PUBLIC SERVICE CO-OPERATIVE SOLIETY.

Dominion, Volume 1, Issue 115, 7 February 1908, Page 4

PUBLIC SERVICE CO-OPERATIVE SOLIETY.

REPORT AND BALANCE-SHEET. Tlio report and balance,-sheet to be pre-. seated at .the third half-yearly ..njeetiiig-: of . shareholders in the Public Service. Co-opera^ tive Society of Now Zealand,' Limited,- at the Chamber of Commerce to-flay, shows that for V; the half-year, ended September ' 25j 1907,' there is a loss of £1398 4s. Added to this' is a.sum of £20 which has,-.been carried to profit and loss account to provido for. .'bad and doubtful debts, and £23 vmtton off for - preliminary expenses; '- Tho loss.for tho two previous half years amounted to £950 13s. 5d., making a total loss of £2393, 17s: sd. ' for. the poriod of the Society's ■' oxisteiice. Tho. eommittce'is unable to quote any legitimate cause for so large a loss. It is pointed out that on a turnover of £7627 10s. lid., the gross profits accounted for amount ';td "only ■ £183 ss. 5d., whereas had tho ordinary profit of a business of this kind been realised, tho gross profits .would have been.ifuljy'.'£lloo, lh._view of tho extent of tho losses 1 tlie-'com-mittoe has closed down the tailoring, .mercery, and boot departments, and disposed'of the majority of the stocks on the Tjest terms procurable. The beenre-' organised, and, giveii reasoiiabl'o the business should show very .much better results-than 'has been tlio ease.',in the,past., .At the last'-half-yearly meeting, .bold on June" o, Mr. Jas. Besant was reelected'to the committee, and Mr: C. R.. C...." Robieson , was elected to fill the vacancy caused by.th'c retirement'of Mr. A.' T. Markmaii, who.did not-.seek re-election.: Mr.' J. A'. G. Rowley, ' F.N.Z.A.A., was re-elected aulitor! Owing to Mr- Rowley's frequent absences;from Wellington, it was, found necessary to, appoint two. shareholders to audit the accounts of. the, . ■ Society- ! on .this.'occasion.!. 1 During the .halfyear fourteen commitice:medtings:w,ere heldThe attention . of. is : 'specially called to the resolution providing.for.a re-" duct-ion of the capital, of tlio;'Sociptjj.' It la proposed to ask the shareholders, to subscribe a further £1000 of capital. ' With tliiß 6um\ available and the business under, the control of an •expericnced.-mahagcr the report. states that there is overy reason to behove tha.t suocess will attend, the efforts of the Society., in the future.... 'V. } J: •The-. aqditors'.'..report beg : to. report .that,iwd 'havd examine;! tho books and accounts of the.Society,-, and,- so far as we-are in. a position to" form an . opinion, the balance-sheet i 3 a correct stato, ment of the .Society's,' affairs at , September 25, 1907. The books and accounts'.havo .not hoeu kept in a very.satisfactory ;manner, and the 'Trading Account' 'cannot,tie' accepted as absolutely reliable,',though wo liavo checked u it as far..as was'popsible ,with.'-ithd infcr'ma-t-ion at command, in the, absence', of the! Society's then officers, whose explanations.alone could help to clear up. many, doubtful.poilits.. , . The share register'- alsd ; .has,not,, been/ , pro-', r ' ; perly kept.. Nothing .has, been allowed for.' depreciation of plafut during the .six months. We havo accepted', the, stock, sheets as', certi-' fied to by., tlio chairman of the Society. • 'J.. D. Avery, D. A.-Jenkins (shareholders', audi- - itors)l" : ,'r,