THE J.G. WARD FARMERS' ASSOCIATION.

Otago Witness, Issue 2059, 10 August 1893, Page 11

THE J. G. WARD FARMERS' ASSOCIATION.

INVERCARGILL, August 5. A meeting of the shareholders of the J. G. Ward Farmers' Association of New Zealand (Limited) was held to-day for the purpose of receiving the half-yearly balance sheet. There was a large and representative attendance of farmers from all parts of Southland. The Hon. J. G. Ward (chairman of direotors) presided. The balance sheet was adopted unanimously. The net profits earned during the seven months amounted to £4414 19s Id, and were distributed as follows :— To payment of a dividend at the rate of 10 per cent, per annum on the paid-up capital ; to refund of 20 per cent, off the oharges paid by shareholders who sold their wool through the association last season ; to the payment of a bonus of 2£ per cent, to shareholders on their purchase of merchandise ; to the payment of a bonus of 5 per cent, on salaries and wages paid ; to carry £1000 to the reserve fund acoount, and the balance forward to next year's profit and loss account. The Chairman, in the course of his remarks, said that ever sinco the establishment of the business in Southland it had been entirely supported by farmers, and he thought it only right that they should participate in the profits that their business enabled the company to earn. He indicated that the £4400 earned during the seven months was the normal profit of the business, and indicated fairly the earning power in years past. The company held soma of the best agencies in Southland, and he was pleased to inform them that recently several other important and profitable agencies had been acquired by the association. Financiallytha association was in a thoroughly sound position. They had always received fair treatment from their bankers for any necessary accommodation that was required, but he thought it was as well they should know, in these times of financial trouble which were being experienced in the adjoining colonies, that the company was quite independent of their bankers and had made arrangements by which the whole of the requisite capital for carrying on their transactions could if necessary be obtained outside the colony. The whole of the first issue of the 10,000 shares had been subscribed for, and he asked them to authorise a further issue of 3000 shares, which was agreed to. Mr Ward also intimated that it was intended to at once largely increase the capacity of the Ocean Beach freezing works, and that when the additions were complete those work 9 would have the largest storage capacity of any freezing works in the colony, and as the association jiield the agency of the same it was a decided -advantage to shareholders. One' of the financial firms in London had ttekea an interest in the association, -and would, aot as their confidential ,agentß for the whole of their business with rthe United Kingdom. The policy of the directors had not been to call up a large amount of ►capital. The funds required by. the association depended to a large extent upon the needs of T its clients, whose advances were generally well •geenred ; and the money ordinarily required to >xjarry on the business fluctuated in proportion ■An the demands \of its shareholders. The entered into no speculative business «whatever, and in the purchase of its goods always bought in the cheapest and best markets «,nd for net cash, receiving the highest discounts available, and customers got th 9 benefit of all such discounts. In addition to the dividend and bonuses declared above, the association since the start had refunded to its shareholders 25 per cent, off the commissions paid for the s*le of stock. The chairman's address was enthusiastically received and loudly cheered. A number of farmers present spoke in terms of the highest praise of the prompt and careful attention given to their business, both 'since the incorporation of the association and previously — when the business was conducted by Mr Ward himself. Special votes of thanks were passed to the etaff and directors, who expressed themselves as determined to do their utmost to ensure the future success of the association. During the course of the day 1500 new shares were applied for.