FARMERS' CO-OPERATIVE ASSOCIATIONS

Evening Post, Volume LXXXIV, Issue LXXXIV, 23 September 1912, Page 2

FARMERS' CO-OPERATIVE ASSOCIATIONS

SATISFACTORY REPORTS. [BS TBLKOBAPH— PRESS ASSOCIATION.] CHRISTCHURCH, 22nd Sept. The annual meeting of the New Zealand Farmers' Co-operative Association of Canterbury, Ltd., wae 'held to-day. The thirty -first annual report, stated' that during the year 536 allotments of ordinary shares were made, representing 9556 shares upon a ba*is of £2 paid up and at a premium of 10s each share, and 154 allotments of £5 preference, shares, representing 10,000 shares, were also made at a premium of 5s per share. The profit and loss account showed that the net profits fo* the twelve months" amounted to £51,009 os. 7d, to which had to be added a sum of £2168 18s 2d brought forward from last year, making a total to be dealt' wjth of £53,177 18s 9d. The directors proposed to allocate the amount as follows : To pay 6 per cent. , dividend on preference share capital; to pay a dividend and bonus equal to 8£ per cent, on orginary paid-up capii tal 5 to pay a bonus of 5 per cent on I shareholders purchases of merchandise I during the year (sundry net items excepted); to refund 30 per cent, on sundry commissions earned (net business and wool excepted) ; to carry £9222 10s to the reserve fund, which will' then (stand at £100,000; to write 10 per cent, off the machinery and plant; to make a contribution not exceeding £750 towards the fund necessary to keep the employees fully insured under the superannuation scheme, and to carry the balance forward. The report and balance-sheet were adopted. TIMARU, 21st September. At .the annual meeting of the Farmers' Co-operative Association to-day, Mr. John Talbot (chairman), in a review of the year, mentioned tho, opening of the new' branch at Fairlie,' the purchase of the largo business of Manchester and Co., Waimate, and the extension of the buildings at Timaru. The number of shareholders now stands at 3050 : the buildings and sites are valued at £82,'r29. The total working capital in uee (£288,000) is increased this year by the assistance afforded the occupiers of new settlements in advances ' for purchase of stock. The gross turnover, £944,710, is not equal to that of 1908 ; the gross profits on the merchandise ,is £51,000 ; the .number of employees k 284. Mr. Talbot congratulated the farmers and pastoralists on the successful year despite the various drawbacks. The shortage of shipping for tho transport of grain to the United Kingdom had been a soured of loss by keeping down prices. He regretted that tho price of land had gone up beyond reason, partly as the result of a species of gambling, which in turn Wae encouraged by the high prices. The labour difficulty in field and farmhouses was a serious matter for the industry. Resolutions were carried to increase tho nominal capital of £200,000 by £75,000 in 6 per cent, preference shares, this being required to meet recent and prospective developments of business. The retiring directors wore re-elected. The elect ion^ this year was conducted j by poet, avoiding the use of proxies, to which some shareholders had strongly objected.