Canterbury Farmers' Cooperative Association (Timaru).

Star (Christchurch), Issue 5057, 17 September 1894, Page 4

Canterbury Farmers' Cooperative Association (Timaru).

— » _ The first general meeting 6f shareholders in tbe reconstructed Canterbury Farmers. Co-operative Association waß held in the Assembly Booms, Timaru, on Saturday. There waa a large attendance, and Mi John Talbot, chairman of directors, presided. The Directors' report alluded to the small balance of profit for the ten months (to July 31) covered by the balancesheet, compared with previous years, but in view of tbe bad seasons and low prices, and the general depression in trade, the results were not so bad as might have been expected. There seemed every reason to hope that the coming year would be more favourable. The directors urged the shareholders to support the new company by increasing their share capital, snd authority would be aaked to issue 2000 fresh shares at par. A dividend of 6 per cent was recommended, the balance to be carried forward. The balance-sheet. showed the net profit to have hem £1050 10s lOd, whicb, with the sum of £521 93 2d brought forward from last year, made a total of £1672 available for distribution. - The Chairman, in moving the adoption of the report and balance-sheet, stated that all the shares in the old company, except eight hundred, had now been transferred to tbe new company, and it. waa expected that nearly the whole of thoße remaining would be transferred ; three hundred of tbem belonged to absentees, and many others to persons v/ho were not easily communicated witb. The Directors thanked the shareholders heartily for the loyal way they had supported the Association through the reconstruction. He referred at some length- to the oauses of .the depression in agriculture. He quoted from Mr Booth's paper on the currency question, read before the Canterbury Chamber of Commerce, but said that whilo . he could neither affirm nor deny the correctness of Mr Booth's conclusions, tbero were some causes for the depree sion nearer the surface, and nearer to every farmer's door. There was no doubt a certain degree of over-produclion, but more important to themselves was the Buooeasion of bad seasons they had experienced, capped by the low prices of the last. The high Customs tariif was also much against the farmers, as it increased the price of nearly everything they bought, wbile the protective duties protected nothing that tne farmer produced. Another great drawback to the farmers'* prosperity was the fall in land valueß, wbich led mortgagees to endeavour to reduce their loans at a time when the borrowers were least able to meet the demand. Farmers must give up the practice of relying upon grain and sheep, and go in for other productions, such as dairying and pork raising. The report of the auditors (Meters Fraser and Cargill) on the state of the accounts was satisfactory. A few questions were aeked and answered, and the report and balancesheet were unanimously adopted. • Some little dissatisfaction was expressed at tbe s iato of the auctioneering account not being shown in a separate balancesheet, and a resolution was passed requesting that this should be done ia future years. A shareholder, raised the question of charges for handling wool sent in for sale, and fche meeting generally concurred in his condemnation of them aB excessive. The Chairman explained that the Directors had considered the matter carefully, and in the interests of shareholders they could not, so far,s_e thafc ifc would be advisable to sever their connection with the Brokers' Association. ... A resolution authorising the lßßue^ of 2000 new shares, was passed; the retiring Directors were re-elected, there being no other candidates; and a hearty vote of

thanks was passed to the Directors for past 'servioeß. Mopsrs Gray and Montgomery were elected auditors from among six candidates, and their remuneration was fixed at .340 each.