OUR CANTERBURY AGRICULTURAL BUDGET.

Otago Witness, Issue 2056, 20 July 1893, Page 22

OUR CANTERBURY AGRICULTURAL BUDGET.

(Fbom Oro Own Cobbespondbnt.) Chbistchuhch, July ITT The weather for the last month has been as favourable as could be expected. The There has been a good deal of Season. light rain, and the ground has had a better soaking than it has had for the last four years. Still work on the land has only been stopped for a few odd days, end the season's work is well advanced, few besides the inevitablelaggards being behind-hand. There have been some sharp frosts, and these being followed by rain grass has ceased to be of much value, and farm sheep are mostly on turnips. ■, The "second summer" enabled farmers to reserve their winter fodder and roots longar than usual, and the deficiency in the turnip crop will thus be less felt than would otherwise have been the case. In the hills the weather has been relatively better than on the plains, and contrary to fears there were no losses from the snowstorm of last month. The crops as a rule are in a good position, but a great deal of damage by the white grub is visible in both grain and grass. The season so far has been on the whole favourable.

The stud sheep sent to Sydney sold just about as was anticipated — that is to Slieep for Aus- say, at something less than they tralla. would have fetched here— prices at which the buyers cannot go wroDg. The Lincolns sold best, as was only - to be expected after the statements made at the Wellington Conference and the paper on crossbreeding published by the New South Wales Chief Stock inspector. There is no doubt that Leicester were prejudiced by the absence of any advocate for the breed at the conference. A' few facts regarding English Lejcesters will bear repeating :— Three-fourths or more of the crossbred sheep in North Canterbury are sired by English Leicesters. North Canterbury x mutton and lamb have gained the highest reputation in the English market. The cross of English Leicesters on merino ewes produces a larger percentage of [living lambs and a smaller percentage^ of losses of ewes than any other longwool merino cross. ~ English Leicester-merino cross lambs are worth more than lambs of any other longwool merino/ cross reared under similar, ordinary conditions. . . „ The English Leicester-merino cross is the best foundation for subsequent crosses, either longwool or down. The merit of the English Leicesters are being more widely recognised year by year. The North Otago A. and P. Association is adding fresh classes for the breed at the ensuing show —this in the heart of the Lincoln and Border Leicester country. « ■ Where Mr Bruce got the information from which he compiled his table of points goodness knows ; he did not get it in North Canterbury. And the matter is the more unfortunate that the Australians will haveto rear their crossbre'ds under conditions more nearly approximating to those obtaining on the Canterterbury Plains than of any other part of New Zealand— unless it may be some parts of the Hiwke'sßay province. The Lincoln cross was tried in"Victoria a dozen years ago and found wanting, and so it will be when, as in the preeent juncture, mutton is the desideratum. It must be understood that I leave the downs out of consideration in this question. If shippers want their mutton to sell the moment it is landed, at the top, price, let them go in for Shropshire or Southdown crosses from Leicester cross ewes— the Hampshires generally run too heavy— and if they want wool also let' them stick to the Shropshire cross. The deficiency of wool pubs the Southdown and Shrop-ehire-merino crosses out of court, though the mutton is tip-top, but the Hampshire-mermo cross is said to be a success. As 1 1 remarked, the men who sent Bheep to the • , Sydney sales are well enough The loan and satisfied with the prices ; but Mercantile they feared they were going in Swwenslon. the end to get only a composition, most of them having been shipped by the Loan and Mercantile Agency Company. The news.of the suspension was a sharp shock,»but thaprompt measures taken by the local managers, Mr Harley (general) and HSr Staveley (stock and produce), to continue - business soon restored confidence, and all con- ' cern has ceased— except on the part of the few unfortunate shareholders here who are liable for £22 10s per share, and as some of them put their all or nearly, so into the company, the suspension and the calls which will inevitably follow are disastrous to them. The company never stood better with farmers than on the day the news came. Its business was extending week by week in a thoroughly legitimate way, and the collapse of the company and the restriction of ifc operations would be one ot the greatest calamities that could overtake Stock-breeders in particular, and farmers. ceneraUy— and, indeed, the whole colony. It is earnestly to be hoped that the reconstruction . will be speedily arranged.

