CANTERBURY FARMERS' COOPERATIVE ASSOCIATION, (Limited) TIMARU. Third Annual Meeting.

Waikato Times, Volume XXII, Issue 1831, 1 April 1884, Page 4

CANTERBURY FARMERS' COOPERATIVE ASSOCIA TION, (Limited) TIMARU. Third Annual Meeting.

The thiid annual meeting ot the Cimtcj bury Fai mcrs'Coopeiv t \v As>oei it.ion wa<held in tlieAssooiatiouVw.iH'liouso, t'.ii'itcirace, Ti main, on Satutday, October 13 Thete was a good attendance, and Mr .) Bradshaw, Chairman of Direitois, pro siiled. The meeting having been foimally opened by the inanag r (Mi Watkins) reading the advertisement cilling if, the minutes of the last m> cti.ig wcio lead and confirmed. Mr Watkins then icad the following balance-sheet : — MAi,\xcE-Mun:r Skim 1 ., '20th, ISS3. Dr. Si i. d. £ b. d To Capital 2512 Sh.wes of £5 each 12,3(30 0 0 Less Capital unpaid 4,821 10 3 7,73-! 3 9 To advance leceived on Wool . and Produce 10,122 19 0 Bank overdiaft as per passbook 3,73") 12 3 Cheques not p resen to d for payment and mte-iest till date 825 12 10 1,5(11 5 1 „ Deposits by Shareholders 1,13!) 2 ;» „ Sundry Creditor I.ISI 15 10 „ Bills payable ajjahistgoodi I"-' 1 ( > 3 „ Mortgages on Freehold s with inteiest tdld.itc 8,117 13 <> „Rosox\cFund Sill 11 10 „ Balance Xett pro fi t for yeai 1,130 1 ■", ulri/.isi n ii Cr. £ -• d By Freehold Viopeitv 11, .^2 15 JO „ Ofiico fuimtuio -lo^ 10 p-r cent dcpieciation 70 2 9 „ (Joods on hand and afloat--Uken .it nett co-it 9,30S 3 7 „ Heaton-stieet .Stun 1 , Rolhnjy Stock 310 10 0 „ Advances made on Wool andPiod.Hv 10,li;i 18 3 „ Amount due on open accounts 2, IT) (i 3 „ Commissions and I'Achan&e. earned but not yet chained to i)eisonal accounts I<>7 19 2 „ Pielimm.uv K\m<misl.s, les-, two thuds wiitte-i oft 122 12 2 „ Balance in hand of London Agent foi Suipliissu-5 on Pioducesold ()')0 IS 1 „ Cash on hind ">lO l'» 10 £35,981 11 11 We have exunined the spcuntios, com paied the above balance-sheet with the books and vouclii'is of the association, and h.i\C found the s.une coi i e< t W. DAVIDSON I Al «" tl »" Hour am) \. s> \ctoi'vr. Dr. t' >>. d. To Depi eolation of Office Kuinitme 7 K> 0 „ One-third Pieliiiiinai v Exp.'us,-, " 122 12 0 „ Incidental H\i>mim>--, Chutes, Stitioiios v, Piintmy and Adwitisinir 2ii2 7 3 „ Rent and Tavis J4.) 1 3 „ Stamps , did Tde^i mi- L") o 1 „Salanesand \Va-r.-, J.tWl 13 ! „ HemuiHM.it ion to {'nii> mitten and London Agent's Commission 307 I' <■» „ Tnteiest 174 <S 0 „ Balance, Piolit foi the year 1,130 1 3 W. 771 2 1 Cii. € s. d J}y Discount on Cash Payments ,>nd Insuimco 311 1") ~> „ Commission 727 IS 1 „ Stomge and Shipping Cluuges on Wool and Pioducr r>7 0 2 „ Cancelled .Slmes i~> l"i 0 „ Geneial Sacks, Wool packs, Seeds and Coal 2,21' l 1") 4 „ Balance last -sen's Pioht and Loss Account 3 IS 1 £.5,771 2 3 By Balance £1,130 1 3 bi'U'L\n:\r oi \s»,i is, \M) v \biuiii i. Liauii ii n.s. £ s. . National Bank of New Zealand l,".l.l ") 1 ]sillspa\aM.3 _ 17") 10 3 ]Jeposits fioin Shaieholdeis 1,13!) 2 "• Sundiy cieditois 1,481 15 10 Advances iccenid on AVooland I'ioduco 10.122 19 0 Moitgagoou Fieeliolds 8,117 13 I) 2*),S ( )S 12 1 Bilance . 10,0^2 I 1)I 1 ) 10 £SVJBI 11 H AsSLT's. Fieehold Proppity 11,^82 11 10 (ioods on hand and afloat 9,308 3 7 Huaton sticut Store, Kollir.j,' Stock, and (Jfhce Funutuic r 3-0 18 0 Advance-* made on Wool andPioduce 10,1(51 18 3 Due by Shaieholdeis on open accounts 2, HCi '• 3 Coinniissioiis ,ni(l ]'j\-cliuupi-outstanding Id 7 V '2 Balance J'lehniinaiy Js\penses 122 12 2 Balance in liands of London Agent <>.