FARMERS CO-OPERATIVE ASSOCIATION.

Press, Volume LIII, Issue 9515, 7 September 1896, Page 6

FARMERS CO-OPERATIVE ASSOCIATION.

The annual meeting of the South Canterbury Farmers' Co-operative Association was held on Saturday morning, and passed over quietly. The report and balance-sheet were deemed very satisfactory. The share list has been increased during the year by 356 shares, and the auction department showed a profit of £400 for the year. The net amount available for distribution was £6917 ?s 9d. A 6 per cent, dividend was paid, 2 per cent, bonus on capital, 3 per cent, bonus on purchases by shareholders, 3 per cent, on salaries, the sum of £3000 placed to the reserve, and the balance carried forward. The report and balance-sheet were rather bald, but the Chairman, Mr Johu Talbot, in moving their adoption, amplified them. Hβ said they had had a successful year. flfhe borrowings had been reduced from £38,726 to £34,783. The sales of geueral merchandise had been £67,463, or nearly £10,000 more than last year. The total turnover under all heads exceeded £211,000, or an increase of £17,000 over last year. There was a reserve fund of £12,000 and £3800 of capitalised bonuses. {The properties had been written down and the grain stores were pa3'ing 6 per cent, on the cost of all the properties. The total liabilities to creditors were £30,000, and the assets £77,500, besides £16,000 of uncalled capital. The position was an excellent one. Qfne Chairman said, " Bills under discount £3979 9s 3d " will be found in the balancesheet ; this remark being made in reference to the recent comment made on the J. G. Ward Association. In concluding, he expressed his entire dissent from the remarks mailo by Mr Ensor, Chairman of the North Canterbury Association, in favour of commercial union between Great Britain and New Zealand, on the ground that the colony had gone in for extreme protection, while Great Britain had thriven on freetrade. The motion for the adoption of the report and balance-sheet was seconded by the Hon. W. Rolleston and carried unanimously. Messrs J. Talbot, J. Anstey, W. B. fiowell, J. Kelland and D. Shaw were reelected Directors.