N.Z. FARMERS' CO-OPERATIVE SOCIETY.

Star (Christchurch), Issue 6886, 23 June 1890, Page 2

N.Z. FARMERS' CO-OPERATIVE SOCIETY.

Annual Report. The following is the ninth annual report, and balance-sheet of the New Zealand Farmers' Co-operativo Association of Canterbury, Limited, to bo submitted to shareholders at the freneral meeting, to be held at the offices, Uashel street East, Ohrißtchurch, at 1.80 p.m. on Saturday, July 5, 1890 :— ln submitting the ninth annual report and balance-sheet of the Association to the shareholders, the Directors have again to congratulate them on the expansion of the business in all departments and. the satisfactory resnik of the year's operations. The resolution passed at the last annual meeting that the chare list should be re-opened for the further issue of 3000---shares, at a premium of 2s 6d per share, was given effect to in July last. Applications were received for nearly 11,000 shares and the allotment of the authorised number received the careful consideration of the Directors. The premium accruing therefrom amounting to .£375 has been duly added to the Reserve Fund. The Directors suggest that a further issue of 1000 new shares, at a premium of 5s per share, should be authorised in order tomeet the requirements of intending shareholders. During the year, the necessity for further accommodation being apparent, tho Directors purchased the freehold property adjoining tbo Cashel street premises, which is now utilised aaa warehouse and factory. The decision arrived at by tho Directors of the Association, acting in concert with the Directors of tho Canterbury Farmers' Co-operative Association, vjz.,--that the shareholders of both Associations would benefit by the formation of a Faruiens' Co-operative Insurance Company — will probably be given effect to at an early date, and you aro requested to give tho project your favourable consideration. Toe balance-sheet attached shows that the net profit for the . year amounts to £SBS9 Is 2d ; to this amount must be added the balance brought forward from last; year, .£1915 4s 3d, making the total amount to be dealt with £10,804 5s 4d. The Directors propose the usual dividend of 7 per cent and a bonus o£ 3$ per cent on the called up capital and on shareholders' purchases of merchandise, also a bonus of similar amount on salaries and wages paid during the year, and also a bonus of 25 per cent on all net commissions earned, and 15 per cent on Marine Insurance premiums paid, these bonuses to be claimed by May, 81, 1891, or forfeited. They further propose to write £300 off each of tho freehold and leasehold properties, to write 20 per cent off the items machinery and office furniture, to add to the reserve fund .£ISOO, and to carry forward the balance. The Directors retiring by rotation are Meesrß M. S. Campbell, C. Ensor, J.Gough, W. Henderson, K. B. Holdsworth, F. D. S. Neave, and W. Strachan, all of whom, with, the exception of Mr W. Strachan, are eligible for ro-election without notice. In order to give those shareholders who may be unable to attend the annual meeting an opportunity of recording their votes, proxy forma are enclosed herewith. As stated thereon, it is nesessary for those to be available that they should lie deposited at tho office of the Association forty-eight hours before tho time of meeting. The balance-sheet shows that there were 778 Bhares fully paid up, 13,413 on which £2 had been paid, and 1609 on which £1 had beon paid out of a total of 16,000 shares at £5 each, representing a paid-up capital of £32,525 out of a total of £80,000. The asset 3 were — freehold property, £9030 3s sd; leasehold property, £3467 0a ldj advances on produce shipped and in store, £96,289 3s lOd; sundry debtors, £7642 7s 6d ; goods in store and afloat, £21,021 2s 8d; other assota, £1525 10s 9d; total, £138,975 8a 3d. Tho liabilities were— Capital, £32,525 ; drafts against produce shipped, £61,765 Is lid ; sundry creditors, £1330 163 Id; amount at credit of ehareholders' current accounts, £7999 17s sd ; deposits, £19,293; reserve fund, £4325; other liabilities, £932 7a sd. Profit and loss account — 1888-9, £1915 4* 3d; do, 1889 90, £8889 Is 2d ; total, £138,975 8s 3d. The books and accounts had been audited by Messra A. M. Ollivier and W. Jameson, and the stock had been valued by Messrs H. A. Bruco, E. Shanks, and B. Sutherland.