~0 18 1 Ca.-h in hand 510 1!) 10 £35,')81 11 11 ( \i'ii'\r, \miiM', By B.alince Capit:d paid uj) 7,7'W 3 ') „Uesc>i\e Fund 91 ill 10 „ Pioht for the year 1,130 1 3 • 10,082 19 10 „ Capital unpaid as per Balance - sheet '1,821 l(i 1 Total £14,904 lt> 3 J VMl.s \V\lM\s, Ma-mger. Timaiu, 20th Septeinbei, lSb'3. The C'liaii iii.in then icad the lepoit of the diieetoib a^ follow s — ■ The past twelve months ha\e embraced altei nating peiiodi of hope in»l depict sion It seemed at one tinio as if oui !i»rieulturists weie about to seeuie satisfactoiy and luciative ciops ; but a wet autumn supervened, which not only, greatly reduced the quantity, but the quality of the giain actiully threshed. Taken a& a whole, the p-ibt jcui lias b j en of coiisideidble agiiciiltiu.il and coin meicial depicsion. It has l.een one wliich exercised the patience not oulv, of those engaged in biisinerfs, but in agri rulture. Dminir this tiying ])onod the directors of the Association have endea \onred to suppoi t the fanning interests of South C'anteibtiiy to the best of then ability, and to as gieat an extent as the resouices at their command would admit. It appears fioin the books that the gioss turnover for the year has amounted to £51,36G Is 9d, of which £52,740 9s fid represented transactions in wool and grain, and £25,62.") 12s 4d consisted in sales of geneial merchandise. The great advantages secured to those who ha\e already joined the association will, no doubt, be appreciated when it is in the power of the directors to state that, in the case of wool, the a\eia»e cost of shipping Home last season amounted to no more than one penny per lb on greasy, and a penny fai thing on scoured — the calculation being based on the net weight delivered in London, and including all charges from the pi ice f.0.b., but exclusive of exchange and insurance, which usually amount to a farthing per lb. There are several matters of importance besides the adoption of this repoit upon which the shareholders will be requested to decide. The first to be brought under their consideration will be a resolution empowering the association to declare, if

thought advisable, a dividend of 8 per cent, instead of tho present innximiun of 7 per cent. Taking into cons deration i! c \a!uo of money in tho open market, ihe dnectois think that 7 poi cent, is 'ni illy a fail' equivalent for capital in,c«ttilin the business, wink' they conMilei that 8 not cent, wouldofltra good '•"imneiiUion to shaiohohlors. They feel that it would be hctlci to limit the ■na\imuiu di\ l'lcnd to 8 per cent., rather than that a icsolution should le passed empow i ling the i ossibdity ot a still hi<.'hei late. In an association like our own, based upon cooperative piinciples, gioat ean 1 must bo taken le^-t the intoiost*. of the capitalist beenn.e paramount to those of the f.itmci and prOdlloer. And now turning join attention to the balance shoot, tho dncotois would make a few c\|jlanatory reinai ks The accounts as audited .show the association to be in a sound and prosperous condition, although the capital called up amount* to £7738, the aveiage woiMng capital tor the year has been but €.)447, on which a net profit has, been earned ot '2li[ per cci t, a fact which, under the depiession of last season, cinnot bo coiibideicd other than fay oui able. Dm ing the pel od under ie*iow, tho moj tg.iycs on the freehold of the association have been reduced b) C I OB7 8s 3d. The advances on pioduce at piesout stand at Llo, l'Jl ISs 3d, an amount