FARMERS' CO-OPERATIVE.

Hawera & Normanby Star, Volume LXXII, Issue LXXII, 26 May 1917, Page 7

FARMERS' CO-OPERATIVE.

CONTINUATION OF REPORT. Mr Gray (Lowgartli) seconded the chairman's motion for the adoption ot the report and balance-sheet. Mr J. O. Taylor drew attention to the "B" issue of shares, which, he said, was a failure. The total amount paid up under this issuo waa £43 10s, and tnis was contributed by the Moa and Alton factories. Thie "B" issue was made a feature in the Memorandum of Association, and as it had fallen through should not this \ money be returned, especially as these j factories were receiving only 6 per cent, interest, and anyone could get' 6 per cent, without putting it on an [ #ioid horse." . The chairman said that it was dim- I cult to say whether this issue had or had not been a failure. The Avar broke out just as they commenced operations, so that no one could say what ! this branch of their business might ! have been under normal conditions. Mr Taylor here arose to correct the chairman, as he said, but the meeting would not hear him, and there arose a chorus of cries of "bit down." Mr Taylor continued standing, and sakt that he^ would remain on his feet till 7 o'clock if necessary. Finally the chairman prevailed upon Mr Taylor to re•ume his seat until he (the chairman) had concluded his explanation. Continuing, the chairman pointed out, that tne question of the "B" issue of shares nad been discussed by the directors, but they found it would be*lllegal to return the money to those contributing factories. In any case most of the factories signified, their willingness to allow their capital to remain. : Mr Robinson remarked that some factories had had their money returned. The chairman explained that some factories had made application for refunds before their shares were actually allotted. Mr Taylor: If you take money under raise pretences, is it not legal for you to return it ? Mr Robinson drew attention to the item £987 3s Bd, bad debts written off. Were those amounts written off one year's operations or did they go back since the inception of the company? The chairman replied that they were really accumulated amounts from the inception of the company. They included a considerable numker of accounts that they took over from Messrs Gillie* and Nalder, and whilst it was possible that some portion of them might be recoverable, the directors did not consider it advisable to bring them forward in the present balance-sheet. Mr Taylor asked if the amount of £18,678 13s 4d, Bank of New Zealand outstanding cheques unpresented, March 31, 1917, was the total amount owing to the bank. The chairman : No; these are cheques outstanding.which have hot been presented at the bank. Mr Taylor proceeded to elucidate some further particulars, and said he held that the balance-sheet obscured the position of the company instead of elucidating the position. " He defied any shareholder to explain the position of tht, company through the present balance-sheet. The items £20,011 17s sd, sundry debtors, under the heading of liabilities, next claimed the attention of Mr Taylor, who asked the chairman if he did not consider this was rather a large amount. The chairman: No. Mr Taylor proceeded to elaborate on the item when Mr Gane, senr., remarked that " a little knowledge was a dangerous thing." There was also another old saying, "that fools step in where angels fear to tread." (Laughter.) He admired Mr Taylor up to a certain point, but for him to get up and defy the chairman, showed the utmost ignorance. "I would have thrown Mr 1 Taylor out," added Mr Gane, "if I had . been chairman." (Laughter.) I Mr Taylor: You would not have been ; able to. j Mr Gane: I know lam a cripple, but ; there was a time when I would have : been able to do it. The point I wish to emphasise it that we should support I the chairman, and conduct our business as Britishers. I Mr Taylor objected to tne large ! amount appearing for unsecured credi- . tors—£s4,Bll 14s 9d. He thought this j was rather a big amount to have unsecured, as against £6682 Bs"~3d secured I amounts. I The chairman replied that the com- ; pany could not be expected to tako «•- I eurities in all the sales, and most of these unsecured amounts were quite satisfactory. The company were generally satisfied to take the cheque%. | Mr Taylor: Surely you don't consider ■ that to be safe business? J The chairman: Quite. < Mr Taylor: Well 3 I have nothing ■ more to say to that. I Mr Taylor questioned the amount put down in travelling expenses—£23oo T9s Id—which was larger than last : year. i chairman: You know the business ■ has grown since last year; we have . opened new saleyards in different places ; <xnd the work had to be carried on : there, which could not be done without ■ incurring expense. 1 don't think the ; travelling expenses have grown out of j bounds at. nil. I The chairman, in repW to a question. ! «aict the machinery 'department bad ; showed a very small profit, and thsit ', vas the reason for the charges mentioned in his opening address. Mr Taylor said that last year's bal-ance-sheet showed that £200 had been j subscribed to the superannuation fund. ■ He did not notice any mention of this ! fund appearing in this year's balancej sheet. J The chairman: The amount for the .1 superannuation fund is as ass^sxnl by ; the actuary. The amount for this year will not be fixed until July. The amount mentioned last year was the sum placed into the fund at the com- ' meneement of the fund. . (Left sitting.)