NEW ZEALAND FARMERS' COOPERATIVE ASSOCIATION.

Press, Volume LXIV, Issue 13227, 22 September 1908, Page 6

NEW ZEALAND FARMERS' COOPERATIVE ASSOCIATION.

The proceedings at the annual meeting of tho New Zealand Farmers' Cooperative Association of Canterbury, held on Saturday last, showed that the institution is being conducted with a vigorous policy of progress, and that, in spite of the fall in' wool, the dry weather, and other unfavourable conditions, it has had a successful year. Tho amalgamation with the North Canterbury Co-operative Stoics Company, Ltd., of Rangiora, Hawarden, and Oxford, absorbing tho entire business of the latter, has materially extended tho area of the Association's operations, besides adding 1300 members to the register, £13,000 to the reserve fund, and £40,000 to the paid-up capital. Despite the adverse circumstances alluded tv\ the directors were able to show net profits during the twelve months amounting to £26,758 which, with £5386 brought forward from last year, made a total of £32,145 to be dealt with. This not only enabled them to pay a dividend and bonus amounting to 9 per cent., in addition to a bonus on purchases, a refund oni commissions, and a bonus to employees, but to carry forward £4762 to the reserve, which now stands at £58,000, equal to about 52 per cent, of the paid-up capital. Spacious additions have been made to the Christchurch premises during the past year, and further improvements are contemplated. The one weak feature m the balance-sheet is the oxtent to which the Association relies on deposits, current and fixed, for its capital, and we are glad to see that the directors ar_ taking steps to strengthen the financial position by the issue of preferential shares. We have on previous occasions pointed out the desirability of increasing the capital of the Association, and this step becomes tho moro necessary in view of the expansion of the Association's business. The directors are, wo think, to be commended for taking the right course, and with the security offered by the material assets- of the Association and the splendid business it is doing, there should be no difficulty in raising the additional capital now required.