w Inch does not icpiescnt the tot.il advance daring the j tar, but i^ simply leftiable to the idvances now cmient A few months ago tho duettos decided upon lecciving momy fioai hharoluildi is on fi\''d deposit, somt fclun. holil»'i-» potso^s biillkiei.t con (i knee in tio Insati Lutif hi to eiittu^t then isioiiej to it-, cue, .i!id tli.it the inteiest acciuing ou Minis so invested goes to the UMduit-i in tho disti ict and not to the foieiiiii capitalist. The dneotor.3 ln\e evciy e\ptttaliou that dining the coming ytMi the depo-it account w ill attain gieattr pioportions. The total indebtedness of the Society stands at L'J."),i)ol 2-> Id. A lcfuicnee to the statement of habilit es and assets will bhow th it tin 1 latter exceed the toinioi by L 10,052 10s lOd, o\clusi\e of thouncilhd c\;>it il, which amounts to LtSil 10-, 3d. The net piofit w .th which we have to deal .stands at L 14."/) Is 3 1. Acting nuclei the pnwcis gi anted to them by the a\ tifh s ot Association, thedin ctois havo <lecidcd t> pi ice the • hole of this amount t) the ite-^ivo Fund, subject to a deduction ot mone\s sufluient to declaie .it this ni' ttinc; a dividend of seven pel cent on the paid up capital. The R<soi\o Fund « ill then stand at about L' 20()(), a vciy substantial sum to have been aceumulat -d in so shot t a time. They have been led to this eonise. by sevoril impoitiint consideiations. It is tho duty of the Association to attain it possible a sound financial position in the fiifet few yens ot its existence. '1 he possession of .i lai^e ic~eivo fund will add to the nia'kot \d\nc ot its sha'os, by gnmg moatei iccniity to tho investor, and tend to piomoto a steady ecjuihbumn of piotit. When ono tlie lluscivc ■ Fund has attained tne piopoitions wh'oh th" duei-tois foi tlio time being mo) considt'i sufficient to scenic a noces«aiy stability, those annu.il accumulations will ci'.is(>, and tho total profits ot each} oat bo di-.ti ibutt 1 as bonnsts on putoiiiso. The dnectois Joel that the saoiihoo ot a small, and to the bulk of om shaichohlois, (in almost inap|iioeiablo bonus, \\ ill boinoio than < ompui->at"d by tlu additional secunty which must los'ilt 1 fioni the cou ise v\ Inch thoj have adopted. Tin y l>av c ulieady eau^e to beho\o that tho policy which they ha\" initiated has nvt with tho .i|)pioval of many thinKing and influential mm fioni amongst, tlugtnoial body ot the shaidioldois Tlu Chan man then made the lollow ing fuither statement ■ — (Jontlenion, —ft i-^ now my duty to jnopose tho adoption ot our tlmd annual lepoit Butbefoie I'uttinL' the if solution to the meeting, I should like to say a feu woid». These will not detain \ on long, and I have pieloued to commit to papei even tho few lemaiks which T am about to make, in oi (lei to pi event the possibility of any mi-conception in tho futuie. In the tiist place, 1 think, we must all feel satchel w ith the gcncial lcsnltsof otn business fni tho pi<-t ytai. If we have not seemed lamo a pi oil t as might have been o\ pit. ted uiulei moie t.ivourable cncuinstiiicci, wt liavc, on the other hand, eaimda \ < l s <lv intone, in view ot the continued dullness iv tiade which has picvaikd not only in Tiniaiu but in othe: places The lepoit which I have just icad cnteis vciy tully into the nioio impoitant ltoms of the account, and I will now allude to tho £2493 Gs 3d appealing on the ciedit side of the balancesheet, and lopiesuitiii" the amount due on opi n accounts; tMat is, duo to the Association fi cm its shauholdeia. When it