EFFECT ON TRADE.

Auckland Star, Volume XLIII, Issue 148, 21 June 1912, Page 5

EFFECT ON TRADE.

CO-OPERATIVE BUSINESS WDvDES'G UP. (By Telegraph.— Own Correspondent.) WAIHI, Thursday. * The accounts presented at the annual general meeting of shareholders of the new Co-operative Society showed the society to be in a- sound financial position, but a motion was carried by 53 against 2, "That the business be voluntarily wound up." The wisdom of this step was apparent upon scrutinising a statement made by the secretary ,(Mr. C. B. Harper) as'to the effect wbioh the strike has had upon business, '(."he statement showed that the turnover, i which for thp twelve mouths prior to ! Ist May amounted to £1-50 per wenk, I had fallen off 50 per cent, or down to under £SO, and that tho society was now going back to the tune of !•"> per week. The secretary further stated that a spendy winding up was desirable, as, if carried out. it would result in n return to shareholders of their invented capital, plus ;< bonus or dividend of about 20/ per fully paid up share (£1), whereas ; if the winding up was delayed, it would mean a compulsory dissolution later on, and that at a loss. Incidentally it was mentioned that, covering the five years which the society had been in existence the dividends on shareholders' capital had amounted to 250 per cent. The following were elected to fiU vacancies on the management committee:—Messrs TV- M. Morton fpresident), J. E. Sle.i-rtn, T. Owens and T. 'VrillLa.ms (committee).