Union Co-operative Land Co., Limited.

Bush Advocate, Volume VII, Issue 476, 2 June 1891, Page 3

Union Co-operative Land Co., Limited.

I .The first general meeting of the ( shareholders of the above company was. held in the Ormondville Library on Friday last. There were 16 gentlemen present who held shares or proxies representing seventy-six share*, only four shares being abseut. Mr John Scholes was appointed Chairman, and opened the meeting by desiring the Acting-Secretary to read the report of the Provisional Directors, which was as follows :-- Gentlemen,— You have been called together to-day for the purpose of hearing what has been done by your directors, and also to elcct^ the permanent officers for the carrying on of the business of the company. In the first place, as you are aware, this company was formed for the purpose of acquiring land and carrying on the business of farming under a system known as co-operation, namely, by assisting one another for the ultimate benefit of all. When it was first mooted by Mr James Siddells in February of the present year the idea struck a number of persons aa being a good one. The result was that a meeting was called and the ■ whole matter debated and the present company floated. The first step was to look for a suitable block of land. With that end in view Messrs Bargh, Baines, and Falconer, were sent to inspect certain lands adjacent to the Wellington-Manawatu railway line. Upon receiving their^ report your directors at once decided that the land was not suitable. After considerable enquiries for land being made your directors were offered an improved property, stocked, at what tbey considered a low price. Mr T. Prescott, (one of your directors), was despatched to examine and value the estate on behalf of the company. After receiving his report your directors after consulting a number of shareholders purchased the property reported on at a cost of £2642 12s 6d. The estate consists of 729 acres of land. The stock comprises 530 sheep 3 head of cattle, and a horse. There is also a new four-roomed cottage, and a quantity of tools and station gear. The property was taken over on the Ist of May by Mr Chas. Baines, who reported having taken over the propert} 7 , and ascertained that the whole of the stock and tools mentioned -in the inventory were correct. Whilst there he had gone over the land, and was well pleased with all he saw, the bush that had been burned last summer was already sown and appeared to be coming on well ; the grass land was in splendid feed, and taking everything into con-: sideration he had no hesitation in saying that the company hid made a good bargain iv the purchase of the property., Your directors estimate that this property, when fully improved, will carry about 2500 sheap. It will be the duty of the incoming directors to take the necessary steps for having the property improved, and properly managed. The company has been registered and all steps taken to vest the property purchased in the name of the company ; all that is necessary now is for the incoming directors to push ou with the scheme as started, and if such be done we feel certain that the result will in the course of a few years more than exceed our anticipations. Before retiring from office we take this, our last opportunity of "pointing out that great care will have to be taken during the first year or so by the company tbat they do not overreach their resources, and thereby hamper themselves too much, if care be taken- we feel sure that there will be no necessity to hamper the. company in any way. It will be to the benefit of tho company if the incoming directors dispose of the shares which are at the present time are unallotted 18 in number. If these shares be taken up the company will have more capital at its disposal which means that the directors will be in a position to make the land productive so much the sooner, consequently the shareholders will receive returns at an earlier period than would otherwise be possible. With reference to the financial affairs of the company your directors do not at the present meeting place before the shareholders a balancesheet. According to the articles of association the annual general meeting takes place on the first Monday in March of the first year, the accounts of the company closing at the end of January in each year.: . At the present time there are. 82 shares allotted, and £9 paid on each share, total Up to the present time the company has paid away £1461 12s 4d. Arrangements have been made with the Colonial Bank of New Zealand for lan overdraft of £800 for which the directors have given their joiutand several guarantees. There is a liability of £1270 on the property, which with the overdraft amounts to that the company owes. . The assets are cash in hand £12, stock, £300, tools and gear, .£25, land £2551 10s ; total assets, £2876 10s. These valuations are based on a very low scale and your directors feel certain that if the property were disposed of at once there would be a considerable surplus over and above the money paid in by the shareholders. Arrangements have been made with the Ormondville Library Committee for the use of the Reading Room as an office at an annual i-ental of £2 10s. It will be your duty to elect a Managing Director, also a Secretary who according to the articles of association is elected by the shareholders instead of by the directors. You will also havo to elect six directors who with the Managing Director will manage the busiuess of the company. Any information required will be given by theacting managerandacting | secretary. We have, &c, The Provisional Directorate. Mr J. T. Wilson inquired what amount of bush was down and sown. Mr Baines said there were 230 acres grassed but he thought that it would be advisable to fell the lot at once. It was all tawa and they could make sure of a good burn. Mr Prescott deprecated falling too much at a time as more money would have to be borrbvved and then the interest would have to be paid. Mr Baines suggested tbat 50 acres could be closed for seed purposes, and still leave ample feed for the vStock that were at present on the land. Mr Falcouer proposed that the Provisional Directors' report as read.

be adopted. Seconded by Mr Groom and carried. i The election of officers was then proceeded with, resulting as follows : •—Mr Siddells, Managing Director ; Mr Wilson, Secretary; and Messrs Scholes, Baines, .Henderson, Jull, Groom, and Falconer, Directors. A vote of thanks to the chair brought the meeting to a close. A meeting of the Directors was held immediately, when Mr Scholes was appointed Chairman for the ensuing year. A ballot was then taken as to what order the Directors should retire, resulting in Messrs Groom and Scholes retiring the first year, Messrs Henderson and Baines the second year, and Messrs Falconer and Jull the-third year. Six applications were received for* the situation of working overseer. After some discussion it was decided to leave the appointment in the hands of- the Managing Director, who could ascertain the qualifications of each applicant. It was also deemed advisable that the action re bushfalling be left in the same hands. Some business of a financial and routine character was transacted, and tho meeting adjourned. \