Wairarapa Farmers’ Co-operative Association.

Pahiatua Herald, Volume II, Issue 205, 21 September 1894, Page 3

Wairarapa Farmers’ Co-operative Association.

Annual General Meeting.

The annual general meeting of the aboYO Association was held on Wednesday afternoon, Mr M. Caselberg, Managing Director, presiding, and Messrs Donald Donald, W. Booth, A. YV. Care, L. D. Nathan, and L. Caselberg, of the Board of Directors, being present. The Secretary, Mr D. W. Mclctosh read notice calling the meeting, and the minutes of the last annual meeting. After the confirmation of ths minutes the Chairman, in moving the adoption of the report and balance-sheet, said : By comparing this balance-sheet with the previous one you will see that we have made a net profit of L 7459 against L563Q, an increase of LIB2O. Thie was caused by an accession of 520 shareholders, by importing a larger quantity of merchandise front Europe and Amsrica, by shipping wool and produeo Homo, thus saving exchange. Being in a sound financial position gave us great facilities in buying to advantage, and thus enabled us to increase tho trade to a very large extent. The Directors, after careful deliberation, have come to the conclusion that it is thsir duty to strengthen their reserve fund as naueh as possible, so as to keep up the financial strength of the Association so as to continue to inspire the fullest confidence of the shareholders and the publie at large, also to enable it to trade upon its capital, and retain the same proportion of assets to liabilities as at present, viz : —Assets, LBI,OOO ; uncalled capital, L 37,000, equals LI 18,000, and liabilities, L 33,398. They have therefore decided to make the bonus returnable on shareholders purchases 4 per cent., especially taking into consideration, that since the last balance the priees of all staple commodities have been reduced, and it is their intention to further reduce prices where possible, hoping you will approve of our decision, inasmuch as it oompares favourably with other Associations, who pay only 2 and 3 per cent, on purchases. The bonus of 4 per cent, on purchases really means a third of tbe profits on the year's business of the Association. You will also see that propose to write L 506 off properties, and to carry to reserve Ll3Ol, which will make it L 3500, and bring forward L 771 to next year’s profit and loss account, or in other words the reserve will be L 4277, equal to 11} per cent, on the paid up capital, a very satisfactory result to achieve in 2.V years. Of the Pahiatua branch of the business ! the Chairman said :—This business has . shown a steady increase in its trade, so much so that we are impressed with the importance of that district. We have purchased the freehold, and intend to erect suitable business premises in brick, assoon as possible. The report and balance sheet were adopted. On the motion of Mr J. Bannister, seconded by Mr W. Cole, Mesrs D. L. Nathan, L. Caselberg, and Donald were re-elected to the Board of Director*. Messrs YY. B. Chennells and R. T. Badham, F.1.A.V., were re-elected auditors. Tho usual honorarium of LSO each per annum, was voted to the Directors, on the motion of Mr Pearce seconded by Mr J. Bannister. Mr J. Blatchford moved a hearty vote of thanks to the Chairman and Directors. Seconded by Mr Stempa, and carried. A vote of thanks to the employees was also carried.