THE FARMERS’ CO-OPERATIVE ASSOCIATION.

Temuka Leader, Issue 2672, 14 June 1894, Page 4

THE FARMERS’ CO-OPERATIVE ASSOCIATION.

TO THE EDITOR. Sib,—lt is astonishing to the ordinary-Co-op. shareholders to behold the marvellous prognostications of disaster and ruin that are to befall them in the near future. And to these evil prophets it must be even more astonishing to behold the calm and self-satisfied air displayed by the shareholders. Not all of them, I admit, for there are a few black sheep in the fold, who are evidently striving to damage the association through interested motives; in fact, one can only conclude that they are large tradesmen, who, taking advantage of an anonymous title, try to mislead the shareholders by a lot of idiotic nonsense and figures that even the writer himself does not understand. In your Saturday's issue a correspondent gives us a repetition oi a letter, the substance of which appeared previously in the Timaru Herald, and in it he draws an imaginary balance-sheet which leaves the association some £14,000 to the good; but, not content with this, he writes some 20 per cent, off the total assets for depreciation, and, to his entire satisfaction, leaves the association some £2500 to the bad. Such ridiculous nonsense is simply rot, and the writer must surely think your readers fellow fools to believe it. If interested people imagine they will drive the agricultural community back to the old state of things they mistake the spirit of the age, which is " combination and union" to attain your ends, and if farmers can secure lower prices on all their requirements by combination, Burely their aim is legitimate and commendable. I have no oue's cause to advocate, and a very trifling stake at issue, but I would urge shareholders to close up their ranks and face the position with a determination to put their house in proper order, and utterly ignore the idle vaporiugs of interested detractors, who are more than ashamed to sign a name to their effusions.—l am, etc., G.J.W. Geraldine. TO THE EDITOR. Sir, — ,: Another Shareholder," in Saturday's issue, June 9th, tries his hand, I presume for the first time, among figures. In trying to make the O.F.C. a bad-going team, he not ouly commits suicide, but he murders his client, and unintentionally makes a record on the right side for the Farmers' Co-operative. For the sake of terseness, I shall take " Shareholder's" figures in the aggregate. He says last year the Co-operative started £4137 7s 9d in debt, and, worse luck, too, without a pound of sugar. Then our financial juggler gallops through figures like an ambling hack, and proves, without seeing it, just the opposite of that which he had hoped to show. He finds that the C.F.C.'s liabilities are £70,411, and their assets £67,880. Now considering, as " Another Shareholder" alleges, that they had not one pound of sugar, but were £4137 7s 9d in debt at the beginning of the year, and, according to my friend's own showing, tha deficiency is now £2531, the O.F.C. must therefore, although starting a bit light, have wiped off £1606 7s 9d this season. Assuming that " Another Shareholder's" statement is correct, that they began the season without means, aud cleared £1606 7s 9d, then can "Another Shareholder" tell roe that they are bad financiers ? This " Shareholder " compels me to prognosticate a grand future for the C.F.C., Timaru. If Shareholder the Second just writes one more epistle the prestige of the Co-Op. will be raised above all its com peers from Auckland to the Bluff. As I wish to be brief, aud know absolutely nothing about figures, nor do I court a duel with two to one, as I am now a frail old woman, but, ah, iuo ! I have seen in my time many rushing into print, and they, too, missed their mark at figuring. —I am, etc., An Old Woman.