WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

Wairarapa Daily Times, Volume XV, Issue 4830, 20 September 1894, Page 2

WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

Annual General Meeting.

The annual general meeting of tho I above Association was held yester-1 day afternoon, Mr M, Caselberg, Managing Director, presiding, and Messrs Donald Donald, W. Booth, A. W. Care, L, D. Nathan, and L. Caselberg, of the Board of Directors, being present, / 1 The Secret ary, Mr D. W. Molntosh read the notice calling the mooting, and the minutes of the last annual meeting.

After/ the confirmation of the \ minutes tbe Chairman, in moving j the adoption of the report and bal- ] ance sheet, said: Gentlemen—The i report and balance Blieet having < been in your hands, since the Bth | instant, you have no doubt carefully ] examined, it, and are.well satisfied . with the result of the year's busi- j ness. I have now the pleasure of . moving that the report and balance j sheet be taken as read and adopted ( by this meeting. In speaking to the : resolution, it is usual for the Chair- • man to make some remarks on behalf , of the Board of Directors, to give an account of their Stewardship, and give some details of the business for , the previous year, and foreshadow tho future operations of tho Association. I will do so as briefly as possible, and confine my remarks to the business of the.Association, and only touch upon extraneous matters as they may affect the shareholders and the Association as a whole. I need not tell you that we have passed through a year of great depression which extended over the whole Colony, Australia, and England. We have all felt its effects, various cir-; cumstances contributed to its cause, upon which I have no time to dwell. Your directors hove had a very anxious time, and it was only by careful management, husbanding the resources of the Association, and the loyal support of tho shareholders, which have enabled us to come before you with so good a balance sheet. By comparing this balance sheet with the previous one you will see that we have made a net profit of L 7459 as against L5G39, an increase of LIB2O. .This was caused by an accession of 520 shareholders, by importing a larger quantity of merchandise from Europe and America, by shipping wool and produce Home, thus saving exchange. Being in a sound financial position gave us great facilities in buying to | advantage, and thus enabled us to increase the trade to ayery largo extent. The Directors, after'careful deliberation, have come to the con- ' elusion. that it is their duty to strengthen tbo reserve fundasmuch as possible, so as to keep up the ' financial strength of tho Association so as to continue to inspire the ful- ' lest confidence of the shareholders ' and the public at large, also to enable ' it to trade upon its own capital, and ; retain the same proportion of assets to liabilities as at present, viz.— Assets, L 81,000; uncalled capital, ' L 37,000, equals LIIB,OOO, ami liabilities, L 38,398. ft They have therefore decided to make the bonus | returnable on shareholders pur- ' chases 4 per cent,, especially tak--1 ing into consideration, that since the ' last balance tho prices of all staple 1 commodities have been reduced, and 1 it is their intention tofurther reduce [ prices where possible, hoping you ! will approve of our decision, inas--1 much as it compares favourably with other Associations, who pay only 2 and 3 per cent, on purchases. The bonus of 4 par cent, on purchases really means a third of the profits on the year's business of the Association.

' You will also see that we propose to write £506 oft properties, and to carry to Reserve £l3Ol, which will make it £3500, aud bring forward £771 to next years profit and loss account, or in other words tho reservo will be £4277, equal to llf per cent, on the paid up capital, a very satisfactory result to achieve in years. _ Tho report states that wo have carried out all the items metioned last year, I will briefly enumerate them The Carterton store is now completed, aud well stocked, with an eifecient staff aud doing agood sound and increasing business. The Greytown store and outbuildings are in excellent condition, The staff are the oldest in the employ of tlio Association, of all the branches, and helped to show the good resultof the balance sheet, The year's operations of the Greytown Clieeso Factory have turned out very satisfactory, Pauiatoa : This business lms shown a steady iucreaso in its trado, so much so that we are impressed with the importance of the future prospects of that district. We have purchased the freehold, and intend erecting suitable business premises in brick, as soon as possible. Masxekton : This centre and head of our business, has shown an increased trade, a large bulk store of wood and iron has been built during the year, to meet the requirements of the trade.

Tenui : This branch lias also done an increased and satisfactory trade. Kopuakanga Butter Factory shows a loss of L46,due to the small supply of milk and the necessary expenses, alterations and improvements we have had to make. The outlook for this season is more favourable, as a 1 larger quantity of milk will be received at the Factory.

Wool: I am pleased to state that we have had a much larger quantity of shareholders woolplaced in our hands for shipment last year which haßsaved exchange andhelped to make the profit. We hope tohave a larger quantity for shipment this year, Sliaroholdersare satisfied their interests have been studied,oxpenses arid commissions curtailed and the best prices have been obtained for them at the wool sales. Wo employ an experienced Wool Broker to report on the values and watch the interests of our clients. You will see in the report, that the Directors have decided to reduce the rate of interest to depositors 1 percent, owing to, the rate of interest for money being lower, and the security we have to offer to depositors, is as safe as any in the Colony, . . Shares; We have only had an accession of 31 shareholders during this year, because the principal and most desirable settlers who do business with us' being already shareholders, and we only allot shares to, those who do business with the Association. This accounts for the small nnmber of applications. We havo not; canvassed for new shareholders outside of :<jur business centres. The Directors-feel sure it is only a matter of time when the balance of the unallqted shares will be eagerly sought after,' at 'a high' premium,- Jst as a safe: investment for thrifty settlers, '2nd for the great advantage conferred; on its shareholders. The share list will bo re-opened on the Ist October,

