NORTH NEW ZEALAND FARMERS' CO OPERATIVE ASSOCIATION.

Waikato Times, Volume XXIV, Issue 1964, 7 February 1885, Page 2

NORTH NEW ZEALAND FARMERS' CO OPERAT IVE ASSOCIA TION.

Thk second ordinary pwneral meeting of the shareholders of the association win held at tlie store, Hamilton, yost-irday. There was a large attendance, and the chair was occupied ny the chairman of director--, Mr W. A. Graham. . The secretary (Mr W. flaxrett) read the advertisement in Tho Waikato Times calling the meeting, the minutes of tlu> previous meeting, and the following repoit and balanee-theet :— dikkctors' nrroßT. Ymir Directors, in meeting the Shareholders at the first General Meeting of the Association simeits forniition, h ne much pleasure in |iresenting so favour ible .1 result I lit" li il ince Sheet shows a considerable amount of business tr.uism.teil, and wnen it is considered th it, although this Meeting is termed the* first Annual Meeting, our operations up to the end of November, 18S1, include only hie months actuil trade, there is room to congratulate the Assoc 1 itmn on its initial career Ihere were many hindrances and difficulties incident to the formation ot .in Association such as this, whvh had to be met and overcome, md \our Directors th ir,ktullv ,ilknowledge the kindly assistance rendered b\ the Press, partu ularly Ihe W.nknto limes aid the Auckland Herald in vcntil iting tho subject, md bringing it so prominently before the pubic , and also, the private efforts of indmdu ils, whose kind assistance Ins been ol ijreit ben< ht Iheri wis at the outset some difficulty experienced in obtaining suitable premises in which to c trrj on the business in nd, and this oc c isioned a temporary loss of time and trade \gun, although the Association se<urcd a very substantial advantage in obt lining possession of Messrs Cl irk and Gane's stock and business, there were still sonic lines of trade that had to be pro\id-d for. lhis was notably the cue with Boue Dust, md jour Manager met the difficult) in tho best possible way— by local purchases' but the supplies thus obtained were occasional!) irregular. Your Directors hope to mike such arrange me .ts tor future wants as shall im lude ah far as possible, a regul ir supply ot reliable merchandise Your Directors ha\e also to report that they h ive established, in addition to the Auckland General Depot and tlie business carried »n by Messrs Clark md Gan«* .it Cambridge, If ranch Mores at Hamilton and li Aw 1 mutu, so that the Association has now four centres of business which ire m iking satisf ictwrv and pi) iblu returns. 1 lie oper it ions ot this Association cannot fill to benefit 1 irgclj the Farming section ot this community, lurit — lhe advantage of having an sstablishment in \uckl md to receive and dispose of all kinds ot Producu, where the interests of Shareholder, are cirefu 1) guarded, both in saies effected and purchises made. Second — Youi own stops will be generally filled with suitable men nandise, wliii h will alwajs be offered at rites th. t nuntiommend the articles lo Shareholders md Hujer.-, lhere is also the satisf iction of knowing tint whatever margin of profit may arise, it is being m ide tor redistribution amongst Sh ireholders With regard to the future man igement »t the Association's business, )our Directors hi\e appointed Mr Wm Gnrrelt, as Mm iger and Salosmin in Auckland ; and also arranged with Mr J. Gaiic, who his hitherto been temporary Manager, to supervise general!) the business of the entire Waikato District \ our Din-dors recommend the disposal of the profits made as per Balance Sheet, as follows:— 1 he paymrnt of a ividend of eight per cent, per annum ot the p-iid-up Capital ot the Association, lhc writing off of the sum of £100 of the preliminary expenses, and the balance to be r imed to the credit of a new IVofit and Loss Account, lhe following Directors — Messrs \V. A. Graham, R. Gi'lctt, J. J. Harugh, ). Brooks, Jas. Bell, and C. Gould, retirr by Articles of Association, but are eligible, and offer themsches for re-election It is competent also for the Shareholders to fill up thr eight vacancies now existing on the Hoard. I' wo Auditors will also have to be appointed for the ensuing year. W. \. Gkaiiam, Chairman. Auckland, January 21, Vvw.

