CANTERBURY FARMERS' COOPERATIVE ASSOCIATION.

Otago Daily Times, Issue 13385, 11 September 1905, Page 5

CANTERBURY FARMERS' COOPERATIVE ASSOCIATION.

(Per United Press Association.) CHRISTOHURCII, September 9. The annual meeting of shareholders in tho New Zealand Farmers' Co-opcrativo Association of Canterbury (Limited) was held this afternoon. Tho balanoo sheet showed that tho net profits for tho period ended July 31 (14- months) amounted to £■22,558 12s ss, to which had to bo added tho sum of £1934 16s brought forward from last year,, making a total of £24,473 8s -Sd. It was reeommonded that this sum should bq disposed of in tho following way:— Dividend of 6 por cent, and a bonus of 4 per cent, on tho paid-up capital, a bonus of 4 per cent, on shareholders' purchases of merchandise during tho period, and a bonus to tho staff of.tho' 6amo rato on salaries and wages earned, refund of 25 per cent, on all not commissions earned, to carry £2000 to tho reserve fund and £1000 to special contingencies, and to writo 10 per cent, off machinery, fittings, otc„ and tho balance to bo cnrric<J forward. Tho Chairman, in moving tho adoption of tho report and balance sheet, said the question of Lyttelton railway rates was still troublesomo. Tho prico of wool had been most satisfactory to growers. The local sales of clips were growing annually. Tho association had sold nearly a quarter of a million sheep for clionts during tho year.—A shareholder said a matter requiring attention was tho refusal of tho Woolbrokers' Association to allow rebate_ on commission.-Tho Ohaumau said the directors of tho Farmers' Co-operative Association had struggled against tho Woolbrokere' Association for many years,'and if shareholders would support it tho strugglo would e'nd weii.