THE NORTH NEW ZEALAND FARMERS CO-OPERATIVE ASSOCIATION.

Waikato Times, Volume XXII, Issue 1830, 29 March 1884, Page 2

THE NORTH NEW ZEALAND FARMERS CO- OPERATIVE ASSOCIATION.

A meeting of the dhectois of the newlyformed association was held at the office of the secretary, junction ot Victoria and Grantham-stieets, Hamilton, on Thursday afternoon. The following weie present : Messrs W. A. Graham (ch.iirm.in), J. Brook-?, -T. J. 13 n ugh, C. Gould, R. Peat, Little, Wesfcney, Gdlett, Way and S. S. Graham. — Apologies for non-attendance weie received fiom Messrs J. B. Smith and J. Newland, the Litter of whom was in Auckland. — Letteis weie read from Messis John F'sher (Pukemi'u) and John Hutchinson (Oiak.m) e\pi easing: sympathy with the objects of tlie association, but resetting their inability H act on the diiectniate. Tho Chaiiman said the correspondence they hadiecoivcd was of amostsatisfactoiy kind. Mr Newland was not able to be with them th.it day, but he was, woiking in the c nibe of the association in Auckland He had written to say that there was a stiong feeling in mercuitile circles tliat something of the natuie of the pioposed association was badly wanted, and many business men hod announced their willingness to allow the society hb'nal discount. He (the chairman) had received a letter fiom another gentleman in the Pateiangi district, in which the need of such a society Wtis strongly uiged. The writei pointed out that wool and wheat had not been so low for many year-, and that owing to vaiious causes the frozen meat tiade was not flourishing as it ought. But if the tune-, weie bid there was all the moie need for co-operation, The canvass for shares, so far as could be ascertained, had lesulted most satisfactory. Mr Bit ton had undertaken to float 400 shares in and around Hamilton, and of this number 3iO had aheidy been taken up. At Tamabere the canvass had also lesulted well. Of couise, the canvass all o\er the Waikato d.stiicfc had only been a private one, and, as it was now the busiest season of the year, compaiatively little had been done, but no doubt existed in his mind, that they would be able to float the full nunibjr of shaies. He understood that Mr Fonvst had met with considerable success m the Camuiidge distnct. The diiectois would lecollect that Mr Forrest wished to make the iiiimmuum of shaies to be held by one person as low as possible. He (the chauman) hid intended applying foi 2iO shaies, but 111 deference to Mr Fonest's opinion, he had applied for only 100. It would be the duty of the directors at that meeting to h\ the limit. Mr Newland, he might say, had so far amended his views as to appiove of the maximum being fixed at 100. It was also for the directors to decide what action should be taken regarding the ai tides of association. During the mter\ al since their last meeting, Mr Newland hiidde\oted a Luge amount of tune I and tumble to the matter. He had gone carefully through the Taranaki Society's articles and had beside diligently studied the Companies Art. The result of his studies he had forwarded in the .shape of draught articles. At the lequest of the director-, the Secietary lead portions of the Companies Act, and the general subject of the articles was fully discussed. The following conclusions, or resolutions weie arrived at : It having b3e.11 pointed out that many shareholdets would pay the full amount intended to be called up (10*) at once, it was agreed to allow 8 per cent, interest on all money so paid up; the maximum of shares Mas fived at 100, each share to have a vote, 20 shares to coiisitute the qualification for a director. It was lesohed that shares be non-transfer-able except with the consent of the directois. Tie following were appointed a committee of in in agemerit. to consult with the solicitor and float the Company: — Missis Biooks, J. B. Smith, Newland, Gould, S. S. Graham, Foiiest, Barugh, W. A. Graham and Westnoy, three tJ form a qinium. The nntter of appointing professional canvasseirf for Waikato and the Auckland country distiicts was also left in the hands of the committee. A number of accmnts weie presented and passed for payment. The acting seeietaiy's account for clerical work and canvassing amounted to 62"), which the directors considered reinatkably reasonable. Mr Barton, moreover, said he would take payment in 50 paid-up shares, an offer which was considered most genet oils. It was resolved to ask Mr Barton to continue to act as secietary on the same terms as before, and that he be allowed one per cent, for canvassing. It having been decided to app )iut the Bank of New Zealand bankeis, and Mr W. M. Hay solicitor to the association, the meeting closed.