W.F.C.A.

Wairarapa Age, Volume XXXII, Issue 10711, 1 October 1912, Page 3

W.F.C.A.

ANNUAL MEETING OF SHAREHOLDERS. 'i he twenty-first annual meeting of shareholders of the Wairarapa Farmers' Co-oporativo Association, Ltd., h'iv<i tho Hoard Room at Master ion on Monday afternoon. The ■chair was occupied by tho Managing Director (Mr M. Caselberg), and a fair nu m bar of shareholders were present. The annual report and balancesheet were taken as road. CHAIRMAN'iS ADDRESS. ! In moving the adoption of the report, the Chairman said: — "Gentlemen I will now move tho adoption of tho report and balancesheet, and will mako my usual preliminary romarlcs aild statement of last year's transactions, also a forecast. of your directors' policy for this current year, The result of our year's trade has been very satisfactory. The report explains the cause of the lessened net profit. You all know that since last February a, stringency of '.he money market commenced which j naturally affected all trade in tho ] Dominion, including the trade of the Association to some extent, but our strong financial position enabled us to mako cash advances to our shareholders and clients as usual, which proved , of great benefit to them'. You will j see in the report that wo made certain improvements at Masterton and ) erected new buildings at Carterton, Eketahuiia and Pahiatua, at a cost of £3,580, rendered necessary to cope with the increased trade. We also reduced the mortgage »on our Wellington property by" £4,000, viz from £lB, 000 to £1*1.00!), which brings up the cost of our properties to £55,115. 1 have merely to add that the fu- , ture policy of your directors will be as hitherto, to progress on conservative lines, to take up safe business as opportunity offers, to keep tho Association financially strong and to build up a strong reserve, which will enable it to weather all storms, and at the same time prove a benefit to its shareholders and to tho district, apart from paying dividends and bonuses by be- : ing in a position to give financial a>d v and to encourage local industries. I will now give you my usual statement of the present financial position of the Association in a condensed form, the figures being taken from tho balancesheet, viz.: The assets are £228,150; j total liabilitiesJaro £84,889; surplur: assets £143,311; add uncalled capital £23,073; making a total of £166,384. This being the net assets of the Association. The financial position as compared with Inst year's balancesheet shows an increase of assets over liabilities of £6035: the figures are so .satisfactory that further comment is unnecessary. I am pleased that my forecast for the current year is again of an optimistic nature, for the following reasons: (1) AH dairy produce is realising tho highest prices yet obtained : the most satisfactory feature is that buyers are making contracts in advance at those pripes. (2) The . prospects for wool and frozen meats | arc very good. (3) As we have had an ample rainfall in its due season there is every probability of farmers having a good harvest. This sliould ' tend to make money easier, funds availablo for employing labour to make improvements on land and the employment of all skilled labour as well, therefore the outlook is for a prosperous yoar. Of course there is al'vp.y;: the danger of n European war in which the Empire may be involved. | but as that danger has existed for | many years, and at tho present time i tho outlook as far as the Empire is j concerned is brighter than at this time last-year: I sincerely hope there will bo ro war. The staff and plant of tho Association are about tho same as last year. I very much regret in having to mention tho loss the Association has sustained in the death of •Mr J. Pryor on the 18th inst., who hid charge of our Masterton draperyDepartment, and who was a capable manager, loyal and trustworthy. I have again tho greatest pleasure in testifying to the efficiency of the staff ; they have exhibited their usual zeal and loyalty to the Association, and have been attentive and courteous to shareholders and customers, which forms a great factor in making our business a success. ■ I think I have fully explained ail matters of interest to you, and will now move the adoption of the report and balance-sheet,

and at the same time will be pleased to answer any questions shareholders wish to ask." In seconding t.lio motion for the adoption of tho report, Mr J. Brown congratulated tho Association upon having attained its majority, and upon showing si[.'!> a lino constitution. It was, he said, likely to develop into a l>ig corporation and heroino one of those fafc old institutions they had read about. ('Laughter.) Mr Brown thought that tho benefit of the Association was nob to lie seen alone in what it did for the shareholders, but in what it was doing for the small farmers of tho district. The institution had created a satisfactory reserve. He believed that, in spite of the stringency of the money market, the directors, by continuing tho policy of tho past would produce tho same good results. He endorsed what had been said concerning the late Mr Pryor, and added that that gentleman was not only a loss to tho Association, but to tho town and district. (Applause.) The motion for the adoption of the report was carried unanimously. DIRECTORS.

On tho motion of Captain Holm- i wood, seconded by Mr Lamb, Mr V. I Donald was elected a director, and Messrs D. J. Nathan, P. J. Nathan and L. Caselberg were re-elected to tho directorate. Messrs Donald and L. Caselberg returned thanks for their election. The honorarium of the directors as a body was fixed at £655, plus travelling expenses. AUDITORS. Tho auditors, Messrs Badham and Ohonnells, were re-elected, at a fee of £l5O. THANKS. On the motion of Mr H. C. Robin- } son, seconded by Mr J. C. Boddington, a hearty vote of thanks wag pass- | e„d to the chairman and his co-direc-tors.; In returning thanks, Mr M. Caselberg stated that he had been pleased to hear the remarks of Mr Brown. . j The Association had been formed with I the object of assisting the farmers. I They had not used, their position to ; squeeze the farmers, but had been able to assist them very materially during the past year, as they had done in 1908. The Association had not only helped the fanners financially, but had done so by way.of local industries. They intended continuing .to-assist the farmers, as they had, done in tho oast. (Applause.) THE STA.FF. Mr D. Caselberg moved a hearty vote of thanks to the staff for their loyalty and good work during the past year. They had an excellent staff, same of w.hom had been with the Association before it was formed. These had been married, and some of their families wore nmx in the institution. They might yet have three generations in their employ. (Applause.) In acknoAvledging the vole on he half of the staff. Mr E. Riohardrsaid tho staff had every confidence in the directors. Tho chairman had something to say about war. They all hoped there would be no war; but there was a danger of strikes, i Mr Richards did not think-there was I any danger of a strike with the employees of the Association. The flapwas now flying over the building in honour of the twenty-first anniversary of the institution, and he hoped it would continue to fly for many years. (Applause.) The meeting then terminated.