New Plymouth Co-operative Society.

Taranaki Herald, Volume XLVIII, Issue 11568, 8 July 1899, Page 2

New Plymouth Co-opera-tive Society.

HALF-YEARLY MEETING. The twenty«seventh half-yearly meeting of the New Plymouth Co-operative Society was held this (Saturday) after-* noon. Mr J. S Connetfc, Chairman of Directors, presiding. THE REPORT. The following report v»as presented ■ — Your Directors, in presenting their twenty-seventh half-yearly balance-sheet have much pleasure in reporting a cons siderable increase in the business of the Society, from which a substantial profit has resulted la the Store Department the profit, though not large, is a thoroughly sound one, as practically all old or doubtful stock has been got rid of, and the remainder has been taken into account at bedrock prices. "With the alterations that have been made, your directors anticipate that the next halfyear will show more satisfactory results, while continuing to sell goods of the best quality at the lowest remunerative price. An advantageous opportunity having arisen for entering into the drapery business, your directors recommend that the Society should extend i(s efforts in-this direction. It is proposed that only goods of every day u«e should be kept in stock, for the importation of which, from Home, special facilities have been offered. Your directors recommend the payment of the usuil dividend on capital at the rate of 8 per cent, per annum, and a bourn of 10 per cent. yobv ob shareholders" purchases. You will be called upon to elect two directors in the place of .Mr Kyngdon, resigned, a r id Mr Wells, who retire by rotation, but in eligible for re-election ; also an auditor in the place of Mr P. 0. Morton. In moving the adoption of the report, the Chairman sai 1 it was very gratifying to meet the shareholders with such satisfactory results of the lalf-year"s transactions. There had been an improvement in the store department, and afftirs lo ked even brighter fcr the future. As regards the butter, there had been an astonishing increase. For the corresponding half-yeir last year batter to the value of £28,429 3s lQd- had passed through the store, while during the past nx months the amount totalled fSO.G'iG 10s si, being an jncreaaa of £22,237 6s 7d, while the grand total for the year was £74,825 8i 7J These figures, he ventured to think, conclusively proved that the Society was appreciated by the produoarn, for wh <se interests the institution primarily evisted. lie referred to several letters that had appeared in the Taravaki Herald with referenoe to the affiira of Society. As r garda theacoount of £100, which had been a'luded to, he would like to point oat that that account hal been written of? some time ago, but despite that fact there was ODly the sum of i'3s 8i outstanding Another " Shareholder ' had written on the matter of bad debts. If " Shareholder " were an honest, straightforward man, and de»ired to forward the interests of the Society, he would hava come to the meeting and ventilated his grievance, in^toi I of trjiug to damage the Socisty a aff tirs in the columns of the press. He would like to inform that writer there wa3 «nly b3tween £25 and £28 that the directors had any doubts about. In a concern like th'B,doiogabus'« ness of something like £85,000 or £90,000 a yea", is was absolutely impossible to obviate a certian amount -going on the bo"k*, but he contended there wai very little, if any, room for comp'a'nt in that respect. As regards the question of auditor, Mr Morton resigned, and the directors had to appoint someone to nil his place. He also explained several other minor matters in connection, with, the Society's business, adding that after the amount was paid as recommended in the report, there was £390 to carry forward. Mr Hopson asked several questions regarding items in the balance bheet, Trhich were explained by the Chairman. He stated that the building put up by the Society was paying 17 per cent on the outlay. Mr Hopson: Yes, but how much rent is owing ? The Chairman: Only a half year's. Mr Hopson: Are you sqre it ji not two years ? The Chairman; I am quite aure it is not. The report and balanae-sheet were then adopted , IONUS TO AUDITORS. The Chairmaa pointed out that the work of the auditors had increased of late, and he moved a bonu3 of £5 5t be voted to them, -Carried. The question of recompensing the employees in the shape of a bonus was also discussed, and the sum of £25 voted SECURITY TO BANK A resolution wa9 passed, giving authority to the Directors to make arrange mints for the necessary security to the Bank. . ELECTION OF DIRrCTORS. Mr Hopson wanted to know if his nomination for ths offne of director had not been received in time. The Chairman ropliad in the negative. Mr Hopaon thought it would have been m well if the advertisement had been inserted twice in The Budget, instsad o£ twice iii the other paper. The Chairman replied that the djrec tors were not bound by. any set rule. The election of two auditors was then proceeded with. The voting resulted as follows:— Mr Wells, 87; Mr Adlam, 79; and Mr Andr<=w j , 65 The fitst two named were declared elected. AUDITORS, It wasdeoided that the auditors' remuneration b 9 £7 7s each Mr Stook wanted to know if he would be in order in moving soma one to vote for him. '1 h? Chairman : It is not a matter of order, but a matter of taste. Mr Rick did not move the motion. Mr C. T. Mills wa» appointed. TJIE DIRECTORS. Mr Hopson moved to amend by-law 21 so that the two director longest in office should retire every half-year. j Mr MatfelL seconded the proposition, j A general discussion followed, some of i the speakers being of opinion thai the ; present directors were too much -like a happy family, while others thought if the j resolution wero carried a difficulty woujd be experienced in getting directors. The motion was !oit abolishing proxies ! A further motion was moved by Mr Hopson to the effect that the rules be a neaded in the direction of abolishing proxies. , The Chairmau spoke against the reso lution, as he contended it would be unfair to adopt such a proposal. Mr Andrews said one objection against the use of proxiea was tbac oue member who had a purpose to aervo could go round and colleot a number of votes, and so carry his object iuto effect. Mr Fookea stated that he had been a shareholder of the Society for a number of years, and h*d uevor seen any wrong perpetrated. The mo ion was negatived. This concluded the business.