This is quite another story. The twelfth annual meeting of shareholders Tamers' was held on Saturday, and was Co-operative attended by about 2§o of the Association, oream of the farmers of Canterbury from the Rangitata northwards Tie we&ther was fine, and the town has not been «o fall of country people for many i iTdav. The directors 1 report stated that the ~ tesufoofthe yew's operations wm satisfactory, 2f tJHea i of the business showing a eub-

stantial increase. The issue of 1000 new shares authorised at the last annual meeting, was completed in August last. One hundred and ninety-eight new shareholders were added to the register, and the reserve fund had been increased by £340 11s, being the premium on the 973 shares issued. The directors recommended that in order to meet the growing requirements of the businees, a further issue of 1000 shares be sanctioned at a premium of 8s per share, and that in allotting these shares preference be given to present shareholders holding but few shares, and who contribute freely to the business, and also to new shareholders. The grain store had been extended during the year by the purchase of the lease of the property adjoining. Considerably increased taxation had to be met during the past year, but the amount charged includes two years' Stamp tax, £250, for which the claim of the Stamp Office was compromised, and which will not be a recurring charge. The balance sheet attached showed that the net yttAto for the year amounted to £85*2 15s Id, to which has to be added the amount brought forward from last year, £1652 8s 7d, making the total amount to be dealt with £10,195 3s 8d The directors proposed to allocate this amount as follows :— To payment of the ÜBual dividend of 7 per cent, and a bonus of 3 per cent, on the called-up capital. To payment of a bonus of 3 per cent, to shareholders on their purchases of merchandise during the year, and a bonus at same rate on salaries paid and wages earned, and also to refund 20 per cent, on all net commissions earned during the year. To write 10 per cent, off the maohinery and office furniture accounts. To carry £1000 to the reserve fund, and the balance forward to next year's account. The balance sheet showed that the total capital paid up amounts tp £38.407, the uncalled-up capital being Va,6te shares af£3, 1873 at £\, and 27 at £5, leaving a total of £56,593 uncalled. The freehold property is set down at a value of 17,345 11s 4d, and the leasehold at £4326 13s, or a totel of £21,672 4s 4d for buildings and property. The stock in hand and afloat is valued at £38,984 4s. The advances on produce shipped and< in store amount to £113,161 12s 9d, and £13,962 6i 5d is set down as due by debtors, the total assets, including investments, _ balances, machinery and plant,- office furniture, &c, amounting to £191,658 14a 2d. The liabilities include the association's drafts against,produce shipped, &s., £73,155 4s Id; amount at credit of shareholders' current accounts, £17,768 5s 6d; deposits, £36,297 18s 8d; sundry creditors, £4947 16s 4d ; on deposits and fully paid-up shares, £897 '15s 9d ; and unclaimed dividends,- £273 19* 2d; the reserve fund amounting to £9715 lls, and the gross profits for the year to £10,195 3sßd. The profit and loss account for the year ending May 31 showed that the profit for the year was derived from : Merchandise, £10,121 8s 2d ; commissions, £6685 15s 8d ; disoounfc and insurances, £1013 15s ; exchange and interest, £700 18s lid; grain store and storages, £243 18s 9d; and transfer fees, £23 14s;— total, £18,789 10s 6d. The expenditure includes £6494 16s, salaries and wages. Directors' fees and expenses have amounted to £599 5s 9d ; Governmenttaxes and costs, £783 18s 9d. £496 Is 7d has been written off for bad and doubtful debts, the total working expenses for the year being £10,246 15s sd, leaving a net profit for the year of £8542 15s Id. • . The principal points in the chairman's very long speech were that the rate of profit charged on goods was ty per cent, less than in the previous year. The advances to farmers, £251,000, were self closing during the year. All the reclamations of advances on wool and gram had Jaeen met except one. The Sydney agency had returned a small profit. In reply to an attack on the association by the Press newspaper, the Chairman contended that the existence and success of the association had benefited both town and country by bringing about a sounder state of business. "We are," he said, " a local company trading amongst our own shareholders, and our 19,000 shares are held by over 2800 members. The bulk of these shares are held -in small numbers, as our rules will not permit of over 200 shares, being held by any one member. Our share register shows 2061 members holding up to five shares, 309 members holding from five to ten shares, 158 members holding from 10 to 20 shares, 105 members holding from 20 to 50 shares, 26 members from 50 to 100 shares, and 11 members holding from 150 to the maximum 200. Ifc will be evident to all that where our shares are so widely distributed the security offered to our^ depositors is unequalled, and if our whole capital had to be called up it would cause no inconvenience to our members, and, in addition, our stock, our land, and onr -stores are unencumbered. Our borrowing powers also are limited to one half our subscribed capital. The relief ffom taxation promised by the Colonial Treasurer was favourably commented on. The report, &c, were adopted. Messrs C. ' Easor, J. Gough, W. Henderson, J. Haydon, F. D. S. Neave, M. S. Campbell> and George Jameson were directors. Mr Jameson, the new director, has for many years carried on a business similar to that of the association at Ash-burl-on, in conjunction with Messrs Miles and Co., and has now bought a large firm. He will be a desirable accession to the directorate. The meeting was not all smooth sailing, but the directors had the support oE an overwhelming majority.