FARMERS' CO.-OP.

Southland Times, Issue 19659, 9 October 1922, Page 5

FARMERS' CO.-OP.

I THE NEW ZEALAND ASSOCIATION OPTIMISM AT ANNUAL MEETING (Special to the Times.) CHRISTCHURCH, October 7. A very optimistic tone was adopted by all the speakers at to-day’s annual meeting i of the New Zealand Fanners’ Co-operative I Association of Canterbury. The chairman, Mr J. A. Pannett, said that an unusually | heavy loss had been suffered through the closing off and realisation of a large number of shareholders’ accounts with the Association. These shareholders, owing to tbd^.disastrous effects of the slump and the tightness of money, had been unable to carry on, and the Association had wound up their estates only when there was no other course open. Whenever a man appeared to have a fighting’chance, lie was given every consideration. There was no doubt that as the auditors before the Association got back to a more normal standard with regard to credit limits and the like, a certain amount of further loss would have to be met in 1 the meantime. However, there was no need for alarm. The directors did not ! apprehend anything very serious under this heading. In the course of discussion, Mr L. H. Tallot said that many fine- hard-working farmers had been saved by the Association from going under. “If the Association never does better than it has done in the past two years, it will have fully justified its existence,” declared Mr F. W. Johnston. Its object, he added, was to safeguard the interests of the farmer. The earning of dividends was a secondary matter. “It’s a damned shame that people can say such things about the directors,” said Mr George Miller, speaking of some criticism which had been levelled against the directors, “but it is a consolation to know i that there is a hell provided for such 1 people.” Amid much laughter, Mr Miller called for three cheers for the directors, i and the meeting cheered heartily.