Audited and found correct, The Cl). linn, m, in moving the adoption of the rep.irt, alluded to the difficulties expeiienced in the establishment of the anaociation. Much time had been lost in considering the propuety or otln;i wise of efitahlixhuiff br.uich Htorcn. The dnector-. at hist decided against the scheme, I>ut pi ensure was brought to l>ear by the shareholders, and stoics li.id boon open* 1 '! at Hamilton, Cambridge and To Awamutu, and tho result had shown that this was a right coumo to pursue Tho difficulty now was not, how woro thoy to get business, but hou- weie thoy to keep tho Inmineis within tho wcopc of their limited capital. At the beginning the ido.i of .starting with such ii small capital was poohpoohed, but success had crnwnod thoir effoits. The directors had, of coursp, to meet many difficulties — it was not pr>*sihlc to please eyoryb»(dy, but he believed tho great majority of Hhareholdors were satisfied. The colony had lately passed through :i pcnod of grout depression. The puce of wheat had fallen very low, and was not likely to rise ugain, but in the d.ury factories and the frozen moat trade he saw tho mpiMiH by which the f.umets would agiiiti retuin to a prosperous conditiDii. He thrxight the association had been of m itorial benefit to the agricultural community, in whoso behalf it hud been established. Tho aHsociatio7i bad made a name for itself not only in Australia, but in England Ho I mid a giaceful compliment to the Auckland diro^tois and the officeiK of the association, fot the gieat and intelligent interest they had evinced in the welfare of tho society. Mr \V. Duncan, in seconding the motion, remarked that thoy, as shaieholdors ni the association, had eveiy ruanon to e\.piess natisfaction with tho very careful and judicious manner in which tho directors had conducted operations. Thoy had worked hard, and had many dilhcnltios to overcome, and had just cause to fool proud of theropoitand bnlanco-shoot now befoio tho mooting. (Hoar, hoar). Ho might bo pormittod to inform thorn that while in Canterbury la^t month he wan, through th«

