NEW PLYMOUTH CO-OPERATIVE SOCIETY.

Taranaki Daily News, Volume XXXXIII, Issue 45, 4 March 1901, Page 2

NEW PLYMOUTH CO-OPERATIVE SOCIETY.

Thb thirtieth half-yearly report of tha New Plymouth Co-operative Society was held on Saturday Mr J. B. Connett, Chairman of Directors, presiding, the attendance b3ing somewhat over the average. The report. presented by the Directors apoligised for the delay in issuing the balance sheet, the reason being that the account! had got into arreir owing to the prolonged absence through illness of the late bookkeeper. Alluding to the business done it was stated to have been well up to the level of previous periods, but owing to readjustment of the books being necessary in consequence of having to writa up against tho Society several accounts omitted in previous half years, the goods depnrV ment,althon«h having made a profit ft.r the past half year, unfortiinatelyshowed a loss and therefore no dividend would be payable. The auditors submitted a supplementary report drawing attention to the absence of veuchers for several items, land to the necessity for the book debts being looked into. In relation to (he veuchers Mr Brash, the manager, stated that with one or two exceptions the Hii«sine; vouchors were now available. With regard to the book debts the Chairman explained that it had' been very uphill work for the preseir accountant to get things straight, and and as soon as possible the Director? would direct their attention to carefully going through the book debts. Sonv j bad already been written off, As to the omitted items, it had been found that in one case goods supplied to the Society 2| years hick had not beer, credited. He considered the blame rested betw en the manager and bookkeeper. He considersd the manage had too much to do in relation to tin butter bus-ness, snd it was a questio: of how his duties could be lightened so s ti enable him no devot'j more t mie to macavinsr tin store.

Tbfi Han, T. Killy was Burprisod to hoar that the Dhvctors were rot te blame and that tho responsibility j of the omissions were oast on tho

He coimJered that was wrong, and that the Directors should he bhmel He would like to know if tinDirectors considered a profit of £IOO was a eatMae'ory result of their turn-

The Cbairman in reply reiterated that the omitted charpo-t of previous years was resposible for the present de ficit. Thero had been no loss oa the store, the turnoyer had been grotter, and the profit on the butter business had been absorbe i by the other departments. .

Mr Kelly said it appeared to him that it v. as a b d system of bcok keeping.. ■. , The Chairman adrriitted tint had been eo in the past but they bow had a first ra f e man.

Questions were asked by shareholders and replied to by the Chairman bb to prices of goods and with reference t) th« drapery business. In reply to Mr Corkill, the Chairi man said the auditors had in a previous | report addressed to the Directors referred to the book debts.

Mr Corkill criticised the balance sheet and suggested a committee of inspection should be appointed to assist the Directors. He thought tr at in the appointment of Mr Lennenss accountant the Directors had acted wisely.

A discussion ensued on the book debts, Mr Stock stating that as au auditor of the Society's accounts he (Sould Bay that their bad dob's would not arri'iant to more than £2OO out of over £3OOO on the books, Tha existetce of the debts was oaussd by the dilatory habits o! the farmers. The < xpsrimcmt of insisting on stnetly n,»»h payments i for goods had been tried fcoth in their Society and at Inglewood and could not be carried out.

The Chairman then formally raeved the adop'ion of the report and pointed | out the impossibility of doing a purely I cash business. With the Co-operative Societies iu the Old Oouutry it was i different as there the merabtw were] not producers and had no contra accounts. He also referred to the way in which some of thai shareholders treated the Sseioty by bringing it their batter for sale and going elsewhere to purchase their goods, reference to the drapery busine»3 it would either have to be enlarged or closed, At prosent it was run on commission. As to ihe financial position of tins Society there was no fear for the future. As an instance he mentioned that the land on which the buildings were ei ected stood at the same figure as when it was acquired some years back, while it was worth at least double. The buildiug.-; had however boen written down.

Mr Turabull saggesed the working of tho Okato store should be shewn separately in the accouns. The Chairman replied that the Directors had a ; ready taken that and he promised that this and other improvements would ba effo'ted f s toon as the accountant ha 1 got the books in order.

The report and balance sheet w.s then adopted. Messrs Canned and M. Hopsoa being the on'y nominated candidates were declared elest«d Drecfors, the latter lepkcing Mr Bewley who resigned. Mr 0. K. Stock was appointed auditor at the fame, renumenvtion as was fixed last year. Some discupsion took place as to improvements inthes'oro.

On the motion of Mr Marfel! it whs decided that if the Direct-rg decide lo continue the drapery business they bring up a full report thereon to the next meeting. The Chairman in putting the resolution o'os°rved that the crux of the whole rmUer wng the want of more capital. It was like a nun trying to run a thousand acre farm with capital just sufficient for 100 aces. The meeting cloned with, a vote of thanks to the Chairman. At a meeting of Direct os held subsequently Mr Gonnott was re-elected Chairman.