NELSON INDUSTRIAL CO-OPERATIVE SOCIETY.

Colonist, Volume XXXV, Issue 7172, 18 November 1891, Page 3

NELSON INDUSTRIAL CO-OPERATIVE SOCIETY.

The third quarterly meeting of the Nelson Industrial Go-operative Society, Limited, was held at King's Hall, Bridge street, last evening, when the President occupied the chair, and there was a good attendance. The report and balance Bheet were read. In the the former the Committee congratulated members on the steady incresss in the Sooiety's business, and the fairly satisfactory profits realised. It was shown that the net profits for the quarter amounted to £89 4s 4d, and the Committee recommended that a ; dividend at the rate of 2a in the £ be paid to I qualified members on their purchases, which amount would absorb £73 14s 9d ; also that a dividend at the rate of Is in the pound be paid to qualified non-members on the amounts of tbjir purchases, which would absorb £3 19s 2d. Out of the balance of £11 103 7d remaining, the Committee proposed that a bonus of 5 per cent be paid on the wages of the Society's preeent employees; During the quarter the sales amounted to £1091 15a 4d, or £173 9s Id more than during the previous three months, which was looked on as very satisfactory, indicating the benefits to be secured from co-operation. The report also stated that during the nine months the Society has been in existence it had returned to its members and permanent supporters, in dividends and reserved as interest on capital, 67£ per cont of the entire share oapital paid up ; or in other words, 13s 6d in the £. This the Committee believed was phenomenal. The desirability of members further- : ing the objects of the Society waa pointed out. The report and balance sheet were adoptod, the Management Committee being complimented on the success achieved. Two members of the Committee retired by rotation and one was re-eleoted, another member being cboßen to fill the place of the late committeeman who did not seek re-election, Hearty votes of thanks were acoorded the Managing Committee and the President, whereupon tho meeting ended.