cimrte->v of the socrot.u v «>f the Now Zealand Fariuon 1 Co-operative Association, onabled to procure tin in-*i«l»t into tlio working of that institution, at well usthit of TimarU, which made him more tha-i ever ctinhdu »t tli.it coop'jr.ttidii li id a prosperous future li 'furo it in t'n- i' 'lonv. For ,i time thing* went hard with them, muc'i harder than with iw, .vnd they had t > put up with the opposition invariably otfeied to such societies liy Mime hotiM-s of Ixismo-*-, who saw in them .1 rapidly glowing power to lessen the immense prolit thi'y Usually domed from the fanner. They worn now iit'V'ond this opposition, hud a large con lu'clion, ,uid last year declared a dividend of 20 per cent , tin' Timaru 0110 being higher. Piosperousas they are, the Northern Association had however got on better, the turnover of the former Ijeincr only about £2000 per month, th.it of tinlatter £1000. They had b.-en established ye.ir>, and we only a few months. (Hoar, hear.) They held a wool wale last year, and he saw no reason why wo should not very soon be able to do tho si mi. They strongly approved of our action m estab li-hing country branches, and to that they ascnbedonr success. People who arc not in Mubers of the North New Zealand Farmer-.' Co operative Association felt the indirect benefit of its work, for whon they had occasion to purchase goods from other sources the price now charged is the proof of the ti nth of the assertion. The motion was put to the meeting and carried unanimously. The Chairman said that as thero were several matters which required to be dealt with at an extraordin try general meeting, lwsides those of which notice hod been given, the directors had decided to postpone the business advertised, ho that tinwhole could be transacted .it an extraordinary meeting, which would Ih> held | next month. At that meeting, also, the shareholders could fix the time and place of the next ordinary meeting, which might thus >>c held at a less inconvenient period of the year than tho present, when no many people were busily engaged at harvest work. The meeting then proceeded to elect auditors. On the motion of Mr Graham, the retiring auditors, Messrs Wayinouth and (leo. Kdgecumbe, were re-elected, and the honorarium was h\ed at £10 10n each. Some discussion then enmied on the question of discounts, when it was pointed out that shareholder could claim TJJ per cent discount on all purchases made at those business places indicated on the members' tickets if cash were paid. Mr (J. E. Claik, after referring to the need which at the present tune existed for careful management, m order to retiin the support of the firming community, urged upon all shareholders to give their undervided support to the rmoci vtion. He was sorry to .say that theie had been a gieat deal of half-he utedness in the past. They shovld remember th it the greater the support accorded the association the cheaper would be the article supplied. Mr limiting wished to know why the directors had dop.nted from the cash sj stwni, which wns the basis of all truly cooperative associations. The Chairman *..ud the dnectors had not departed from tho principle, which they held to l»e essential to the existence of the association, but it was impossible to cirry on operations on a strict cash basis. In the cjs, t of firmer-, for instance, redlining manures and seed, &c, credit was an ab-.o lute necessity. This was a subject to which the director Ind given much thought ; they were as anxious as any shaieholder could l>e tli.it the c i-h system should be preserved, but it was impracticable to eairy it out in its entirety. Mr Diluting had been led to understand that want of cash was crippling the concern (No, no), and yel they were giving credit. When the association was first started, the wuiking men of Auckland understood tli.it they were to work with the as>oei ition, and so sa\e the enormous profits of the middle men, but they had been disappointed, In .\n institution like this they should pay cash and receive cish. Now, he know of an instance at Cambridge where a man went to the association and a*«ked the ai'ent to buy his uhe.it, but he was told that he could only bo paid by a four months lull, and that he would have to pay the discount. It seemed to him (Mr Bunting) that the association was not co operative, but simply a commercial concern. The Chan man s.ud it must not bu forgotten that they were working with a very small capital, but the dnectors considered that for all practical pin pose" they hud accomplished all that they set out to do. They had bought for cash, and weru buying for cash in the Knglish market .it the present tnno, and the farmers he knexv , had been largely benefited. (Hear, In* ir) He could promise that the question of giving credit .should receive the fullest c moderation. Mr J. J. Barugh said, that so far as he was concerned ho had lold a good deal to the association, and had always got the money when he wanted it. Mr Brooks said lie had never heard of the Cambridge case, but he shoald like to have it thoroughly investigated. Mr Gane had never heaid of it, but it was well known by farmers that when crops were hold some teims must be agreed upon. Mr Camp said the operations should either be conducted on a cash or a credit basis. He thought all the shareholders should be treated alike. The Chairman said all shareholders would certainly be treated alike. Those who got credit would have to pay for it. Mr Forrest said it ought to be understood that no Ji-coiint would in future be allowed on purchases. The price was cut down as low as possible. After Home discussion, Mr A. Hoather pointed out that accommodation given by the association had to be paid f<n. They had a very small capital and were doing a very large business, and the bent proof of the soundness of their opeiations was to be found in the fact that they had a credit balance at the hank. Some fiuther conversational discussion took place on this subject. Mr Duncan said ho had been requested to draw the attention of tho directors to the inadequacy of the Auckland stores. Tho Chairman said this was a subject which would receive the attention of the directors, who would a'so considar the advisability of staiting a retail place of business in Auckland. In reply to Mr Hill, MrUarrett '•aid the produce bought by the association from the farmeis or sold for them on commission icpresented a money value of tNJOOO. The fruit trade was growing. Last month the association .sold £81 woith. On the motion of Mr Duncan, seconded by Mr Hujester, a unanimous vote of thanks was accorded the retuing directors foi the energy they had displayed during the past year. Mr (irah.un then retired from the cinir, and Mr (iillett having been elected to tho l>ost, the meeting proceedod to elect directors in tho place of those who retired. Mr C. J. \V. B irt >n said the retiring directors were deserving of the confidence of the sh.ueholders, and the bettor to show their gratitude they .should re elect them. (Applause.) Ho had much pleasure in moving that the retiring directois, Messis W. A. (Jiaham, J. J. B.irugh, Jan. Bell, J. Brooks, J. Foriest and C. Gould be roelected. Mr S. T. Seddon seconded the motion, remarking that the directors had sorvod their apprenticeship and were now well acquainted with tho work. Tho motion was cirried unanimously. Mr Brooks briefly returned thanki on behalf of the Hlovv directhrs and himself, and promised that thej would continue to do all in their power to further tho interests of the association, Sh.ueholders ought to remember that though they might be able to get something cheaper at other places, they ought to deal with tho association, because, but for it, the prices charged by private firms would bo much higher than they weie. He hoped they would induce their fiiends to join them, and ho incre.iso the benefits which the association was fitted to bestow. ( Hear, hear.) It was agreed that tho questions of filling tho remaining vacancies in the board of directors (eiglit), of altering the articles of association, ■inr] of increasing tho c.ipit.il, 1)0 dealt with at the extraordinary meeting to he held next month. Tho meeting then adjourned until Fiiday, the (sth March.