1000 Bb{treß;yillvbß-"ißßned: premium, s ? shareholders few shares''will hayo preference. I -wish to draw' attention 1 to' the fact thVAisooiaMptf is" different' company. profits of the business, are expended/,, within the district, are paid away in ~/ll| wages to employees, local tradesmen, and in bonuses refunded to share-V%p holders on .their purchases The •> balance, only a small poison of the profits, is absorbed in paying 8 per i ffi cent'on' tbe paid up',capital and building iip a Eeserve Fund We V s 1 I * 11 * S* employ on. aa average during the year 90 hands," a large number of them married with families, who f receive some £IO,OOO in wages We ! J have refunded to shareholders as *• bonuses oil their purchases, £4617 in 2|f years, The prospects for' the future, are good ;; and „? f I think those who. have carefully 11 watched events, can see a ' ' ing to the cloud. . The admission U-r t wool froeto America will enchance i " >,l the price : of'it,' r ftnd'./benefit all'/' ~i classes in New and" indirectly! The for frozen meat is also better, a demand arisen in other big centrea, of populaf|f||| tion out of England;'y,The dwcoveiy |r|^| of a new process of thawing it willvSijijj. do much to increase tion. But the main thing of'all, th» restoration Wp financial I circles is'having the of . reducing the rate of interest oii%fi| money. Bank and Financial panies are again prepared to : makß;';ii||gl advances to their clients mate undertaking. All these thingjyflf|| should revive trade, ,and .we canconMlli fidently expect otir share of the goWß|f| time coming,. I think I have fully I *o renewed the Association's affairs,ana '.will be glad to anßwer any question* L > shareholders may wish toasknjjf The declared dividend and the bonus on purchases, will be payable on October Ist," ' Mr Pearce seconded the adoption ' of the report. , Mr Blatcliford asked if tlimirec- 1 ' r \ 1 tore were compelled to-deware a .

dividend of 8 peiv cent. Ho asked because the bonus had been reduced from 5 to 4 per cent. 5 The Chairman explained that if money was put into a commercial" / company, it ought to produce eight per cent, to investors. Increased trade hits made the bonus become a very large item. Tliey werodealing more liberally <is regards bonusis? than any other co-operative association in New Zealand, The largest combination of the kind in New Zealand, the Canterbury Association, paid 10 por cent, on paid-up'capital, and 3 per cent, as bonus. It was ' impossible to guarantee, a fixed bonus. In; every, business they to have govern it, might not bo v quite outsiders.' Lines in which 1 there was great competition did not adini tof a ■< bonus, being sold at a price which barely paid the cost of handling, In reply to Mr Stempa, whoi asked how the loss on the. Kopuaranga Butter Factory occurred, man .said it was due to the small supply of milk. The butter produced * was of excellent quality, and had fetched highest market rates. The report and balance sheet were then adopted, £ On tlie motion of Mr J. Bannister, :■' seconded by Mr W. Colo, Messrs D. • L;Nathan, L,Oaaolberg, Donald were re-elected to the Bomw of Directors, ; ' ; Messrs W. B, Chennells and R, T. Badham, F.1.A.V., were re-elected auditors, V "l: ' The usual honorarium of £SO each per annum, was voted to the Directors, on tlie motion of Mr Pearce seconded by Mr J. Bannister. f , Mr J. Blatchford moved a hearty vote of thanks to the Chairman and Directors,'Secondodby.Mr. Stempa, andcarried, ' The Chairman explained, iii reply to, Mr Stempa, that Dr. Hosking was prevented :fr»m being present by urgent professional engagements j Mr Pharazyn was in England, jjav- , ing been granted six months of absence; and Mr L, Nathanpas unavoidably detained in Palmapton .;: ■ North, At the monthly committee meetings,' when tho . Association's real business was transacted,, the Directors wero very regular attendants. . Mr Bannistor said lie. wished to urge upon tho Directors caution, The grain and butter market was: not looking too lively, and tho Directov would have to be careful. believed in grain being ■ bought according to its real value, and not '' merely to square an account, ' y The Chairman agreed with Mr •- Bannister and promised that duo caution would be observed. if#- Nathan, in returning thanks > forre-eloction, said the past ha d been a most anxious year to business men, owing to' the disturbed finance, not only in New Zealand, ■ but all over the -world. But hp was pleased to say that and capable management, theassociation'a affaira were in good order, and any business man, who under- ■ stood how things really stood, would • be moro than satisfied with the pro- ■■ sent balance sheet. What was required was the hearty co-operation , : of settlei-s, and the Directors did not » ? mind how much time and trouble they expended, if the settlers assisted, They had a great deal to thank Mr M. Caselberg for, as to his management • was largely diie > last year's success. Mr Pearce, in very toftring. terms • moved a vote of to the employk ; ■ ; Mr M. Caselberg said that in this * ' connection he. might tell them that * ■ ■ some of tlie employes had been con*«' Nnectedwith the business about 18 ' years. The Association had now a • staff which it cDuld justly be proud of, -i.

Mr. Lionel Casolberg briefly re« ' turned thanks on behalf of tho employes, who, ho assured tho shareholders,- would continue td " study their interests as in the : past, He also thanked , them for hkyra. • election to the Directorate. . > ■

Tho meeting then closed with tho usual votes of thanks to the Chair, man and the Directors.