THE CANTERBURY FARMERS' CO-OPERATIVE ASSOCIATION.

Otago Daily Times, Issue 7726, 22 November 1886, Page 2

THE CANTERBURY FARMERS' CO-OPERATIVE ASSOCIATION.

(Fhosi Our Own Cobbespondent.)

Timabu, November 21,

The-.annual general meeting of share-; holders in the Canterbury Farmers' Co-; operative Association was' held yesterday,. Mr Page, chairman of directors, presiding. The report showed that the sum of £1800 13s 9d was the net profit on the transactions of the past year. The directors, after, declaring a dividend of 7 per cent, on the paid-up capital and giving a bonus to the-'officers of 5; per cent, on their salaries, recommended S that there be ~ placed to the credit of individual shareholders in the capitalised bonus fund of the association a sum of about £660, being 3 per cent, on the purchases made during the past year, and that the balance of': £247 be carried to reserve f and. During the; past year 64 new shares have been taken up, making a total of 2550 shares held by 580 members. The total called-up share' capital now stands at £9156 10s 4d. No great increase is apparent in the sale of ordinary general merchandise as compared '* with that of the previous year, this being in a great measure due to the lower level of prices ruling for both imported goods and , colonial products. In another important 5 branch of the business, however, viz., the ' local sale of wool and grain, a marked ;in-"! crease was observable, the sales .for the year•" ending September 30 1886, amounting to 1 £37,498, as against £24,897 for the previous year.

. After the.report and balance "sheet Lad been adopted. ■' -.

The Hon. W. A. Rolleston moved—"That the shareholders be requested to increase the number of their shares by resolving each of the shares with £3 15s paid up into two shares of £5 each with £1 17s Gd paid up." This was seconded by Mr Cowlishaw and carried unanimously. Tlie effect of,'this resolution will be to en-, able the association to largely extend its:, business and about double its capital. Messrs Page, Kelland, and Talbot were reelected directors^ and Messrs Davidson and Sims were elected auditors. .