WAIRARAPA FARMERS' CO-OPERATIVE ASSOCIATION, LTD.

Wairarapa Age, Volume XXXII, Issue 10108, 1 October 1910, Page 5

WAIRARAPA FARMERS' CO-OPERATIVE ASSOCIATION, LTD.

ANNUAL MEETING OP SHAREHOLDERS.

' The annual meeting of shareholders of the Wairarapa Farmers' Cooperative Association, Ltd., was held in the Board-room of the Company yesterday, afternoon, there being a representative, attendance. In the absence, through indisposition, cjf Mr Myer Caselberg, the ehair was occupied by Mr Joseph Caselberg. The chairman expressed regret at the unavoidable absence of the chairman of Directors (Mr M. Caselberg), who was suffering from a severe cold. The regret was more sincere in that Mr Caselberg, who had last year recorded an unfavourable period, would have have liked to have I been present on this occasion to congratulate the shareholders upon the improved position this year. The Chairman then read the following speech, which Mr M. Caselberg had prepared for submission to the meeting:— Gentlemen. —I have . a more pleasant task now than I had last year. You will remember I had to explain the cause of the poor balance-sheet and stated the cause then adopted by your directors to cope with a falling trade and a stringent money mar- > ket. I also said by continuing that policy I hoped to meet you in a year's time showing better results. Well, I am pleased to say my predictions proved right and I can now ask you to adopt a very much more favourable report and balancesheet.. The result shows a net profit for this year of £10,600, as against £6136 of last year, being a net increase of £4164. Trade for the first seven (7) months of the year was on the quiet side although the money market was much easier there was still a lack of confidence - and scarcity of employment. . However, I am pleased to say, a noticeable improvement has taken place since then, the slump is disappearing gradually and the present outlook is for better times. You will note we have included in the allocation of the profits the resumption of bonuses to employees, managers, and heads of departments, which we had reluctantly to omit last year. I am pleased to say that I have no occasion this time to enter into financial details, for some considerable time money has been plentiful with us, so much so that we were enabled to make large advances to our customers, to repay deposits and remit money to our London agents to pay for goods on order in advance, which helped to make the. savings. I mentioned when outlining our last year's policy. I may state that although our strong financial position warrants your directors undertaking new business when opportunity offers, it will be done on the same safe; and conservative lines as hitherto* 1 The present prospects tor the whole Dominion are good, all products are in great demand and realising remunerative prices, the mild winter and sufficient rainfall we have had should ensure a good harvest. I therefore think I am justified in taking an optimistic view for the coming year by forecasting a return of prosperity in which we hope to participate and trust to have the pleasure of presenting you with a much better report; and balance-sheet next year. I ■Will now give you my usual statement of the financial position of the Association. The figures are taken out of the present balance . sheet, thus:—

Our Paid Up Capital (omitting shillings and pence) .is %'t 6,720 Our Reserve £28,442 ! Special Contingent Re- | serve, £1,500 Employees' Accident Fund do. £I,OOO £30,942 Amount standing to-' Profit and Loss<accouut £15,161 £124,832 Add the Uncalled Capital £33,652 ' Total.Capital £158,484 Our Assets as per Balancesheet are £201,407 Our Liabilities to outside Creditors are £76,575 Leaving a surplus of £124,832 Add Uncalled Capital £33,652 Leaves a surplus of Assets of ' £158,484 The liquid assets (that is not including the Uncalled Capital) are, equal to £2 15s for every £1 we owe, and if the Uncalled Capital is included which is available for creditors, it makes our assets over £3 for every £ of our liability, showing an increase ,of strength sinse last 1 year, a position few trading firms can surpass. ! In conclusion I can confidently say ' that our strong financial position and our extensive facilities enable us to compete succesfully for all sound' business. ,

I have again the pleasure of bringing under your notice the efficiency of our Staff. They have exhibited their usual zeal and loyalty to the Association aiid have been attentive and curteous to our.' Shareholders and Customers.

The chairman moved the adoption of the report and balance sheet (already published.) Captain Holm wood seconded the resolution, which was- carried unanimously. DIRECTORS. On the motion of Mr J. Bann.ster, seconded by Mr H. Donald, the retiring Directors (Messrs 0. .2*. Pharasiyn, J. Caselherg, and i\ •!• Nathan) were re-elected. The Directors' honorarium (£ol)U I in all) and travelling expenses, wore i fixed at the same amount as last year. AUDITORS. Messrs Badham -ind (ho'iucls were re-elected audito.-s, at the same honorarium as last \ct:r. THANKS. 'Vfr David Oasolbei-jj; rur.vecl a hearty vote of thanks to the staff, who had done so much to secure the success of the business. llie employees had been exceptionally loyal and industrious, and were deserving of the thanks of the shareholders. . . The resolution was carried unanimously. , Mr E. Richards acknowledged the 1 compliment, on behalf of. the.., staffs! stating that very few people vertf aware of the number of people emf ployed by!the Association. '■ On the: motion of Mr fc. H. Waddington, a hearty vote of thanks was accorded the Managing Director and Directors for their services during the year, and regret was expressed at the cause of the absence of Mr M. Caselberg.

, In acknowledging the vote, Mr J. Caselberg stated that this was the first occasion, since the formation of the Association, upon which Mr M. Caselberg had been absent from an annual meeting. , -

A vote of thanks to the Chairman terminated the meeting.