FARMERS' CO-OPERATIVE ASSOCIATION

Otago Daily Times, Issue 16190, 28 September 1914, Page 5

FARMERS' CO-OPERATIVE ASSOCIATION

REMARKS BY THE CHAIRMAN. SHORTAGE OF WHEAT ANTICIPATED. (Pee United Pbess Association.) TIMAHU, September 26. At the annual meeting of the Farmers' Co-operative Association only a few hundreds out of 3562 shareholders were present. The sales for the yeax at Timaru 'Ui<' branches in other towns exceeded a million and a-quarter stoi'ling, and the amount available for distribution is £35,296. When issuing a report some time ago the djrec tors proposed, in view of the war, to declare, but withhold the payment of, the usual bonuses. To-day the chairman stated that tho aspect of tho war had altered, and it was proposed to pay the bonuses as usual. Tho dividends are 6 per cent, on preference and 8 per cent, on ordinary , shares, and the bonuses are 5 per cent, on : sales and 4 per cent, on salaries. The Chairman (Mr J. Talbot), in a review of the outiook, said that in spite of the response to Mr Massoy's appeal for the putting in of more wheat he doubted whether enough could be grown to meet the country's requirements for the rest of oho year. Wheat-growing had decreased for several reasons, one of the most important being the imoorts from Australia, where wheat and flour were produced more cheaply than here. This would result in serious trouble should Australia have a shortage, as occasionally happened. As to wooi, he anticipated- that there would be no local <ule till January, and that lower prices would rule, as the only competitors were the Bradford and dominion mills. The association is paying half their salaries 1o 16 employees who have gone to ill: front. The directors had voted £50 and the staff £254- to the Patriotic Fund. The meeting to-day voted £if)o to the Home and Belgian Relief Fund.