KAITANGATA CO-OP.

Grey River Argus, 14 March 1940, Page 9

KAITANGATA CO-OP.

The twentieth annual meeting of the Kaitangata Industrial Co-opera-tive Society, Ltd, was held m the Miners’ Hall on Saturday, December 9. Mr D. Marshall, the president, presented the balance sheet to a fair attendance of shareholders. The profit and loss account showed an increased turnover of £B7B 6s and a surplus of £371 6s 6d. It was decided to pay a further Is 6d in a £ oh purchases (excluding tobacco and butter) paid for during the half-year ended November 11, 1939 This with the 6d in the £ discount already paid, makes a total of 2s in the £ on purchases. It was also agreed to pay interest at the rate of 5 per cent, per annum on share capital in multiples of £l. Early History. (The following notes on Kaitangata Co-op. have kindly been sent by a reader in that district Ed.) _ The Society was formed in 191 J and the name is The Kaitangata Industrial Co-operative Society. Actually they did not start business until 1920 because the first manager they appointed and sent to Dunedin with cash to buy goods bought booze instead (apparently the result of trying to start a co-op in a “dry” district —Ed.) That was why they did not start business until 1920 and that was how they lost their first manager. The next manager was with them until 1922 and the third one until 1937. They have always with one exception paid dividends. The chairman informs me they never found out where the first'dividend came from but they think it was paid out of capital! However, they have only lost £lO through bad debts over the entire period and are quite prosperous. The method adopted in regard to share capital is that £2 10s is paid down and the other £2 10s is paid by instalments with a maximum of £5O to any one subscriber. Their capital to start was £750. This was later raised to £l5OO and later again brought back to £750.