CO-OPERATION.

Star (Christchurch), Issue 6704, 18 November 1889, Page 4

CO-OPERATION.

SOUTH CANTERBURY PAKMEES' ASSOCIATION. ANNUAL MEETING. The annual meeting of the above Association was held in Timaru on Saturday, and was well attended. The following is the report of the Directors for the year ending Sept. 30, 1889:—" The Directors have .pleasure in submitting to shareholders the annual report and balance-sheet for the past year, and in doing so have to congratulate them on the success which has attended the operations of the Association, and the continued expansion of its business in all departments. Daring the year the sharelist has been increased by 2175 shares, and in accordance with the recommendation made in the last annual report, and adopted by shareholders, the list is now closed with a capital of 5265 shares, representing £26,325 of subscribed capital, of which J814,553 16b remains uncalled. The mortgages on the freehold properties have been reduced by .£IOOO, and the Directors look forward at no distant date to paying off the entire sum of .£6500 still owing under this head. In accordance with the authority given to the Directors at the last annual meeting, applications were invited from shareholders wishing to withdraw their capitalised bonuses, with the result that .£1125 17s lid has been paid off. During the year a new department for the sale or" boots and shoes, clothing and mercery, has been opened with, the Directors believe, beneficial results to shareholders. With the increased accommodation now being provided this department will doubtless, during the coming jear show still more satisfactory results. The wool and grain trade of the Association has also undergone' a very considerable expansion, showing that thb facilities offered by the Association for the storage and disposal of produce are satisfactory to shareholders. The net profit for the year amounts to -£4765 Ha 2d, to which has to be added .£498 4s 2d carried forward from last year, inakiDg a total of .£5263 15s 4d available for distribution. This sum the Ditectora propose io allocate as follows : — A dividend at the rate of 8 per cent per annum on the paid-up capital ; a bonus of 6 per cent on shareholders' purchases during the year and Btorage accounts; the sum of .£1750 to be placed to the credit of reserve fund ; and the balance, after providing for the usual f eea, to Auditors and Btocktaker and bonus to staff, to be carried forward." .The Chairman, Mr J. Page, in proposing the adoption of the report and balancesheet, after repeating the principal figures in the report, said the Directors thought it preferable to place a large amount to the reserve rather than give a larger bonus to purchasers, in order to strengthen the Association's position by paying off the mortgage on the Heatoii street property during the coming year, and thus improving the security given to depositors. The business had largely increased during the year, nocefeaitating an increase of both etalf and premises. Tho turnover had been .£137,705, an against .£93,077 last year. He spoke strongly in favour of the projected tire and marine insurance scheme, in conjunction with the North Canterbury Association, and instanced what he considered unfairnesses in tho public Companies' rates and conditions. Ho bitterly complained of the remarks made of Co-operative Associations by the ( Hon G. M'Lean in the Legislative Council on the Insurance Companies Bill, and replied to the charges that the Co-operative Associations were ruining small traders. The Press was against them, but the Associations were too successful to be puffed out by an Ea3t wind from a bilious editor. The shareholders in such Associations had a right to use their means and energies in whatever direction they pleased. Co-operation, he claimed, is tho coming power, and the only sound and legitimate way of settling the differences between capital and labour that are always cropping up. KrW. Eolleston briefly seconded the adoption of the report, which he considered very satisfactory. # ■ A motion that the number of Directors be nine was carried against an amendment for twelve. Mr Anstey desired to reduce the qualification from ten Bhares to one, but it was ruled that notice must be given of a motion to that effect. There were twelve candidatea for five seats on the Directorate, and a ballot resulted in the return of Messrs J. Page, J. Talbot, W. B. Howell, J. Campbell and J. Wilson, the five who had retired. Messrs Gray and Ziesler were elected Auditors, and their remuneration fixed at £25 each. It was resolved not to change the date of meeting. The usual votes of thanks to the Directors and staff were passed. Mr Anstey suggested that the Directors be authorised to devote .£l4O to scholarships, and the Chairman promised /in addition of £5 and another £o from Mr Eolleston, but the idea waa not worked out by the meeting. Mr Howell thought they had better take up charitable work in the way of relieving farmers threatened with ruin by oppressive taxation. Tho meeting then closed with the usual compliment to tho Chairman.