CIVIL SERVICE SUPPLY ASSOCIATION.

Auckland Star, Volume XIX, Issue 204, 30 August 1888, Page 2

CIVIL SERVICE SUPPLY ASSOCIATION.

HALF-YEARLY MEETING.

The first statutory half-yearly meeting of the Civil Service Supply Association was held yesterday afternoon in the long room, New Zealand Insurance Buildings. Ihere was a large attendance of shareholders, Captain Daldy, Chairman of Directors, being in the chair. The notice calling the meeting was read, and then the minutes of the last meeting, which were confirmed. .The report of the directors for the past six months ehowed that after the retirement of Mr Geo. White from the management the directors employed Mr Chas. A. Jonas (auditor) to make a thorough examination of the books, take stock, and prepare a balancesheet, which, much to their astonishment, showed, .a loss of £186 18s sd. Upon this they consulted with two ot the shareholders, who were competent to advise, and placed theaccountabefore them, when they agreed that the wisest course was to carry on, which the directors had done, because they Relieved tho principles on which the Association was founded were perfectly sound, and must in the end be successful. The result of the past 13 weeks' business had confirmed this opinion, the loss during that period having; beon £62 7s sd, as against £186 18s5d in the former period. ■ Buring the first five week* of the last quarter, wnder all the disadvantages of change of staff, reduction in sales, Ac, the loss was heavy, but during the hist few weeks thwe was no doubt the, business had fully covered expenses, and if the shareholders would only give their support as; they ought, there would be no further difficulty. Ihe bal-ance-sheet was as follows :—

Bat«»kcb-shkiet (for 6 months to ,31st July, 1833), Dk.-Capital and Litibi itics: OapiUl4AuthoriaaS. a;2O,000 ; subscribed, 1108 shares of £1 each, fully paid-up, £1,108■: sundry creditors, £162 is lid. Totat,il,27o 1sll(i. . . Ch.-Assets: By stock on hand, valued at oost, £653 Os 3d ; furniture and flump, AISS 4b 7d; preliminary oxpensos, i! 117 Ss M; cteh at tank aud in hand, m&ib i »^M$» £64 18s 2d ; balanoe-neneiency at iOtb April, £186 18H5d: d..«. do. at 31at July, £o2 7s bd. Pkofit and Loss Account (for 6montha to 31st July, .1888). -To trade expenses -voiat, wages, sit Juried,- oartiigo, &a, £*& 6a 5d ; p«i t-ing-and stAtionory, 4 9 Os b(i; BUn^ rles- &J& Total, £461 9s I<M. ,;B.y gross proh.t on goods sold, J62U 4s 2d ; forfeited uppli.cutlcms. &%„ 19s 9d ; halttiico-deucittncy at ,50th April, £186 18s 6d • do. do. at 31st July, £62 7s M. Total, £401 9slod. - ' ' . .

The Chairman, in moving the adoption of the report and balance-Hheot, said that he, was willing to give the shareholders all the information that lay in his po*er. The directors had strictly adhered to the principles of cash payments laid down when the Association, was formed. J.he stock had been valued at cost price tor the balance-sheet, and he observed that the furniture and preliminary expenses were beyond what they contemplated. The objects the directors had kept in view had not been to compete with the- tradesmen at excessively law prices, by bogus advertisements or long hours of labour, but to provide.the best articles obtainable bought for cash at a reasonable* percentage, by ensuring to membeisfuil weight and measure, and in every way to serve*the beat interests of the members 6f the Association j arid-had they received the support! they had a right to expect from between 70 and 80 members Who had never dealt wifclv the Association, they would have had no loss to report for this quarter. He attributed'much of the apathy evinced to the fact that many were talked into taking shares, and others had done co to personally oblige Mr White and who took no real interest in tho co-opcru-tive principle involved, that by so ouying and selling they could gave money. No doubt a groat many had taken shares carelessly and thoughtlessly. There had been a loss of £186 on the first 10 weeks, and when the directors knew .of this they obtained the advice of friends in a position to advise, and determined to continue the Association and also continue to issue shares. If they hud declined to issue shares it might have had a bad influence-on thoir work. Some 30 or 40 shares had been issued since, and that there might be' Via mistake in the matter the' directors were prepared to- take uu the shares issued.if those shareholders were diaaatisfjed',;if they were claimed during; the month of September. After all the trouble and loss incident to changes in manager and staff, they would not have known how to face the difficulty if it had not beeiv for Mr Wilding, who had come to their assistance and taken over tlio management. After all their trouble, the directors were fully satisfied that they wereworking on sound principles, and if they had the support of aod interest of che shareholders ifc would come out right. If the shareholders, however, did nob give their support, then they would be working afe a loss. There were at present 207 shareholders and 100 ticket-holders; and if all were dealing with them the expenses would be til© same, and the turnover materially increased. They had Obtaiued the premises for a fixed time, and at a certain rate, and that could not be increased on them. ,Ifc would be necessary at the annual general meeting to alter the Articled of; Association so as >to enable the directors to bold more than 100 shares, as p,t present necessary.' There were only four holdeira. of 100 shares at present, so that,tho choice of the shareholders was limited; they hoped to have i that altered next,year. . . ■ I Mr CJ|eo. Cozens seconded th© adoption a! j the report and balance-sheet, and asked if . the .directors had obtained Jmjj information from tbesimilar Aasociationin ChrMehurch.

The Chairman mkl that th^y bad been in communication with thorn, and that they were a prosperous company. In reply to Mr Hitraphreys, the Chairman said that the jjreUmiriary eispehses.iimOuntingto £117 9s 2d, had been made up by legal expense^ £47 IOs; Mr White's compensation, £25 ; and by printing, stationery, aiid advertisements. The expenses of the Association now only amounted to £16 a week» and at present the Association was workiri;; at a profit. /If the 70 or 80 shareholders were to support them, 10 per cent, would pay their expenses. It was only a question of obtaining the support of the shareholders, and every day it was increasing gradually^ The salary of Mr -White had been £2 10s, and since his retivement no additional expense had been incurred/ Several other questions bearing on the business done by the Association were answered satisfactorily< and; the report and balance- sheet Were tlien unanimously adopted.' •■:,■-':>.'' '■-.::-: :r "_[J, :j_ ■ "