MOSGIEL INDUSTRIAL COOPERATIVE SOCIETY

Otago Daily Times, Issue 21431, 4 September 1931, Page 6

MOSGIEL INDUSTRIAL COOPERATIVE SOCIETY

ANNUAL MEETING The tenth’ annual meeting of the Alosglel Industrial Co-operative Society, Ltd., was held in the Coronation Hall on Monday evening. The president (Mr D. Connor) was in the chair, and some 50 members were in attendance. The chairman, in moving the adoption of the report and balance sheet for the six months ended June 30, congratulated the members on the business done during the past six months, considering the hard times ahd the small profits in tho grocery trade, Their sales amounted to £0905 17s Td, the expenses to £1075 8s lid, and the gross profit to £1316 15s lid, leaving a net profit of £241 7s available for distribution. The committee recommended that this should be distributed as follows: •—Five per cent, interest on share and loan capital. £sl; bonus on members’ purchases (Oil in the £), £ll4 10s 6d; and the balance (£76 16s Gd) to be added to the reserve fund. Tho motion was seconded by Mr J. Hnigh and carried unanimously. The reserve funds, it was stated, now stood at £1282 11s lid. The share and loan capital amountod to £2164 Is 7d, and the assets of the society stood at £4261 13s Bd, including £546 9s 7d cash at the bank and £273 10s on fixed deposit.

The retiring members of committee were Messrs D. Connor, G. Macleod, and A. Davidson. These were unanimously reelected, ns were also the president, treasurer and secretary, Messrs D. Connor, G. Macleod, and E. Pilling, Messrs H. Johnston and F. Smoatoft werp elected scrutineers, and Messrs W. A. Mitson and Co. were again appointed auditors. It was reported that the lease of Mr H. Wilson's premises having expired since the close of the half-year, the committee had purchased Mr Swallow’s brick shop at the corner of Lanark street and Gordon road, where the business of the society was now being carried, on under the management of Air J. W, Thomson, formerly of the Clydebank Co-operative Stores, Glasgow, and recently of the Star Stores, Dunedin. The action of the committee in both the purchasing of the store and the appointment of the manager met with the unanimous approval of the members.

The meeting closed with a,hearty Vote of thanks to the committee and staff.