The usual imnday nerwcen at Le (juetmci'n Hall, will bo held to-monovv. A bankruptcy notice from the deputy iittici.il assignee, (Mr J. S. Edtfecumbc), appoar in .uiotltcr colinuii. Mr J. I). Hunter, To Awamutu, .innounci's thut In 1 lias diw]Hise<l of hN hw*\ iwf, .uid mjur-it* that all atcountH hu Hcttlccl by tin 1 lut Marcli. An impounding notici* from Mr Fred (jiudin, pouiulki'i'pci', appi'.iiK in our adv(<]tiiin^C(iluiiiu*<. The si>i\icos to-morrow at Tiinity Wcslev.in flhurch H;unilton will )m con ducted in the moiniiiK by Mr Buchannn, and in the evoning by the I{e\ 4, Duke*.

Dk. £ s. d £ s - <!• hai wcr-siii'i'T— 3oth Not , 1654. To T.ipiti], \u • — „ 10,000 .Shares at £1 per share „ Shares unallotted — USD at £1 . ... 1139 0 0 „ Uncalled Capital (IJ, ptr Sh ire otSSll Shares, :>727 A 0 „ Called Capit 11.7* do. „ Calls Paid 2«,J 3 0 2JG3 3 « „ Calls Unpaid 720 U 0 30S.i I 7 0 Total Capital . . 10000 0 0 „ Hills payable 50.7) 10 0 , lUlance, net Profit 557 0 2 »57!> l.t S Cr. £ t. A. £ s. d. „Hy Guod^ on h mil, Auckl md and Walt ito branches '2^30 8 7 „ Hills receivable, as per •Schedule 1000 15 <) „ Balance of Debtors and Creditors open Arc M.. 201)3 17 5 „ Office and Store l'urniturc . . .. 12s 12 o „ Horie Account ... 41 2 0 „ Caih in hand and Hank .. lt.'»2 14 !) Total 8249 10 9 " Prcliminarj c^pcn"!C^ . . ISO 3 2 " Lcbsonc-tlurd written off 100 0 0 320 6 2 8571) 13 8 Promt and Loss for Six Months Esdi.no No\ . 30rn, 1884. Dr. £ s. d. To Kent and Taxes 70 13 3 „ Wages 117 0 «) „.S»lanes 'MS 0 0 „ Incidental expenses 17 1 6 „ Onp-thlrd Preliminary 1(10 0 S „ Ualance (Profit) 5.17 0 •> 1201 0 S Cr. £ s. d. By General Merchandise 1201 0 8 1201 0 8