CIVIL SERVANTS' STORE. UNSUCCESSFUL OPERATIONS.

Evening Post, Volume LXXV, Issue 32, 7 February 1908, Page 3

CIVIL SERVANTS' STORE. UNSUCCESSFUL OPERATIONS.

' At the third half-yearly meeting of the Public Service Co-operative Society of New Zealand, to be held in the Chamber of Commerce this evening, a balance-sheet will be presented which shows a loss of £1598 4s for the half-year ended 25th September. For the two previous half-years the lqsses totalled £950 13s, making a total loss of £2393 17s 5d for the period of the society's existence. The committee is unable to quote any legitimate caust; for such great, losses. On a turnover of £7627 10s lid the gross profits accounted for were only £183 5s sd, whereas had the ordinary profit of "a business of this kind been realised the gross profits would have been fully £1100. The tailoring, mercery, and boot departments have been closed down in consequence of the extent of the losses, and the management of the business has been reorganised. It is, proposed that the shareholders subscribe £1000 additional capital, and the directors are of opinion that with this sum available, and the business controlled by an experienced manager, success for the society's future operations will bo aeeured. The report of the shareholders' auditors, on their investigations of tho society's affairs, is as follows: — "We beg to report that we have examined tho and. accounts of the society, and' so far as we are in a position to iorin an opinion, the balance-sheet is a correct statement ol the society's affairs itt 25th September, 1907. The books and accounts have not been kept in a very satisfactory manner, and the 'Trading Account' cannot be accepted ar. absolutely reliable, though we have checked it as far as was possible with the information at command, in the absence of the society's then ofiicers, whose explanations alone could help to clear up many doubtful points. Tha share register also has not been properly kept* Nothing has been allowed for depreciation of plant during the six months. We have accepted the stock sheets as certified to by the chairman of the society. J. D. Ayery, D. A. Jenkins (shareholders' auditors)."