WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

Wairarapa Daily Times, Volume XV, Issue 4536, 29 September 1893, Page 3

WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

1 Annual General Meeting. The annual general meeting of ' shareholders in the übove, Associtition wiib hold at tho Temperance Hall, i Mastprtou, at I p m,: this day, Mr M. Caselberg, Mauaging. Direotorj presiding. i\ie6srs D. and L, Natbahj Booth, Phiirnzyn, D/Donald, aiid u\, W, Cave, direolprs, were also present. The Chairman, in opening the proceedings, said that tbo smali attendance of shareholders t-howed the perfedt confidencu reposed in the l management. i

The inif:uto.f of Ihe last meeting were read and confirmed. iieiort. ' Tim annual 1 report and balance sheet submitted i-howeil that the Association, during ill-;' pint, twelve month-', his mado a slc.ily im-reaseof trade a'; a'l its branch's, ijiwee tho last report, the Iv-pua-mga Dairy Facto,} ban In en comph'ii-tl, Mr Sliendan'a iiusims.s aiidpiant, atCa'.-; ti'i'tou, !wvc i.pen |iur -hascd oo ad- j term?, nii'l arrjngeniehts have been made with Mr Allen, tho owner, for ut purcluse of the freehold, Mr Wtod'u interest in t'io Gri vtown

Olieo.ii! Factory Ims nlau been put-: diasul, At the JPahiatua hrancli ultern'ionsliavubeoiiofiVckd, mid a! long lou8« ob ained of Hut |iremin'B. j Tlii! number of shareholders at the! last iojiorL was fiOl; and this number is now inciuissd to 1)51. i !;e total ini-t piofitH for the vimr urn ma to ;£S,G;i9 12-. j Mr Al. Ciwlb.-rg'! pi'o|>n«eil the : |ado|itiou oi iho bat-lien >ii-ii. Ah it wus Si) full, it w >i .iiccu s.-.rr for ■ him t» say iimci. Ha hud, Ir.w. ver, < t> c-'Ugiatiiluto ill' j!niii?Udu'< on| the very favorable •esult of the year's ! l o|;erHlior.s, oiim-idoniii! the panics which had preva 1 d nil round, i lny had, sine.' tlier lut annual >n«< ti«ig doiiiiled tlii! share lis', winch showed tbi! increasing confidence in the asvociitlion. Last year they iud 601 I shareholder holding 10,946 shares, ami now they had 'JSI Rliarehi)ld?ra ; holding 14,779 shares. Their fiimnciul position whs a very strong one, which wus tho main thing. Their position had rmt do criomled in the

least, notwithstanding (lie large increase of business, mid lioy b-id iibout £5 of assets for every £1 they owed. , The increase of business was a very 1 noticeable feature during the year. Ho bad (o congratulate the Association on securing Messrs Booth and Pharazyn as Directors, Both giTille--1 men bore a very high reputation as men well versed in business and company matters, fie ivould point oat that although the balance sheet was very favourable, which all rouat admit, tliey bad never iosfc sight of tue co-operative principle, and iustead of trying to make a larger profit endeavoured to give every shareholder the very largest btnilh possible'. It was easy to supply goods at a cheap rate of ai inferior quality but there was no incentre to do this as they were an association, They had therefore only supplied the best nrtioles at lowest possible rates. The dividend paid 8% was n very fail' one and allowed the association to pay live per cent, bonus on purchases, They had thought tins n picferable plan, ilo wished ho\vcver,to warn them in time thus this was a very luge bonus, and Heine of the Directors thought it should be made less to enable them to add to the reserve ftit.d. If the business of tho Association kept up and increased, he personally hoped to keep to the high rate of bonus, They bad extended their opertioiis in Uarterion, and bad purchased a cheese factory, Tho Kopuoranga butler factory had been opened rather late in lost teason, and had not proved so profitable as they had hoped. It bad, however, taught them never to depart from the cooperative principle. When tbo offer «as first made to the people of the Forty' Mile 13ush to open butter factories, they jumped at the offer of pergalloii for milk, and a share in the profits, if any, A Mr Chester had just then come along and offered 8d pergallnn without conditions and this was why they had not gone, more into the Factory business ft would bo necessary in tho coming year to extend their business premises at the principal centres to mcei trade requirements, 11eferrin« to produce, ho pointed out that they did not muke the market, but had to be contioiled by it< prices. After comi'der* ationtlie Directors bad decided to mct premises and store fatmers'giain nod oats at a nominal chargo until iliey thought ht to sell, What they wished was to avoid a loss, tie desired tiie shareholders to thoiougiily,. understand that they did not wish to olitiia' a profit out their goods, and if they cared to place their few thousand bnahels of oats or wheat in the hands'' of the Association, they would advance on the grain and sell at a small commission for the growers, It was intended to issue 2,000 at 20s. It wasreeoiitiised that the Association was lima fide, and people who had been rath r timid at first were now eager to join them, Homight'oxplain that the reason the sharo capital was £B,OOO less than last year, 800 fully paid up shares at £5, bad been eonwted into 2,000 partly paid at £2. This made the liability of the holders fO,OOO more to the company, 5s per sharo having been paid for the privilege, The Association now employed 77 hands—mostly married men—ut a good wage, against 5G last year. The Association was prepared to receive money on deposit at 5 per cent per annurr for six, months, 6 per cent for twelve months. Caution •'duld -be observed and they duU only borrow £12,0.00 • per ntium at present to be repaid t £I,OOO. In conclusion he men>. ioned that tho, retiring Directors who offered 'themselves for ro lection) were Messrs Pharazyn looth and L. Nathan,

Mr Dalrymple seconded tlio motion that the report 'and balautß be adopted,. In reply to Mr Blatohford, the Chairman stated that the Wholesale Drapery Company's stock was sold at such low rates that it. did not permit & bonus. The motion that the report be adopted was then put and carried unanimously.