FARMERS' CO-OP.

Northern Advocate, 14 December 1916, Page 2

FARMERS' CO-OP.

OPENING OF DARGAVILLE IRE MI SEW.

The recently eri'cto.l premises of the Farmers' Co-op, at Dargavilk were formally opened on Tuesday, 12th iust., there being a large gathering of residents present as well as settlers from .surrounding districts and the whole of the directors of the Company. The opening l ceremony was presided over by ■ ilr A. E, Harding; chairman of director*. The offices, which have a frontage of oO feet to Hokianga road, are com--uodious and well arranged, while the I general design and" arrangement are very complete. In addition to a large general office, there are rooms for the manager, land department, stock department, etc. and immediately behind these, there is a large store with a lofty roof which ought to provide for the ever-increasing business of i'he company in this centre. On Normandy street there is a large garage, as well .is a machinery show room with a total frontage of 100 feet, and in which the most complete collection of farm implements to be seen in the North are exhibited. THE CHAIRMAN Ol< 1 DIRECTORS. In declaring the premises open for t business, Mr Harding said the day was an important one for Dargaville, as well as for the company who had erected the building. So far as his experience wont lie had not seen a more

compete set of premises erected in a small town. Referring to the company he pointed out that their turn-over had increased from £10,000 in the early days to £750,000 last year, and he predicted that this for the coming yeai would exceed £1,000,000 (Applause) ■and it must be realised that their business last year was done on a capita 1 of less than £35,000. Increased share capital had recently come along, and the company had now power to issue shares up to £160,000. He trusted that those who were able to do so would help the company by taking up shares, lie recognised that many settlers were unable to do this to any large extent.. .".s they required tlicir capital to de velop their farms, and in this way the company had to look to outside money hence their recent issue of £750,000 it preference shares on which 7 per cent dividend was payable. For the cur rent year, the directors had agreed tc recommend to shareholders that the re bate on stock commission be increased from the usual 20 per cent, to 33 1-3 per cent. His hearers, were of course aware, that this rebate was only payable to shareholders and this was ; strong argument for all' settlers to be come shareholders in ' the company which had done good work for the North in the past, and he was satisfied i would do better work in the future At the present time they were turning down good business through want of capital, but he trusted that this would not long continue. He congratulated the contractor, Mr C. J. Carrington, or his work, which reflected the greatesi credit on the builder as well as on the designer, Mr Hensliaw. Tn conclusion, Mr Harding said the directors recognised that their offices in Whangarei were not up-to-date, but they hoped in a very short time to move in the direction of new premises there which would be worthy of the company and of thf district. (Loud applause). THI-: .MANAGER'S ADVICE.

Mr A. IJ. Crane, manager of the company, briefly sketched the career of the Farmers' Union, which was established in KK)I, their first balance sheet showing a total paid-up capital of £1167. and he referred to an incident at Pa paroa in 190(5, which was an eyeopener to him of the benefits of cooperation, and it whs this which induced his firm (Wakelin, Crane and Company) to amalgamate with the old Farmers' Union. From that day tc this, the company had never looked back (hear, hear) and he, as manager, felt that he had helped to bring the company to the standing which it occupied to-day (hear hear). Some of the shareholders, as well as certain of the directors, considered that they should roduce the commission charges, but all along, he had contended that these rates should not be reduced. On account of their operations being conducted in a rapidly developing district, necessitating their going to the outsider for capital, it was necessary to show good earning power in their balance sheet, and if the rates of commission were reduced this position could not be maintained. It was better, once having made, the profit, to give it back tc shareholders in the way of rebate. He urged sto , k owners to sell their stock in the company's yards, -where they would meet with, competition from the different buyers, and he instanced a recent case where a settler had lost £2 per head on cattle which he had sold to a dealer in his paddocks. The future prospects of the company were _;ood, as a large proportion of the North was still undeveloped. In the llokianga County alone, there was room for 1,000,000 sheep, but in the eight Counties of North Auckland, there were today onty 5.3(1,000 sheep, and taking everything into account, he considered it was a good sound proposition to erect the building in which they were then gathered, and it was through the action of three of the directors, Messrs A. E. Harding, Maurice Harding, and Donald Finlayson that the company was able to purchase the land on which the premises had been erected, and this should not be forgotten by shareholders. In conclusion, he asked shareholders to be loyal to their company by giving them the handling of thtrr wool and other products. Referring more particularly to the Dargaville district, he was satisfied that Mr. Mitchell, the manager of the branch was a capable officer of the company. (Applause).

OTIiM SPEAKERS. Mr Maurice Harding ftext spoke, and expressed gratification at participating in the opening of the finest autcioneering premises north of Auckland, and he also urged settlers to bring their stock to the auction sales, instead of dealing privately. • - Mr Carrington returned thanks for the nattering manner iv which he had been referred to, and he wished the company every success. i Mr Henshaw, the architect, also briefly acknowledged the compliments that had been passed him, and said they had full value in the building just erected. (x\pplause). Mr T. Mitchell, who was received with loud applause, asked for a continuance of the support accorded Mm in the past, and they now hoped to be able to cope with the demands of their growing district in a proper manner. He also trusted that they would stick to the principles of true co-operation. This completed the formal part of the proceedings, and those present then adjourned to the garage, where afternoon tea was served by a large staff of helpers.