BENEFITS OF CO-OPERATION.

New Zealand Herald, Volume XLIV, Issue 13480, 3 July 1907, Page 8

BENEFITS OF CO-OPERATION.

At the first annual meeting of the Waikato Farmers' Co-operative Auctioneering Company, Limited, held at Hamilton on Monday, the directors' report was read as fob] lows:—"The business has been carried on] by and on behalf of the company since! February 1, and the results since that date] j have been so satisfactory that the directors! have no hesitation in assuring the members I I that, the success of the company is only! j dependent upon the substantial and continued supjiort of the farmers. The total ! number of shares allotted at Juno 8 is as follows: —To the late firm of MeS'ieol and| Co., the consideration for which is the i property, plant, and book assets of the busi- I | ness lately carried on by them, 5524 shares,' 'A' issue, fully paid up; to other members, the consideration of which is cash, [1350 shares. 'A' issue, fully paid up; to] ■other members, the consideration for which lis cash, 1951 shares, 'B ' issue, with a] Inominal capital of £46,075, of which £41,030] ' 10s is paid up. The total amount of cash! received by the company in resnect of such! !shares is £7881 10s." In proposing the adoption of the report, | ] The Chairman (Mr. J. Barugh) said it j was not intended to refer to the state of I the business, but merely to show the position of the company so far as the number of shares taken up and money paid in! connection therewith. Since the issue of] the report £1000 worth of shares had been; applied for. They had, there-fore, subscrib-i Jed capital of over £47,000. The late pro- ■ printers, McNicol and Co., hold £33,000, ' 'leaving a balance of £14,000 hold by farmers.; [He desired to point out that McNicol and! Co. had not exercised a vote in the electionl of directors. j Mr. H. S. Hawkins congratulated the' farmers on the acquisition of one of the most] prosperous businesses in the Auckland pro-1 vince. The independent valuation of the; property and plant had turned out to be; slightly in excess of the amount at which the company had taken it over. The allowance for bad debts would in all probability! cover them twofold. j