WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

Wairarapa Age, Volume XXV, Issue 10713, 1 October 1913, Page 5

WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

ANNUAL MEETING OF SHAKEHOLDERS. The annual meeting of shareholders of the Wairarapa Farmers' Co-opera-tive Association, Ltd., was held in tho Board Room at yesterday afternoon. The chair was occupied by tho Managing Director (Mr M. Caselberg), and twenty shareholder were present. THE CHAIRMAN'S SPEECH. In moving the adoption of the annual report and balance-sheet (already published), the Chairman said: I regret that my last year's forecast, relating to this year would bo more prosperous, did not eventuate. The Balkan war and the preparations for war by the great European powers, caused a great unrest all over theworld, causing even greater stringency of money, than last year. All the banks and financial institutions in New Zealand calling in their advances liad a very unfavourable result on all trade and commerce,, stopping the expenditure of money for improvements on land ( and building; operations, thereby lessening- the spending power of our population, with the result of business being less profitable and trade expenses about the same. Fortunately my other forecast that good prices would obtain for all our staple products (especially wool, butter and cheese) were verified, otherwise times would have been much worse. So, taking all things into consideration, we have no reason to be dissatisfied with the result of our year's trade.

The balance-sheet will reveal to you our strong financial position. It will be the future policy of your directors to conduct the busiriess of tho Association on the same conservative lines as hitherto, to extend otJr opeiations on a safe and sound basis and always keep our financial position strong, which will enhance the benefits the Association confers on its shareholedrs as well as on the districts in which*-our business is carried on, for the reason as mentioned in my last year's speech, viz;, giving financial support and encouraging 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 the balance-sheet (shillings and pence viz.: Assets £233,707, total liabilities £90,618, surplus assets £143,089, uncalled capitals £21,849, total of assets over liabilities £164,933. „, .'.•'■ . \ :,; ;%. *

The financial position as compared with last year is relatively the same. The assets now reach over a quarter of a million, which has placed tts; ia a position to extend our business profitably on safe lines. The figures speak for themselves, making further comment unnecessary. We have not expended any money on buildings this year, excepting the necessary up-keep of our properties, which are all in good condition-. A portion of my last year's forecast was not as favourable as anticipated; but, as I have several years' forecasts which have turned out good, I am tempted to make another one for the current year, as usual of an optimistio nature, viz. < .- 1, jßood prices will rule for all our staple commodities. - 2. There is every probability of a '* good harvest.

3. -MflHjnfflnj? mw &« d i™*™ plentiful, < 4. Trade will he better aH rounclj and there • will To a prosperous year far all, in which we hope to participate, especially as the danger of a, European war has apparently disappeared from tho horizon. . The staff and plant of the Association are about the same as last year, and I am pleased to testify to their efficiency; they have exhibited their usual zeal and loyalty to the Association, and have been attentive and courteous to shareholders and customers which tend to make our business a success. I think I have fully explained all matters of interest to you, and will now move the adoption of the report and balance-sheet, and at the ea*ne time will be pleased to answer any questions shareholders may wish to ask. Mr J. M." Ferguson seconded the motion for the adoption of the report and balance-sheet, which- was carried unanimously. • DIRECTORS. On the motion of''Mr E. H. Waddington, seconded by Mr Ferguson, the i-eti ring directors (Messrs V. E. , Donald, J. Caselbere, and A. Caselberg) were re-elected. AUDITORS. Messrs Badham and Chennells were, on the motion df Captain Hohnwood, seconded by Mr McCarthy, re-elected auditors at a fee of £l5O and travelling expenses. DIRECTORS' HONORARIUM. On the motion of Mr H. Evans, the honorarium of directors was fixed at £SOO, with travelling expenses. Mr Evans stated that he considered thxv directors were deserving of their hotaararium. THANKS. Mr W. G-. Lamb' moved a hearty vote of thanks to the chairman and directors. • Mr. Ferguson seconded the motion, which Was carried unanimously. , The managing director, in returning than&s, stated that eloquence w.as to be found more in Was not said than in what-was said. He. therefore confined his remarks to saying that ho was very pleased that the shareholders were satisfied. On the motion of Mr Ferguson,, seconded by Mr J. Bannister, a hearty vote of thanks was passed to the staff.. The chairman expressed his appreciation of the work done by the sraff: Mr E. Richards briefly acknowledged the vote, on behalf of the* staff. This concluded the meeting.