FARMERS' CO-OPERATIVE ASSOCIATION.

Star (Christchurch), Issue 5655, 28 August 1896, Page 6 (Supplement)

FARMERS' CO-OPERATIVE ASSOCIATION.

TO THE EDITOR.

Sib, — I notice that, during tho bank inquiry on Monday last; the Premier submitted, amongst other balance-sheets, that of the New Zealand Farmers' Co-operative Association, and that, in reply to his question, he was informed by Mr Watson that the New Zealand Farmers' Association did not set down their bills under discount in their balance-sheet as a liability or a contingent liability. Such a statement, coming from tho President of the Bank of New Zealand, is likely to create an uneasy feeling amongst our shareholders and \ others. I shall, therefore, bo obliged if you will allow me space to state that the New Zealand Farmers' Association had no bills under discount at time of the balance, and that the Company does not accept bills either, for goods sold or to cover advances. • The only bills ever current at the balance are Eastern bills for Jute goods or tea, falling due in London, and these are included in the balancesheet under the heading, " Drafts against produce shipped." — I am, &c, C. ENSOR, Chairman the New Zealand Farmers' Cooperative Association of Canterbury, Limited. Christchurch, August 25, ISGS.