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Waikato Times, Volume 2656, Issue 2656, 20 July 1889, Page 2

Tiik New Zealand Farmers' Co operative Association of Canterbury is a most flourishing institution. At the annual meeting of shareholders held in Christchurch on the 6th inst, the balance-sheet showed a net profit for the year of £7,150 12s Id, to which was added balance from last year of £1,103 19s 7d. A dividend of seven per cent., with a bonus of fo»r per cent, on the paid-up capital, was declared. The value of merchandise sold during the year amounted to £65,000, as compared to £4.).000 the previous yeai, and nearly £100,000 had been made as advances to shareholders against produce. The working expenses were £3 700. In the course of his address, the Char.-man said* "It was reasonably supposed this year that New South Wales would absorb our surplus stocks, but on taking up the last market report I find that in one week 3!),030 bags of Californian wheat were received in Sydney, as against 3,606 sacks of New Zealand wheat. The Americans avail themselves of our subsidised service to oust us from Australian markets. At the present time the V ictorian farmer sells his wheat at 2s per bushel higher than the New Zealand grower can obtain, and all other farm produce in proportion. The Victorian farmer may be content to submit to taxation for the purpose of fostering town industries, hut he slirewedly insists at the same time in having similar protection for his country industries. How long the New Zealand farmers will stand the drain of a one-sided protection policy has yet to be proved, and how Ion" they will permit subsidised steamers to take their markets from them ? These are questions which the farmers must settle, not with the directors of this Association, but with their representatives in Parliament."