Southland Farmers Co-operative Association.

Southern Cross, Volume 27, Issue 23, 13 September 1919, Page 7

Southland Farmers Co-oper-ative Association.

Last week we published the annual report of the above society. At the meeting of shareholders held at Gore, on Tuesday last the chairman (Mr Hugh Smith) in moving the adoption of the report and balance-sheet, said: — "We are now in a position to let our various clients feel the true results of co-operation, which means that all profits, from whatever source after the cost of running the business is deducted, goes back to the shareholders in direct bonuses or building up f and strengthening their Association by reserve capital. The capital account of the Association is £29,342 17s 6d in ordinary shares, and £8,623 7s 3d in preference shares, making a total of £37,966 4s 9d. To conduct a business such as ours has now assumed will require a considerable increase in capital. "Cambist,” financial critic in N.Z. Truth gives good advice to the people of Southland in regard to their duties to the “Co-op.” He says: "It is an Association of untold value to the farmers of Southland, and the business is growing, and needs more capital. The members should put up the money, and it would be well if they got together and decided to make their own: company worthy of the place it does in business.”

In the discussion which followed, Mr James Hunter, who was re-elected auditor, said that the directors had done a great deal more than buy shares. For many years they had borne the burden of the big overdraft. On more than one occasion, when money was scarce they had met round the table and each man had put his hand in his pocket for £SOO. The success was also to a great extent due to their active and efficient manager. (Applause). Mr Simpson was a born salesman, and besides managing the Association, lie had taken an active part as a worker in the concern. The result was that Mr Simpson, by judicious buying, had made a good deal of money off his own bat for the Association. (Applause). With continued good management there was every reason to expect continued prosperity, and if the farmers of Southland would only be sufficiently wide awake to their own interests to support the Association with their business, there was no reason why it should not grow to great dimensions. The Association had still 2631 ordinary and 3243 preference shares unallotted, and if these were distributed among the farmers of Southland and their business secured, the future of the company would be rosy indeed. There was every inducement to farmers to support an association like this, as all Hie profits belonged to themselves.' (Applause).