FARMERS' CO-OPERATIVE ASSOCIATION.

Star (Christchurch), Issue 5663, 7 September 1896, Page 3

FARMERS' CO-OPERATIVE ASSOCIATION.

The annual meeting of the Canterbury Farmers' Co - operative Association was held at Timaru on Saturday. There was a large attendance of shareholders, and Mr J. Talbot, chairman of directors, presided. The Directors' report briefly stated the results of the year's work. Business in all branches showed a marked increase over that of the the two previous years. The auction. .itepartment showed a fair profit, -and its business was sound and satisfactory. The London" office had been well conducted by Mr George Jameson during tho past fifteen months, and he was to be succeeded by Mr T. Mackenzie. The share list had been increased by 356 shares. . The net amount for distribution was .£6917 7s 9d, which the Directors proposed to distribute as follows: — 6 per cent dividend and 2 per cent bonus on capital, 3 per cent bonus on purchases and salaries, .£3OOO to reserve fund, and the balance, about .£4OO, to be carried forward. In moving the adoption of the Directors' report and the balance-sheet, the Chairman congratulated the shareholders upon a more successful year, the more so as the success of the Association implied the prosperity of its members. They had had a good harvest and payable prices for their staple products. He regretted that the dairying industry did not flourish in South Canterbury, and this must be because they had missed the right times, as dairy factories were exceedingly successful around Christchurch. The Directors would have been glad to have made a closer distribution of the profits, but thought it wiser to strengthen the Association at present, trusting that a considerable increase in the share capital : during the coming year would enable them to divide the profits more closely, in future. He xaged the shareholders to increase their eapital interests, pointing out that 600 shareholders held but one share each, and over 1000 from one to five shares. The total issued at present was about 7000, and this number ought to be increased to 10,000. The balance-sheet showed a reduction in fhe borrowed moneys from £48,291 of last year to .£38,726, and the bulk of the borrowing was from shareholders, the bank overdraft being .£9514, as against .£21,500 last year. He believed there was money enough among the shareholders to meet the requirements of those who needed to borrow, and the Association was dosing good work in bringing lenders and borrowers together. He did not say that the restricted feorrowing implied, greater prosperity; rather the contrary, but it evidently made the position safer. The turnover for the year exceeded ,£211,000, an increase of ,£17,000 over that of last year. Sales of merchandise were <£67,463., nearly .£IO,OOO more than for the previous year, and within .£IOOO of the figures for 1893, the best year the Association had ever had. The grain stores returned 6 per cent interest on the cost of all-the properties. There were .£77,505 of available assets, besides uncalled eapital .£16,000, to meet liabilities of ,£35,000, or practically only .£30,000. There was therefore ample security to encourage shareholders to increase the number of their shares, and he suggested that at all events the capitalised bonuses, now amounting to ,£3841, should be converted into shares. Kef erring to the question of showing in the balancesheet the contingent liability on bills under discount, he said that this had been done in each case except in 1893, the first year that they had any such contingent liability, and then it was omitted by oversight, probably because it was the first time they had bills under discount. The Hon 'W; Eollestbn seconded the: adoption of tho report and balance-sheet,' and stated that he had examined the documents this year with unusual care, and had found them eminently satisfactory. A few questions were asked by a shareholder, chiefly respecting the auction account, which the Chairman stared had yielded a profit of -£400 for the year. The report was unanimously adopted. The retiring Directors were re-elected, there being no other candidates. Messrs C. S. Fraser and A. Montgomery were elected aixditors unopposed, and their remuneration was fixed at .£4O each.