BUILDING SOCIETY.

Star (Christchurch), Volume LXVI, Issue 20519, 22 January 1935, Page 9

BUILDING SOCIETY.

Working Men’s Co-operative Meeting. YEAR REVIEWED. The twenty-fourth annual general meeting of shareholders in Groups 2 and 3 of the Christchurch Working Men's Co-operative Building Society So. 2 was held in the Y.M.C.A. Hall last evening. Mr J. Shearer presided. In presenting the annual report and balance-sheet tor Group 3. the chairman said that the progress shown *n the last report had been fully maintained. and taking all things into consideration the shareholders were to congratulated. The aum of £IBO3 1» W had been refunded to shareholders rrom capital during the year. Circumstances had permitted only one appropriation. This had realised £B6 as bonus. The director* suggested for the shareholders consideration that should there be no marked improvement in the economic position during the coming year, the winding-up resolution for the group should be passed at the next annual meeting in January, 1936. The profit and loss account showed a credit balance ©f £3717 15s lOd, being an increase of fZuS 2s for the year. It was to be regretted that there was a fairly large number op the waiting list to be paid out. fco many who had had advances were unable to make their full payments, hence the slowness of meeting the withdrawals. . , . One shareholder asked if the resolution for the winding up of the group could be passed at a special meeting. The secretary (Mr J. H. Jones) said that a special meeting could be called at the wish of a number of shareholders. The report and balance-sheet were adopted with the omission of the clause referring to the winding up. which was deferred for further discussion. The chairman also presented the report and balance-sheet for Group 2. He stated that the directors regretted that it was not possible to report a final winding up of the group »« there were five borrowers who were finding difficulty in raising the small amount required to pay the amount due to the society. Some progress could be reported, however, as everything possible was being done to hasten the end. The sum of £615 12s had been paid out or transferred to redemptions, leaving £469 10s still to be dealt with. The profit and loss still showed a small increase of L 4 Ss lid, which was a very satisfactory position, and would prove acceptable when the dividends were declared. Mr Jones said that the group should hive been wound up two years ago. hut some who had had loans were on relter work, and found it impossible to keep up the payments. In the circumstances nothing could be done to force the matter Legal advice had been taken, and everything was being done to hasten the winding up since the division of profits was being prolonged. These was some discussion on the suggestion of winding up Group 3. but it was finally decided that the directors should be instructed to call « special meeting not later than the necond week in April with the object of arranging the possible winding-up of the groun before May 21. The retiring directors, Messrs G. Tomas. IV. Bell. H. Shaw and W. H. Chaplin, were re-elected, while Mr h. Marriott was nominated for a seat on the hoard. Mr J. O. FT. Tobin was re-elected shareholders* auditor. GRAIN AND PRODUCE. Early threshings of wheat continue to come forward, nnd owing to the dry weather the condition of the grain is good. Some samnles are not as fully developed, as would have been the case in a normal season. Millers are buying fairly freely.

Fowl wheat remains firm at unchanged prices and supplies are rather short until the new crop lines are available.

The good condition which characterises wheat obtains also with all other lines of grfcin and seeds, ns the season has been excellent from that point of view. Most of the samples are quite clean. Few lines of oats have been offered and most of them are a little lighter than usual. A few early threshings of barley have been offered. Quality varies a good deal, but all samples are bright and in good condition. Pome of the grain is plump and others thin. The market has not. opened yet.

A few enrlv samples of pens have been submitted, mostly garden varieties. The market for partridge peas has not been fixed.

Good samples of ryegrass are coming forward, and the Ten insula and the Plains are sending in lines of cocksfoot, mostly of good quality. Offerings of white clover are fairly heavy and are mostly of good quality. Prices vary from 6d to 9d per lb. according to quality.

Very few orders for new season's potatoes arc coming from the North Island. Farmers In the meantime are inclined not to accept present prices until further information regarding the Australian embargo is received. Onions are quoted from £5 10s to £6 a ton for prompt delivery, but there are no quotations for the main crop.

Following ere nominal prices quoted to be paid to farmers on trucks at country stations, sacks sxtra unless otherwise mentioned:— Milling Wheat (new season'*)—-Janu-ary delivery Tuscan 4a, Hunters 4» 2d. Pearl and Velvet 4s 4d, f.0.b., sacks extra. Fowl Wheat—3s 6d to Ss 7d a bushel. Potatoes (April. May. June delivery) —Whites. 60s. Dakotas and Sutton's 60s. Onions—Prompt. £5 10s to i 6. Ryegrass—Perennial. Is 9d to 2a: Italian and Western Woltha, la Pd to ts. Cocksfoot—-Akaroa. 6d to 7Jd. Oats—Gartons 1" 9d to te. Algerians Is 8d to la 10d. Duns la 9d to 2a a j bushel, accordin* to quality. Chaff—£2 7a 6d. Glovers—White, «d to 9d. Linseed—£l2 a ton. Bran—Local £4 10s, shipping €4 s*. I Pollard—Local £5 ss, shipping £4 15e 1 Flour—Local £l2 12s. shipping Ml .T’s, with the usual increment* for smaller packings.