MOSGIEL INDUSTRIAL CO-OPERATIVE SOCIETY' LTD.

NZ Truth, Issue 850, 4 March 1922, Page 4

MOSGIEL INDUSTRIAL CO-OPER-ATIVE SOCIETY' LTD.

First Report and Balance Sheet. So, here is the baby, with its birth certificate plainly marked- upon itThough number one, only "five months' 1 operations are included m the accounts. This is, "Cambist" presumes, an attempt to found a real Rochdale co-operative m a workers'- district, if ever there was one such m this country. It seems foolish to this writer to talk of "workers" m these days. The Mosgiel woollen mills should be able to keep a large army of workers employed, even though Bill Massey's , Tory Government 'grabs more -than ! one-half of the profits earned. "Camj bist" notes that the membership of the ! society is made up of 254 persons, which is a very fair beginning. Surely, there must be room for a big expansion here. What about the cow 1 cockies and truck gardeners ? All of i them should be roped m and made i snug m j THE CO-OPERATIVE FOLD. . The report accompanying the balance j -sheet does not mention the particulars j connected) with the payment of "£125 of the purchase price." Are we to take it that this "co-operative" has -bought out some business m Mosgiel ? If that be the case, . "Cambist" feels a i cold shudder passing over him. To f him, it means that old stocks have been, acquired; that old capitalistic methods. will be followed and, possibly, disappointment be the ending of the whole ventured Looking over the trading and profit and. loss account, i no'' trace 'of .the £125 mentioned can be found-. This arises from the fact that the members of this little society have not been furnished with a properly constructed income and expenditure account. . This is' a grave mistake at the beginning. It should have been _ provided, The fact that sales' amounting to £6463 have been made, is very encouraging, as divided by five months the turnover appears to be already upon a profitable basis. Cash sales gave i£2657-, while credit sales stand for £53905. "Cambist" is not at all pleased. with this sign m the trading. "Putting it on the slate" might have been a good policy m an old-time pubbery, but nowadays Mr. Public- - house takes the** 'cash first and only hands over the booze as the cash rings ; on the register. Bookc carries rnanj' hundreds per cent, profit, while household repuirements are mostly, "cut lines." This society should take a hint from Mr. Publichouse, that is, run the business 'on cash lines. There is too much : danger m credit and it is also a most costly method of doing business. As a matter of fact, this society cannot expect any mercantile firm to grant it credit -with so small a paid up capital as £1108. What did this society pay for the business it acquired ? Looking over the balance sheet, sun- ' dry creditors including balance of un- \ paid purchase money, £1521, is a bad " set. off to the paid up capital already 1 referred to. The reserve fund, £25, ' is seemingly a good co-operative be-^ ' ginning. -'.'-'■ \ On the assets side, cash iri hand \ and bank balance only make up. £46 | between them, i Plainly then; there is not niuch capital to juggle with. Stock ; £ 1390 is a heavy line. One wonders ; if it is all good- saleable stuff, or most- \ ly the dregs left over from the mysterious ""purchase". Plant £25,4 is ; a dead line. Let us hope a sound as- ; . set. Sundry outstanding accounts ; .£932, nearly eats up every penny of the paid up capital. What a shame to let that money get on the books ! . One would like to learn how many persons are allowed (to "stick it up," j and so burden the society that It cant not "TAKE THE DISCOUNT/* on its purchases. Really these -matj te'rs are most serious. "Cambist," j- with all kindness, urges the members i to take his remarks m. the right spirit. j He hopes that all the debtors will i rush m and pay their accounts.* This j would relieve the affairs of the so- ; ciety ' and? provide it with a .sounder j credit standing, as well as give it j some cash 'to go on with. ! Under the circumstances mentioned lin the report, "Cambist" considers ; that no dividend should have been j passed. It would have been better to j use that money m" writing off the j wlhole orthe preliminary expenses and leaving the balance, say' £4, to stand for the first reserve fund. The sooner ; the members are made to realise ■• their i duties as co-operators,, the better. By . i paying them a dividend "from the , : jump," the society is only- intensify-. i ing the spirit of individualism, which I is' a curse-, to this country. In the ! good dlcli ,days we were all Colonials | and helped one anotber. thus we were ■nearer true* co-operation than we are j to-day. "The worker m every form ' of unionism, and the farmer and cap- ! italist, m their respective unions. '! "are all tarred with the same brush? I individualism, or selfishness. How , much better to "get together and lighten the load." True co-operation is the only Evangel that can bring ; happiness to this weary had old world , !of ours. Let us try it. \