PUBLIC SERVICE STORES.

New Zealand Herald, Volume XLIV, Issue 13452, 31 May 1907, Page 6

PUBLIC SERVICE STORES.

| NEARLY £1000 LOSS FOR YEAR, j I The annual report of the Public Service j Co-operafive Stores at Wellington says: — j I "In submitting the second half-yearly 1 Ibalance-sheet, the committee regrets hayling" to show a loss in the actual trading ifos this period of £487 4s Id. which, addled to the debit balance of £280 4s lid • brought forward, £51 14s 8d written off •flotation or preliminary expenses, and £131 9s 9d written off for depreciation of fittings and plant, makes the actual loss for the year £950 13s sd. Although the result of the venture lias so far been most disappointing, the committee trusts the sharei holders will still loyally support the society, as a, very good business has now beer, | got together, and, with the experience gained during the past year, and from present indications, it is anticipated that the j turning point has been reached. Moreover, the committee would point out that the experience of nearly every other similar association has been the same as this, j and that they have rarely, if ever, paid expenses during the first two years of their existence. "As most of the shareholders who deal at the stores doubtless know, there has been : a reorganisation of the staff, which, while effecting a considerable reduction in the expenses, it is expected will also prove moro efficient in every way. ' "It.is also noted with considerable regret that a large proportion of our shareholders have not yet commenced to- deal 'at the stores, the reply in most cases given to inquiries as to the reason why being that it would be most inconvenient for them to pay cash, but that they were quite prepared to deal with us when we would give them the same terms as they were given elsewhere, namely, monthly credit. For this and other reasons, your committee have unanimously come to the conclusion that, to make the stores a com-] plete success, it is absolutely necessary to fall ' into line, with the other stores, and give our : shareholders the privilege of! monthly credit for those who require it. 1 With this end in view, the committee hove , tabled two notices of motion to alter the ■ rules. - . As' it is necessary that two-thirds ■ of the shareholders must be represented at ; the meeting before , the rules in question i can be altered, all shareholder's are earnestly • requested to be either personally present at ' the meeting or to send, in their proxies. "The committee desire to impress upon ■ members generally the necessity for combined assistance and support in connection with all departments of the store, _ and trust that each one will constitute himself, _or herself, a real live agent, in the promotion of the society's success.", j* v * The trading account for the six months ended March 19 shows that £6670 13s 5d was spent in groceries, and £7233 0s 4d worth were sold ; in :mercery ; £254 18s 3d was spent, and only £215 14f> lid was realised: I £281 7s 9d was spent on 'tailor-: ing. and £864 13s 4d was realised; and £364 .12s lid was spent on boots, which lino only returned £298 8s Bd. Hie .statement by the committee that the result of the venture lias so - far been "most disappointing," is justified in that the debtor balance for the first- half-year was only j £280. With the total loss for the year showing:as £950 13s sd, it is seen that the! ratio of lo:ts is increasing. On top of i this the item, rent, rates, and insurance, £169 lis lid," seems low enough, while the salary list' (£1248 3s 4d) is heavy for a young 'business. • \ .