WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

Wairarapa Daily Times, Volume XVI, Issue 5136, 21 September 1895, Page 2

WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

ANNUAL GENERAL MEETING-. Tho annual general meeting of the abovo association was held in the Company's Board-room yesterday atternoon, MrM. Caselberg, Managing Director, occupying the chaii^ The other Directors presenjjpßre Messrs C. Pharazyn, L. J, anal). J, Nathan, D. Donald, L. Caselbßrg, A, W. Cave, and Dr, W, H, Hosking, The only shareholders present out- \ side the Board, were Messrs Pearca and W. H. Cole. The minutes of the last annual meeting were read by the Secretary (Mr D. W. Mcintosh) and confirmed. The Chairman said the report and balance sheet having been posted to shareholders since tho 9th inst., thoy had no doubt carefully examined it, Taking into consideration the trerne depression existing amongst all classes; the low prices ruling for all staple commodities, and the , scarcity of employment during the past year, he hoped the shareholders would consider the balance sheet a satisfactory ono. He would now move the adoption of tho report, and in speaking to the motion had very little to add to his previous remarks, except to tell them that it hud been a very anxious and trying time for tho Board. They would seethe Directors had been obliged to wee the dividend on paid-up capitaWom 8 per ceut. to G per cent., and the bomisoiishareholders'pureliasesfrom , 4 per cent, to 2 per ceut. This was caused first, by the Association making £2697 less gross profit on very nearly thesamoquantity of goods sold as during the previousyear: secondly by having lost fully £7OO on butter shipped to England, and by also making nearly double tho bad debts made during the previous year. The reason less profit was made was that they had reduced the selling prices of all goods immediately after last year's balancesheet. This was partly t to give shareholders the greatest possible advantage and also to competo with Wellington firms. The Directors anticipated being able to recoup the loss of profits by a large increase in trade, but bad times disappointed their expectations. Loss on butter, as all knew, was caused by the extreme low prices ruling in England ; the loss on the Kopuaranga factory alone was £366 and adding their interest on outlay, another £BS, made it ifeill £450 out of the total of £7OO. debts he need not tell them were also caused by the bad times. Although every care and caution was used in giving credit, still in doing a largo business with all classes of settlers, it was impossible to avoid making n, bad dobt occasionally, especially in bad times. On the other hand thoy reduced trade expenses by £I2OO, and shortened sail whenever it was : found possible without injury to tho business, The result was that liabilities had been decreased by £IO,OOO and the capital increased by £3OOO. Also, after the adoption of the balance sheet the reserve would be increased by £IOOO, and would stand at £4OOO. Altogether, their position was stronger than ever. The balance sheet showed paid-up capital £40,224 ;. reserve, £4,588; uncalled capital, £32,687, total £78,49!). Tho balance-sheet also showed their assets at £72,564; add uncalled capital £33,687, and tho total was £106,251. Their Ad liabilities only amounted to£23,M); or in other words, thoy had assets of nearly 100s in the £, a position which placed them amongst the safest and strongest Companies in New Zealand. By occupying such a position, thoy woro able to buy to the best advantago and compete with all - comers, and also to take tho fullest opportunity of extending their business, as soon as times mended,which he hoped would be very soon. It would be seen that the Directors advised in the report that £6OO be writton off on properties, which sum would fully allow for wear and tear. All stocks 1 of merchandise belonging to the Association were of the best kind and best value. As there were indications of better times coming—the rise in wool and other staples—it was hoped that a better report and balance-sheet would be placed before the shareholders next year. Since last year the freehold of tho Palliatua business had been purchased, and tho premises at Greytown had been extended. It was make furtherimprovoments atPah® tua as soon as possible. Tho Aity ciation's wool business was rapidly increasing, and was fully 50 por cent, ahead of that of the previous year. There was a special advantago to those who sent homo wool through the Association, many commissions and charges being sayed, as the Association was enabled to make its payments in London with the wool, and therefore saved exchange. With regard to shares, although they had not closed t!io share list, they were not canvassing for shareholders, but the list was open to desirable persous who would benefit the Association, at the same premium as last year, viz: 10s per share. It was evident that tho shareholders were well-satisfied, and. that only two outside tho Board were present at tho annual meeting, showed their confidence in tho Directorate, He thought that owing, to the reduced dividend there would have been a full meeting to ask all about it, but the shareholders were evidently shrewd and sensible meu, and knowing the best had been dono on their behalf, were satisfied Jo stop at home instead of wast®, time at the meeting, Mr Pearce seconded the adoption of the report, tho motion being then carried, On tho motion of the Chairman a 6 per cent, dividend was declared, and a bonus of 2 per jent. to puichasers and employes. Messrs A. W. Cave, L. J. Nathan, and W. H, Hosking were re-elected Directors, on tho motion of Mr Pearco seconded by Mr Cole, Messrs T. Badham and W. B, . Chennells wore re-elected auditors, "* ■ On tho motion of Mr Pearco seconded by Mr Cole, tho Directors 1 honorarium was voted as before, Mr L. J. Nathan, in returning thanks for re-election to the Directorate, said ho hoped that they would be able to show a better record at the end of the present vear. Tho usual vote of thanks to the employes, Directors and Chairman,. concluded tho business, aud the nieeting adjourned, jfe