N.Z. FARMERS CO-OP. ASSOCIATION OF CANTERBURY, LTD.
» The annual general meeting of the New Zealand Farmers' Co-operative Association of Canterbury Ltd, was held in the Assoeiartion's meeting room in Cashel street on Sat urdny morning last There was a large at tendance of shareholders, and the chairman of directors (Mr J. A. Pannett) occupied the oh air. The auditors' report was read by tbe secretary (Mr E. W. Kelph). It stated that all I the requirements of the auditors had been met, and complimented the staff on the ex a oellent system of book and account keeping. THB REPORT. The following report was submitted for the consideration of the meeting :— The Directors have much pleasure in sub/ mitting to shareholders the tnirtytbird an•• nual report and statement of accouats, show ing the position of the Association's affairs. It, is with deep regret that we have to re cord the recent death through accident of Mr R. Blunden, who was a zealous and energetic director of the Association for ihe piist ai years, and during the lapt twelve mon'hs> filled the position of vice-chairman. During the year 203 allotments of ordinary Bbares were made, representing 487 shares, upon a basis of £2 paid up, ami a prem urn of 10s each. The profit and loss account shows that th nett profit for the twelve months amounted to £63,884 10s 7d, in which bas to be added 5 the sum of £3938 16s brought forward from * iast year, making a total to be dealt with of £67.823. The directors propose to allocate this amount as follows:—To pay six per cent, dividend on the prefereece share capital; to pay a dividend and bonus equal to 8J per cent on the ordinary paid up capital: to pay a bonus ot 5 per cent, on shareholders' pur chases of merchandise during the year (sundry net' items excepted); to refund 30 per cent on sundry commissions earned (net business and wool excepted); to carry £10X00 to the reserve fund, which will then stand at £121,398 ; to write lOper cent, off machinery , and plant; to make a contribution of £1000 to the Employees Superannuation scheme ; to make a contribution of £1000 to a special fund to provide for oontingenoies that may arise with respect to members of the Btafi at the war, and to carry the balance forward. The directors retiring by rotation are Mecsrs T. D. Boag, Arthur Chamberlain, George Checkley, James Cow, James Gough, and James Stevenson; all of whom are eligible for re election without notice, and offer themselves accordinely. During the last year, Messrs John Cameron and John Lambie (through ill-health) have resigned thn*r seats on the board, and their positions have been filled by the appointment of Mesßra P. J. Overton and George Sheat respectively. Mr H. T, Cooper, of Oxford, has also been appointed a director, to the vacancy i caused by ihe death of Mr Blunden., CHAIRMANjS ADDRESS. In moving the adoption of the thirty third report anrt balance-sheet, I am exceedingly glad to be ogam able to congratulate shareholders ou the cplendid resu.t Of'the past twelve months'operations, as well as upon the excellent position whioh the balanaeshfet exhibits of the As3tciatiou's business. Each Bueo-eding period for a number of ' years past has shown a distinct improvement , upon the one immediately preceding it, and it is sat : sfactory to note that notwithstanding » the very Berious hindrances experienced durin' November and December last through the water-side strike, the year just closed establishes another record. GENERAL MERCHANDISE. The returns of our departmental stores at Christchurch and branches show an aggre,gate of volume of trade done for the twelve months of £536 250, as against £506,539 for the previous year, kn increase £29,711. and the Agricultural Department (whose figures •re not included in the above), such a3 auction graio, and seeds, fertilisers, binder twice, sacks and wool packs, harvesting and other fatm plant, and machinery, motors etc have all closed off with increased returns upon the previous year. The total turnover of the entire business reaohed the colossal sum of £3,389,426, being an increase on the year of £117,096. PROFIT AND LOSS ACCOUNT. Our total gross profits for the twslve monihs, as you will bave no ed, amount to £139,070, as against £126,523 for the previous year, an increase of £12,547, to which I am advised every part of the business has Contributed its fatr proportion. On the con tra side, the general expenses and losses expenses and losses amount to £75,185, leaving a net profit of £63,885, which, with tbe £3938 oarried forward, gives a total of £67,823 to be dealt with, and which your Board recommend h sKould Le allocated as set out in thtir repo-t accoiu aiying the balance sheet. THE DIRECTORATE, The Chairman expressed his deep sympatby with two fx director?, Messrs ■ Joh" ttennie aid J Labi mi Ie was tho hope of the sh.-rebolders 'but thi •is gentlemen would i roon be restored to complote health. He had to announce tho reflection of Messrs i. J), Boag, Arthur Chamberlain, George Chfckley, James Cow. J ; aiua Gough and James Stevenson. THE WAR. With ngiid to the awful war in which ! Britain is engaged, it is impossible for me, ol course, io say how lon- tbe struggle will . la?r,, or to \vh*.G extent the ordinary course 'of business will be interfered with. A cer, r.ain amount of inconvenience and loss must he expfOted—ii c[eed we have already suf fcied some dislocation with respect to our importations, but on the other hand, I believe, that we in this country will pro imoly feel the pinch less acutely than those in other part- of the Srrp'ie. In conclusion, I wouid like to thank our shareholders and very many others for the •-plendid support they. have given to. the institution throughout tbe yrar, and I trust there will be nothing wanting on our part to merit a continuance of that wholehearted loyalty which is manifested by the balance sheet wijh which, we are now dealing-