A FARMERS’ CONCERN.

Taranaki Daily News, 29 September 1924, Page 5

A FARMERS’ CONCERN.

CANTERBURY OOMPAOT’S AX IMPROVED OUTLOOK. By Telegraph—Press Association. OhrietGhuwJh, Sept. 27. > - There was a very large attendance of shareholders at the annual meeting «•! the New Zealand Farmers’ Co-op Agi soeiation to-day. 1 Mr. J. A. Pannett, the chairman df directors, in the course of his addreaA said: “We have assembled to review thd results of the operations of the as«* ciation*a forty-third year. The period has been quite an exceptional one, fad besides the oMinary conduct of the buel* ness it great amount of time and thought has been given to the work ad contraction, organisation and stabiliu*" tion of our finances, and while theW reforms in some respects may have had a disturbing influence they were really necessary In the interests of the assn* ciation as a whole. When the advert* conditions are considered under which I we have worked for the greater pan of ithe year, I think shareholders gener* I ally will agree that the results achieved, las shown iq the balance-sheet, have been I satiafaotory, and I feel eohfident that with the continued support of eharehold* era it will not be long before we art again enjoying prosperity in keeping with That of former yearn. “Finance, no doubt, is the most ini* portant factor in any business, and in Inrder to place thb KMociatiun in a I strong position in this respect in No , vember last we brought down a finanjeial proposal whereby our bonds and deposits wore converted into secured do posit stock, Our bondholders’ and do pc si tors’ interests were protected by spo - ific security, thereby placing their in* vestments in a safe petition. The beno fits accruing from this proposal am plainly evident when conupaJrinig ;t(hß present balance-sheet with that of hurt year. The liabilities under this head* ing are well spread and do not cauae us any concern. The full benefit of the intreduriion of thia proposal will be more apparent during the ensuing and following years. The method of finance in the past, while being aatisv factory when circumstances were oiirable. required adjustment to stand up 4 to the more rigorous/ conditions whioß at present prevail and which might bt looked to ensue for some litt'le tinrt to come. “It has been our aim to cause bond&» holders and depositors as little incon* vcnience as possible and I am pleased to say that our depositors particular* ly, which, under the proposal, could ob* tain instalments have nearly all elected to renew the whole of their principal for longer periods, thereby demonstrate ing their confidence in the association* 1 might also mention that*this csso* ciation is the first in Now Zealand to my Knowledge to give its depositors tan* giblo security for the due protection of their money-', and I feel now that con* ditions generally are on the considering that our surplus asset* over liabilities is .€773.995, or. with the uncalled share capital, .€1.196.578, and that new deposits will be forthcoming In the course of discussion, Mr. BL D. A eland said the thing the share* holders had to do was to get the com* pany back to a dividend earning state and’ to get down the interest account To do this it might be necessary ta consider the matter of calling up the uncalled capital of the company. The move would be probably unpopulrta but the directors should seriously take up consideration of it, which he thought would be in the interest of the c»in* pany. The report and balance-sheet werd adopted, and th* meeting was adjourns ed for four weeks to consider the ap« (ointment of auditors.