Waimate Industrial Cooperative Association.

Star (Christchurch), Issue 4807, 22 November 1893, Page 1

Waimate Industrial Cooperative Association.

— • The fourth half-yearly meeting of the shareholders of this Association was held in the Library Hall on Monday night. Mr A. Bitchener, Chairman of Directors, presided. The balance-sheet showed a net profit of .£364 17a 6d on the half-year's transactions. The Directors' report stated that the sales were £600 ia excess of those of the half-year ending April 20, that .forty new members had joined the Association, and two hundred and eightythree new Bhareß had been allotted daring the past half-year, while the stock and plant of the Association had increased by . .£2OO for the term. They recommended that interest at the rate of 8 per cent per annum should be paid on invested capital, and a bonus of 10 per cent be allowed on j shareholders 4 purchases, also that a bonus | of 5 per cent should be paid to the working staff on wages. The report also stated that of the first issue of shares only one hundred remained, and asked the opinion of the meeting as to whether a new issue should be made. The balance-sheet and report were adopted. It was resolved to issue one thousand new shares, and an honorarium, was voted to the Directors for their services. Three Directors, Messrs W. Milip, W. Lundoa and G. Brimner, who retired through effluxion of time, were re-elected, and Mr Bannerman was elected to the Beat left vacant through Mr George Harding having left the district. Messrs A. M. Taaffe and G- H. Graham wero r_elected auditors, and an increase iv the audit remuneration was voted. A resolution condemning the action of the Department of Justice, arising out of a case recently before the Resident Magistrate's Court, and in which the Directors had asked for redress, waß carried, after which the meeting closed. A meeting of Directors was then held, and Mr A. Bitchener was re-appointed Chairman.