MILTON INDUSTRIAL CO-OPERATIVE SOCIETY.

Otago Daily Times, Issue 20039, 4 March 1927, Page 6

MILTON INDUSTRIAL CO-OP-ERATIVE SOCIETY.

HALF-YEARLY MEETING. (Fbom Ocb Own Correspondent.) MILTON, March 3. Th twelfth half-yearly meeting of the Milton Industrial Co-operative _ Society which was held on Wcdnsday evening, was attended hv 20 shareholders, the president (Mr J. H. Bateman) occupying the chair. The principal items on the balance shoot (in round figures) showed: —Liabihtie«— Capital. 276 shares at £5 each, £1380; less unpaid and cancelled shares, £168; total capital, £1212; sundry creditors. £401; mortgage on property, £500; reserve fund, £215 • reserve for doubtful debts, ioU; profit and loss appropriation account, £4B 14s lid The assets arc set down as follows:—Stock, £704; plant and fittings, less dopreciaion, £206; property, loss depreciation, £482; stationery and insurance, ilo; sundry debtors, £831: fixed deposit, £122, balance in bank, £52 ss; cash on hand, £43 Bs. , t . The trading account for the past aix months was:—Stock at June 30, £BIO 10s; purchases, £2630 10s; grossprofit, £683 3a 10d. The sales totalled £3319 19s Bd, with the dock at December 31 valued at £704 4s 2d. After the payment of running expenses the net profit transferred to the appropriation account was £lB 14s lid. . The auditors’ report showed that the turnover was greater than the previous six months by £lls 10s 6d, but less than the corresponding six months in 1925 by £l6l 16s Bd. Tho expenses were £27 more than during tho corresponding period m 1925 owing to wages being increased by £so.’ .The percentage of profit was normal, and if maintained the ensuing 12 months should show satisfactory results. The President briefly commented on the report and balance sheet. It was extremely gratifying, he said, to note that tho loss of £l5B 8s 2d on tho previous six months’ working had been converted into a net profit of £4B 14s lid for the period ended December 31.—The motion for the adoption was seconded bv Mr W. Kent after dheussion and carried. ... As the committee held divided opinions whether a dividend should bo declared on tho share capital or the profits expended on renovations to the store, the decision was loft to tho shareholders, who unanimously decided in favour of the renovations being carried out. To fill four vacancies on the committee of management Messrs J. H. Bateman (president), R. Whvtock (treasurer), Thos. Mills were reelccte’d. and Mr Thos. Milne was apnointed to fill tho other vacancy in place of Mr J. R. Lynch, who has been appointed secretary. Messrs .11 Wells ancj J. C. Jones were ro-clectcd trustee', and Mr Thos. Milne was appointed shareholders' auditor. The ’appointment of the new manager (Mr J. Lumsden, of Duncdinl was announced. He will take up his duties at an early date.

Appeals -were mad® for more liberal support being accorded to their own business by the shareholders and that a united effort should bo made to pay the balance on the shares. Appreciative references were made to the loyal services rendered by the president, Mr Bateman, who has occupied the position since the society’s inception. The meeting terminated with comprehensive vote of thanks to the committee of management and staff for the past six months’ successful trading operations.