is undeibtood that our sales for the thicc weeks picMoiusto the day on which the accounts weic closed, — nimely, fiom the (list to the 20th day of Septem-ber-leached a total oi £2;}05 3s Bd, I think you will agiec with me that not only is the husuifcas of the Association on a sound footing, but that the fanning and pastoial lntuiiiots lound and about finiaiu must have an ml eicnt strength with which they aie laiely credited. You will have noticed that on this occa sou for thcliist timo a "statement of abiots and h ilnhtics " has been published. Such ,i statoini nl is nothing moic than an} j)ii->on could h..ve deduced fiom this or one ot oui pieuous balance-sheets But it has been thought that to publish a simple table of the assets and liabilities of tin Association would not bo dotiimcntal to its inteu sts ; and might help those who wi-h to do so, to oonipiehond its truly sji'nd financial condition. You must all fefl that, foi its own srcuiitya nowl}'lOL'isleieil company *-honld pave its v\a} slowly and suioly. Thoic must bo many thniiji which it would like to mnleitake. but which it feels it ought not to enter upon. In our own case, wo can onlj hope that each yen will w it.K'ssagiadual extension ot oui list fulness. Dining the past twelve months we have enlaiged tht offices in Cam's Ten ace, taken over the w alehouse which had picviously been leased by us to another company, and have fitted up in Jloaton-sti cat a water engine, which amongst ito othei duties dnves an iion standaid punching' machine Dining the last few days a iettei has been addressed by the management to each of the dnectoii, icquestmg his advico about the establishment of a s> paiate depai tment foi tho sale of dairy and faun piodueo. The ptovision store, which tho pi oposed scheme will necessitate, should be fitted up in a thoioughly satisfactoiy manner, and all pioduoo oiiirht to Le sold on its individual merits. ( App].uis<\) And now, gentlemen, I would only refei to tho last paragraph of the lepoit, which l elates to tho division of piofits for tho past yo'ir. Tho deoi'■ion ai lived at by diiectois was far fiom being unanimous ;— not, I venture to think, because it was not sudickntlv evident that the lesolution adopted was that best calculated to promote the stability of the Association, but because an influential section of the board (not unmindful of the interests of those shaieholdeis w ho might possibly have leekoned on a bonus) hesitated before they could conscientiously agice to the resolution. Individually, I cannot but think that men ax ho have daied so much in the past would prefer to remit their moentary interests to the geneial good. I cannot but think that they would prefer to see tho Association strong and unassailable ; to recognise in it tho harbinger of their children's future welfare ; and that such men would prefer to promote its true prosperity, standing as it does the undoubted pioneer and most prosperous example of farmers' cooperation in New New Zealand. (Applause.) In conclusion I would observe that if co-operation has achieved the success which it has undoubtedly done in Timaiu under many discouragements and supported iv not a few instances but by the half-hearted assistance of its shareholders, what, I may well ask, could tho principle attain if each and every shareholder thoroughly grasped its power,- put their shoulders to

fclie wheel anil worked with single aim together? (Applause.) Gentlemen, I lieg to move the adoption of the repoit and bnlance-sheet.