WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

Wairarapa Daily Times, Volume XV, Issue 4405, 28 April 1893, Page 3

WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

Meeting; of Directors.

A meeting oE the directors of the W.F.C.A., Limited, was held at the Head Office, Masterton, on tbe 26th inst. Tbe proceedings were of a very important nature/and occupied from 10 a.m. to 6 p.m. The reports of the previous months' trade (March) from Mosterton, Greytown, Pahiatua, Tonui, and Carterton Stores were examined and found very satisfactory, showing a continuous . and.. stoady increase. of shareholders and trade at all branches, Bovoral applications to start butter' factories wore received/and after a long and mature discussion the Boardresolved to adhero to their previous . resolution viz, to only invest the funds of tho. Association on co-operative principles, and to erect butter faetorios for shareholders only, and that tho milk suppliers must have a direct interest in the welfare of tho butter factories. It was resolved to purchase Mr F, H. Wood's intorest iu the Greytown cheese tactory on certain conditions, as tho Association's own requirements of butter and cheese will absorb tho whole output of tbo Eopouranga butter factory and the Greytown cheese factory, . :

The question of further extending the Association's business in the direotion of the Lower Yalley, and in the Forty-tuile Bush was deferred for further consideration,

Applications from 87 persons for 1280 shares were recoived, and as they wero a desirable olass of settlers who would increase the trade sf the Asssociation, the shares were allotted to thorn.

The Secretary drew attention to the fact thatjoutofthe four thousand shares which it was resolved at the September general meeting of shareholders should be offered to the public ot a premium of 6s per share, 3142 shares bad been sold, leaving only 858 shares for further allotment until 80th June The question arose should more i shares be required beforo tbe end of; Juno could tlie Directors exceed the limit fixed by tbe general meeting of shareholders. Tbe matter will be referred to their solicitor should occasion arise.

It was resolved to convene an extraordinary meeting of shareholders for

113 th May nut, for the purpose of I altering seotionsiu tho articles of the Association, bg as to empower an in- ; crease in the number of Directors from seven to ten, which is found necessary as tho business of the Assooiation has increased so largely and rapidly. As soon ns tho meeting sanctions tho alterations Messrs Booth and Pharazyn will he appointed to a seat on the Board.

The Secretary stated that the total number of shares now disposed of was 14,088at£5 each cqiwl to £70,140 Tho total amount* of premiums received was £785 10<, in addition to the reserve of laft bilance thect, July 81st, 1892, £1,523, making a total of £72,753 103'

Shares slill unsold of seond series authorised to be issued on 21st Sep tember, 1892,858. Shares for thin series," wbicli the Directors think wil be issued at a premium of 10s pet share, 5,054,

The archil oct roported rapid progress being made in tbo Carterton building. A stable and grain store were, authorised'to bo erected at Pahiatua. This terminated the business.