,., a reserve - fund ef £4585, and capitalised bonuses £1440165. Advances made on grain and wool totalled £25,819, and there was owing, on open accounts £14,152. Premises and plant were set , down for amounts totalling £15,745, and ' goods on hand for £20,819, for deprecia- „ tion of properties and plant £268 16s was allowed. Salaries and wages caiue to ■ £1874165; incidental expenses to £565, and bad debts to only £154. £2689 was earned by commissions, £1942 12s by storage, and £5640 by profits on merchandise; and the balance of profit on the year’s was £7158,- Adding the amount brought forward from last year, the sum divisable was £7500. The chairman in moving the adoption of the report regretted Mr Page’s absence, said their sales had been. £58,209 this • year as against £52,437 last year, their turnover being £207,151 as against £195,248 last year. Deposits , ;haddeveloped from £15,214 last year 5- to;— £33,845 this year, 1080 shares had been sold to 347 new shareholders, uncalled capital increased from £14,786 to £18,684, ‘ buildings, &c., represented £14,786, investments £557, open accounts £14,152, advances against wool and grain £25,819, stock £20,450, gross amount to credit ' £94,000, with a debit of £51,843, showing a net balance of £42,155. It was intended to build increased storage in Heaton street. The chairman. went on to speak . of tlie Co-operative Insurance and went on . to animadverted on the freight* by ml and said it seemed monstrous that we should ■ be paying on an average l-16th ofa penny per bushel per mile while American railways can carry at less than 2d for 1500 miles. The same with freight. on sea, wheat from New York to Liverpool-costs • Id per bushel a distance of oyer • 3000 ’ ' miles, while we pay 9|d for a than four times that distance. We are

only able to keep in the swim at all by the more generous yield we get, which is fast being reduced by the ruinous system of overcropping. He went, on; 1 to urge the necessity for an Adulteration Act, to

prevent people being impose^,upon, as some tried to do .by offering superphosphate, which was not superphosphate at all, aa proved by analysis., boro testimony-to the th«

staff, and wound' tip by moving the adoption of the report. The Hon. W. Rblleaton seconded the motion, which was carried. the motion of Mr T. Mitchell, seconded by Mr Humphries, the retiring directors, Messrs Page, Howell, Campbell, Talbot, and Wilson, were re-elected. Messrs Grainger and Grey were elected auditors. Mr Talbot explained that with regard to the compact with the Woolbrokers’ Association, the petition came in too late to do anything, as six months’ notice was required to withdraw from the association. • Some of those present urged they ought to get an auctianeer of their own and sell independently of the association, but it was pointed out that unless all sold on the same day buyers would not come. If they went against the others the result would be that the auctioneers would spin out their sales, and the farmers’ sales would be boycotted. They would also have to take , the risk of bills and run the chance of making losses. .Mr Palmer said the Farmers’ drapery was' all shoddy, and could be bought anywhere else 10 per cent cheaper. Votes of thanks to the directors, to the manager, and staff, and an expression of sympathy with Mr Pago, terminated the meeting. ■ ■ •