THE J. G. WARD FARMERS' ASSOCIATION.

Otago Witness, Volume 01, Issue 2123, 1 November 1894, Page 19

THE J. G. WARD FARMERS' ASSOCIATION.

(Fuoai Ova Own Cobbesfondent.) Inveecabgill, October 29. The annual general meeting of the J. G. Ward Farmers' Association was held in Hanan's Hall, Inverc&rgill, on Saturday afternoon. The Hon. J. G. Ward (chairman of directors) presided, and there were upwards of 250 shareholders present. ' The Chairman, in moving the adoption of the report and balance sheet, spoke at considerable length. He reviewed the cautes which were responsible for the drop in values of staple products, and went on to deal with the chief aspects of the financial crisis that had passed ov«r the United States and the Australian colonies. He stated that the reflex of this financial disturbance was to some extent felt in this colony, although we had been fortunate in escaping the evil oonsequenues that had overtaken our neighbours. Recognising the untoward circumstances that bad existed for a considerable time past, the chairman thought they had all the more reason to congratulate themselves on being able to carry on such a large business successfully. It was a business which had

been of the greatest service to settlers in all parts of the district. It was a source of gratification to know that all concerned in it had stood loyally by it, and as a result of the year's working the profits for division amounted to £7777 19s Bd— (applause),— which, after the meeting, would be divided as follows :— The payment of a dividend of 10 percent., refund of 25 per ceot. fox the charges paid by the shareholders on tales, a banus of 2£ per cent, to shareholders on merchandise purchased, and a bonus of 5 per cent, on salaries paid to the staff; the reserve was strengthened by a further £1000 being paid to it, and after paying for the goodwill of the United Farmers' Agenoy the balance was carried forward to next year's account. In connection with the item paid to the United Farmers' Agency he understood that some of the shareholders of that company were desirous of knowing some particulars o! this. He might, for their information, say that the position was that the United Farmers' Agenoy had an agreement with Messrs Mitchell, White, and Co. by which they undertook in the event of sale or termination of the business, to pay them. When the business was sold to the J. G. Ward Farmers' Association they paid £1278 33 6d to the United Farmers Agency, and they in turn paid this amount to Mitchell, White, and Co. The chairman also referred ta the proposal to increase the capital of the association to £250,000. He said it was an important proposition that had not been made without careful consideration on the part of the directors. Their business was a growing one. It existed entirely for the carrying on of the busineis of settlers, and as their requirements grew it was obvious that further capital was necessary to enable the association to grow side by side with its increasing business. What the directors desired was to make the association absolutely independent, and he a&ed for the cordial co-operation of their friends in order to bring this about. Those who had stuck to the association had practical proofs that it was to their advantage to work with, it. They had never spent a pound for the purpose of obtaining snares, and it was very gratifying to know that notwithstanding the opposition and influences from time to time brought to bear against the association, it had grown so rapidly as to have attained a very wide public support.— (Hear, hear.) Hp would here take the opportunity of BuggestiDg to those who held but one or two shares, that they might with advantage to themselves increase their holding. Without referring to any caeei specially, he might say that many 9* t ae BmaUer shareholders had already, by dividends and bonuses received tho Tftlue of tfieir chares fourfold-^ e_ome case?

that their association bad absorbed several other businesses. It would be within tha recollection of shareholders that when the United Farmers' Agenoy was purchased, an arrangement was made, subject to the assent of the shareholders, by which it was intended to change tho name of the association, and they would that day be asked to vote upon the mfttter. Ho would only say that he would cordially fall in with whatever was done by the association in regard to it, and would not in j an; way relax hid interest or connection with the association should the name be changed. He was aware that there was strong opposition to the change of name. There was, however, a good deal to be said on both sides. But as a matter of good faith it was his duty to have the matter placed before them, and, as he had said, he would be prepared to abide by whatever decision the meeting otme to. They would also be asked to elect two directors at that meeting and an auditor. The retiring director (Mr J. Hayea) was eligible, and offered himself for re-election. Mr J. E. Hannah also offered himself for re-election es auditor. The Chairman concluded by expressing his personal regrets at the loss sustained by the association in the death of Dr Hanan during the- year. The deceased gentleman had, he said, endeared himself to all who knew him, and his death was a matter for universal regret in the district. He begged to move the adoption of the report and balance sheet.— (Applause). Mr J. W. Hamilton, in seconding the motion, remarked that he was delighted to hear that there was no probability of Mr Ward withdrawing from the association, even if the name were ohanpeed. He congratulated the association upon the successful way in which its operations had been carried on, and trusted that, considering the low prices of produce, the director* would strive, to work the association as economically as possible. He was strongly opposed to the proposal to change the nsmo of the association, as, iv his opinion, the) could ntver find a better name for it than that they now had. He felt certain no ens present would agree to it bein? changed.— (Applause). Mr W. F. Wahd said the feeling throughout the district was that the Hon. J. G. Ward should still keep the lead as he had done. — (Hear, hear ) He was kuown in all parts of the colony and in other places beyond it, and he for one would strongly oppose any change in the name of the association. Mr Ward had built the business up and handed it over to tho shareholders, and a very large majority of the settlers would always bo proud to have him a* the leading man in it. — (Applause.) If the Southland farmers would only utilise the association more for dealing with their produce,

(hey would do much towards making it a thorough success. He hop«d everyone present would support him in endeavouring to keep Mr Ward at the head of the association. Mr W. S. Watemton endorsed the remark! of the previous speaker. Mr M'Lkan spoke in similar terms, and stated that ho had authority from Scripture to the effect that a great name was better than riches. Their association had a name which was known at Home and throughout the wide world, aud it was very necessary to retain the name intact.— (Applause ) The report and balance sheet were unanimously adopted. Mr Hayes and Mr Alexander Pyper were unanimously elected direobors. Mr J. E. Hannah was re-elected unanimously to the position of auditor. The articles of association were amended so as to provide for produce placed in the hands of the association on consignment beiog held in trust on behalf of the owner. A resolution agreeing to an increase of capital to £250,000 was unanimously adopted without discussion. Upon a proposition being submitted for changing the name of the association, it was rejected, only two voting for it. Votes of thanks were heartily acoorded to the directors and staff of the association. Mr Wabd, in acknowledging on behalf of the directors, said that the association had endeavoured to carry on the business entrusted to it to the best of its ability. He also acknowledged the very warm and active support which they had always received, and their efforts in the future would be to conduct the business of their clients in such a way as to ensure the continuance of the large amount of confidence that had up to the present been reposed in them. Mr Fisher (manager of the association), in returning thanks on behalf of the staff, stated that those under him had worked mostindefatigably for the association, and he assured them thaji their interest in the welfare of the association was so keen as to warrant that they would to the very best of their ability fulfil every duty they were called upon to perform.— (Applause.) The meeting then terminated.