NORTH CANTERBURY CO-OPERATIVE STORES COMPANY.

Press, Volume LV, Issue 10129, 31 August 1898, Page 3

NORTH CANTERBURY CO-OPER-ATIVE STORES COMPANY.

The annual meeting of this company was held yesterday io the hall of the .Rangiora Literary Institute. There was a good attendance of shareholders, and Mr J. Dobson, Chairman of Directors, presided. The directors present were—Messrs C. King, A. Crerar, J. Waiting and J. Dalziel. The report and balance sheet presented stated that the company's affairs were in a very satisfactory and prosperous' position, notwithstanding the extraordinary spell of dry weather experienced. During the year 217 shaves have been allotted, making the total number sold up to July 31st 2.17, leaving 2285 shares to be taken up to complete the company's nominal capital of £5000. The balance sheet showed a net profit for the year ol £640 ss, which, added to £62 16s 5d brought forward from last year, gave a total to be dealt with of £703 Is sd, which the directors proposed to allocate:—To pay a dividend of 7 per cent, on all paid-up capital; to pay a bonus of 2k pr cent, on shareholders' purchases ; to carry £200 to the reserve fund (which will then stand at £1011 2s 6d),; to write £51 8s 5d off property account; to write 5 per cent, off the machinery and plant, and cany the balance forward. The directors retiring by rotation were Messrs W. Chapman, T. McCullough and I. Waiting, who were eligible for reelection without noiice. The balance sheet showed as follows: — To capital account —5000 shares at £1 each, £5000. By capital account—27l7 shares fully paid-up at £1 each £2717, 2235 shares unsold at £1 each £2283; total, £5000. . Liabilities—To capital account brought down £2717, freehold property account, mortgage £2200, reserve fund £811 2s 6d, sundry deposits £2575, sundry dividends unclaimed £87 14s 7d, bills payable £18 17s lOd, sundry creditors £2507 0s 2d, profit and loss account £703 ls sd; total, £11,619 16s 6d. Assets —By freehold property £2406 8s sd, machinery and plant £604 19s lOd, general merchandise £5766 16s lOd, office furniture and stationery £25, unexpired insurance premiums £57 18s lOd, sundry bills receivable £482 19s lld, sundry debtors £2243 19s 2d, cash in hand £31 13s 6d; total, £11,619 16s 6d. Profit and loss account, year ending July 31st, 1898—To loss on butter shipments £46 5s Id, stationery £45 5s 6d, trade expenses, telephone, advertising account, £110 15s 4d, insurances £64 lis 7d, interest £348 0s sd, rates and taxes £43 16s Id, carriage on goods £153 10s 3d, stamp account, postage, etc., £56 10s 2d, horse keep account £51 16s lOd, salaries and wages £1142 15s lOd, balance £703 ls 5d ; total, £2766 8s 6d. By profit and loss account, July 31st 1897, £763 8s 5d less carried to reserve fund £200, amount written off freehold property account £50 lis lld, 5 per cent, written off machinery and plant £30 ss, dividend and bonus account £419 15s Id—£62 16s sd. By profits for year ending July 31st, 1898, on seed and grain store earnings £129 17s Bd, on commissions and discounts £505 lld, general merchandise £2068 8s 6d— £2703 12s Id; total, £2766 8s 6d. The accounts had been duly audited by Messrs T. Ross and J. Marshall. The auditors wrote, stating that the books and account, were very efficiently kept, and so far as they could judge, the general shareholders' current accounts were kept within discreet limits; but they pointed out that the capital aocount was small for the business transacted, and the-auditors asked the directors to consider this matter. It seemed a pity that the progress'of such a good business should be checked for want of the necessary funds. The Chairman, in moving the adoption of the report and financial statement, said it must afford them all great pleasure to find the company still prosperous, though hardly progressive. lb would be understood that they could not conduct their farms successfully without capital, and this business. When the. Association was formed he was sure none of its most sanguine supporters anticipated its rapid growth, and that in so short a timo it would have assumed its present proportions. Though, it had been in existence eight years the capital account was only £2717. The manager had approached them last year, by circular, for more working funds, but tihe response had not yielded enough. It was becoming necessary that all the shares must be ■ taken up, and seeing there were 500 shareholders on the register it did rot seem an unreasonable request to make. Were the extra capital to be called up the company could lean more on itself and'less on its banker and friends, besides being able to handle more special and profitable business which its directors were compelled to pass. The meeting would notice that the sum of £348 had been paid for interest to the bank and those who had advanced capital, and if this could be made paying business surely it would pay them as shareholders to take the matter into their own hands, especially with, an assurance fund in reserve of £1011. The early part of the period just closed was anything but encouraging, owing to the long spell of dry weather, which militated against business, its effects being seriously felt by farmers; hence there was a falling off of £60 in the seed store earnings, compared with last season, and th© sale of jute goods was inter : fared with. The agricultural machinery agency\, which had hitherto materially assisted the profits, was also influenced, and the drought, in. all,; much have cost the company nearly £2000. It -was, however, extremely gratifying to assure them that the shrinkage did not reach the general trade, as it showed an increase, of 10 per cent, as compared with the pre-: vious year, and the increased profits on the one hand balanced the falling off on the other. The institution was gradually forg-; ing ahead, and he hoped the meeting would aid it to the fullest extent. Although high prices ruled for pork, the directors decided to restrict curing operations. Each year they had done well with bacon and hams, 1 but the company had a disadvantage in having no cold stores for summer storage, and thereby had to suffer risk as as well as loss in weight. If the capital was forthcoming, this store could be provided, which would enable the extension of the bacon and dairy produce trade enormously, to the advantage of that important district. He (the chairman) was glad to note a good record in the commission branch, •■■' and that facilities for the disposal of grain were being availed of, as the charges were only nominal. In conclusion, he hoped the coming would be a prosperous year, and a progressive one, progression being stimulated by that assistance which it had been indicated was required to constitute the association a powerful and useful organisation in the best interests of the farming community. Mr J. Mathers briefly seconded" the motion for jthe, adoption of the report and balance sheet, which was unanimously agreed to. The chairman declared Messrs W. Chapman, J. Carmichael, and I. Waiting elected as directors. On the motion of Mr Mathers, Messrs P. Ross and J. Marshall were elected auditors. Mr T. Keir moved, and Mr J. Philpott seconded, a vote of thanks to the directors, which was acknowledged by Mr King, who urged the advisableness of retaining the profits to increase the capital. A hearty vote of thanks was passed to the manager and tbe staff, proposed by Mr Keir, and seconded by Mr Englebrecht, and the same was acknowledged by Mr E. W. Relph, who referred tc the importance of cool storage for bacon and produce. A vote of thanks tc the chairman concluded the meeting. At a meeting of the directors, Mr J. Dobson was re-elected Chairman ot Directors.