NORTH OTAGO FARMERS’ COOPERATIVE ASSOCIATION.

Otago Daily Times, Issue 19282, 20 September 1924, Page 6

NORTH OTAGO FARMERS’ COOPERATIVE ASSOCIATION.

ANNUAL MEETING. £Feom Ouh Own Cohbespondent.) OAMARU, September . 19. The annual meeting of the shareholders of the North Otago Farmers’ Co-operative Association was held this afternoon, when there was an unusually large attendance, and Mr J. B. Taylor, chairman of directors, presided. One special reason for the interest taken in the meeting was-that for the first time since the inception of the association 22 years ago the directors were unable to declare a dividend, and it was anticipated that this fact would provoke a good deal of criticism of the management, which could show a net profit of £240 out. of a gross profit of £16,790. The chairman, however, disarmed severe criticism by first of all saying that the position of the association showed an improvement over what was presented at the close of the two previous years, and further by recalling that the association’s “difficulties were accentuated by disorganisation and loss caused by the partial destruction by fire of our premises and stocks just prior to the slump. This alone, he added, was sufficient to cause a serious set-back to any company, but these difficulties have been overcome, regular dividends have been paid, and I think I can safely claim that few companies could have surmounted these difficulties without making a call on shareholders.” Then he, quite naturally, pointed to the effect that the dry year passed through had prejudiced the association by reducing its earning power. To these and other explanations ho added: “I would like to explain that further depreciation in the value of our merchandise stocks was provided for at the close of the year to the extent of £3OOO, and but for this fact and the loss of revenue due to the unfavourable season our nett earnings would have permitted of the usual distribution of profits.” There was some criticism of a general character, aimed chiefly at methods, emphasis being laid upon a want of push and energy. But taken generally there was a marked disposition to accept the explanations put forward, and to join in a hope that the chairman’s anticipation of better results for the current year would be realised. The report and balance sheet were adopted. 1 The election of directors created a good deal of interest. Five new aspirants entered the field against the half-dozen who retired by rotation. The result was that two new men were returned, these being Messrs .T. G. A. Ruddenklau and ,J. 0. Kirkness, who displaced Messrs W. F de 0. Hughes and J. A. Macphorson, M.P.