REVIEWING RESULTS

Evening Post, Volume CVIII, Issue 78, 29 September 1924, Page 3

REVIEWING RESULTS

N.Z. FARMERS' CO-OPERATIVE ASSOCIATION ANNUAL MEETING OF SHAREHOLDERS. (BI TELEGRAPH.—PRESS ASSOCIATION.) CHRISTCHURCH, 27th Sept. There was a very large attendance of shareholders present at the annual meeting of. the New Zealand Farmers' Cooperative Association to-day. Mr. J. A. Pannett (chairman of directors), in the course of his address, said : "We have assembled to review the results of the operations ol the association's forty-third year. The period has been quite an exceptional one, for besides the ordinary conduct of the business, a great amount of time and thought has been given to the work of contraction, reorganisation, and stabilisation of our finance, and while these reforms in some respects may have had a disturbing influence they were really necessary in the interests of the association as a. whole. When the adverse conditions under which we have worked for the greater part of the year are considered, I think shareholders generally will agree that the Tesults achieved as shown in the balance-sheet have been satisfactory, and I feel confident that with the continued support of shareholders it will not be long before we are again enjoying a prosperity in keeping with that of former years. Finance, no doubt, is the most important factor in any business, and in order to place this association in a strong po"sition in this respect in November last we brought down a 'financial proposal,' whereby our bonds and deposits were converted into secured deposit stock; our shareholders' and depositors' interests were protected by a specific security, thereby placing their investments in a 6afe position. The benefits accruing from this • 'proposal' are plainly evident when comparing the present balance-sheet with thai; of • last year. The liabilities under this heading are well spread and. do not cauee us any concern ; and the full benefit of the introduction of this 'proposal' will be more apparent during the ensuing and following years. The method of finance in the past, while being satisfactory when circumstances were favourable, required adjustment to stand up to tho more rigorous conditions which at present prevail, and which might be looked to to ensure for some little time | to come. It has been our aim to cause bondholders and depositors as little inconvenience aa possible, and I am pleased to say that our depositors, particularly those who under the 'proposal' could obtain instalments, have nearly all elected to renew the whole of their principal for longer periods, thereby de- ! monstrating their confidence in the association. I might also mention that this association is the first in New Zealand to any knowledge to give its depositors tangible security for the due protection of their moneys, and I feel now that conditions generally are on the improve. Considering that our surplus of assets over' liabilities is £773----995 (or with the uncalled share capital £1,196,578) I feel that new deposits will bo forthcoming." In the course of the decision which followed, Mr. H. D. Ackland said that what the shareholders had to- do was to get the company back to a dividendearning state; and to get down the interest account. To do this it might bo necessary to consider tho matter of calling up the uncalled capital of the company. The move, probably, would be unpopular, but the directors should seriously take up the consideration of it, which he thought would be in the interest of the company. The report and balance-sheet were adopted, and the meeting adjourned for four weeks to consider the appointment of auditors.