SOUTH CANTERBURY FARMERS' ASSOCIATION.

Oamaru Mail, Volume XXVI, Issue 8228, 16 September 1901, Page 4

SOUTH CANTERBURY FARMERS' ASSOCIATION.

(3Y TXiEGBAT'H.J T-iniaru, September 14. ;The South Canterbury Fa timers' Cooperative Association held its annual meeting to-day. The balance-sheet shows £15,128 -for distribution, including £2548 brought forward. 'The share capital receives 8£ per cent- and a 7 per cent bonus will be ipaid on business done and on salaries, and 50 .par cent off commissions refunded. The subscribed capital is £(5.000. of which £57,571 is paid up. and the meeting authorised the issue of 5000 more £5 shares Ifco extend 'the business. The reserve funds /were £22.000. and £2OOO are now added. The Association has also, as a working canital. £53.261 of shareholders' money iplaced with iiem on fixed deposit. The freeholds and buildings, after wilting &85LU off co?t. are set dc/wn at £22.880. At t-ne end of Julv they had £48.561 advanced, tind £02,540 burrowed on produce. Customers owed £59.185 on open accounts, and soods on hand were valued at. £43.485. Ixiriie warehouses and ofiices were_ now being built at a cost of -about- £15.0G0, nnd 'the auction mart is being extended at & further cos: of £SOOO. The gross earnings for the yer.r were £25.889. of which £12.951 are " -profits on merchandise and £6554 on commissions. The meeting passed a resolution almost unanimously in support- of the Ltnd and 1.-ive Stock Auction Bill to abolish "trotting'' and bogus bidding.