WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

Wairarapa Age, Volume XXXI, Issue 3006, 1 October 1908, Page 5

WAIRARAPA FARMERS' COOPERATIVE ASSOCIATION.

ANNUAL GENERAL MEETING OF SHAREHOLDERS. The annual general meeting of members of the Wairarapa Farmers' Co-operative Association, Ltd., was held in the head office, Masterton, yet- ! terday afternoon. 1 here were present I —Messrs M. Caselberg, Chairman of [ Directors (in the chair), P. Gordon, J. C. Boddington, H. G. WilJiams, A. Caselberg, M. Caselberg, E. 11. Waddington, J. Bannister, H. Dui.n, D. Anderson, H. C. J. B. McKenzie, A. W. Cave, C. B, Pharazyn, D. J. Nathan, P. J. Nathan, and Captain Holmwood. The Chairman, in moving the adoption of the annual report and bJ ■ ance-sheet, said: — "Gentlemen, —I have again the pleasure of moving the adoption of the report and balance-sheet. You will have seen from its contents (presuming that you have each receivpfl a balance-sheet), that it ia a favourable one, although a portion of the year has not been prosperous, and all trades and businesses have felt the effects of falling markets, for our sbaple productions and shortage of money.

"The report explains the cause of our success—viz., a large increase of trade from our shareholders, and the general public, who have appreciated the class of goods supplied, and our sound business methods which led to their loyal support. "I am pleased in being able to repeat my remarks of last year that the Association's business shows a continuous growth of a sound and safe character.

"The policy adopted by your Directors from the first ineeution of the Association of doing business on prudent lines only, and avoiding all transactions of a speculative nature has enabled the Association to reap the full benefits of such a policy. B-ing financially strong, we are in a position which enables us to give assistance to many of our clients wtio require it, which places them in a position to tide over temporary difficulties without having to make sacrifices.

"Although I cannot state as I did last year that the year has been a prosperous one, yet I feel confident, that the slump in prices of wool and other commodities and the tightness of money is only temporary. "The country, in my opinion, will soon experience a revival of prosperity, confidence will be restored, a demand for labour will arise, and all trades will be in full swing.

j "The natural wealth and resources I of N«w Zealand are of too supstani tial a nature, to admit of a depression &n- any length of time. For instance the drought and hush firea, which were so destructive to settlers, causing them n deal of loss, anxiety and suffering at the time, have turned out a blessing in oisguise, clearing up their bush lands, and increasing the carrying capacity in many ipstances, twofohl. Settlers will feel the benefit thereby thiu year, and the larger increase of wool will make up for lower price*. i4 Phe dairv industry is very flourishing. Prices now ruling for butter and cheese are nigher than last year, and there is every of the season leaag a good one and the output larger, "If we are fortunate enough to have a favourable grain season, as the outlook is promising, everyone will feel the be- efit, and the present bad times will he forgotten. "After giving yon my optimistic views, 1 will again revert to the affairs of the Last year we had a .large programme of buildings an-.l improvements under contracts to finisn, and I am pleased to say that all has been completed ant 3 paid for. • The improvements, comprising additions, extensions, and the buildings at Miriinborough, giv-ing-greater facilities for doing out business, were duly appreciated by our shareholders anu the general pub'li'\ The cost of these being £4,859.

""I will now give you ray usual ani nuall statement of our financial position, which is a very important mat(ter an n time of depression. The figures I am g'—'ng you are taken out of our .present balance-sheet —viz.:—I £ iOur paid-un capital ting shillings and .pence) 73,941 Our present reserve 28,173 Amount to be carried forward as per report 7,000 Atnouac to be carried to a special reserve fund 1,500 Amount of the .Employees" Accident' Reserve Fund 1,000 Making the total capital '■ and tneserves 111,619 Add uncalled capital 38,291 Making a stntal of £149,910 As against paid-up capital and reserve of. 105,722 Add uncalled capital 39,466 A l * ner last gear's balancesheet total £145,188 Showing an increase for this year in our paid up capital and reserve 4,722 And a decrease in our uncalled capital of 1,175 Making the net increase of paid up capital and reserve 0,54 r7 The total reserves wall then stand at £37.67 3 Which is equal to £sl per cent, on the paid up capital £73,941 Thus at present every poj'id paid up is worth 3tfs 3d, being an increase of £G per cent.- on the reserve of last year. The holder of £IOO of shares has value for £lsl. This is independent of the enhanced values of our freehold properties. The selling values of th* bulk of our properties are worth at least £SO per cent, more than the book value?. I will row compare our assets with our liabilities as per balancesheet. . - . j £ Our total assets are 227,224 Our total liabilities are 104,890 Showing a surplus of assets i over liabilities of £122,334 ( And if we add our uncalled ' capital of £58,291 We have a surplus of assets £160,625 -

A further comparison, with last year's balance-sheet shows : £ J More assets 26,012 More liabilites 20,514 Leaving a net increase in f favour of this year of £5,498 "You will gee at a glance that our ' financial position is steadily gaining . in strength, bo'h the capital and the reserve, which is the best test a trading company can show at any time, but it is of much greater importance in bad times. Your Directors feel sure that you appreciate and approve of their policy, which has conduced to such favourable results. "I will n< w ?ive you an outline of our future policy. We do not intend to expend money "on buildings or make any further extensions for the-present; We intend to employ our funds in fostering our large and increasing business, and to compete for all legitimate trade, which our strong position will warrant U3 to do. lam pleased to state that we have also a steady increase in the number of shareholders. During the year we have alloted shares to fifty settlers, who have taken them up to participate in the advantages offered by the Association. "Before finishing my speech, I have the pleasure to again bring under your notice the efficiency of our staff, who are lnyal to the Association, and most attentive to our customers. They well de.-erve the bonuses recommended by your Directors in the report. "Hoping my sanguine predictions for good times will soon be realised, and that I will have the pleasure of meeting you all at our next annual meeting, and presenting you with as good a report and balancesheet as this one, I will now move the adoption of the report and balance-sheet, a3 printed and piesented to you." Mr H. C. Robinson said he had much pleasure in seconding the adoption of the report and balance-sheet. Like good wine, it "needed no bush," and it was gratifying to the shareholders to have such a satisfactory leport presented to them in such a time of depression; Hs felt assured the Chairman's prediction regarding improved times would be verifisd, and no doubt in the present strong 1 position the Association could successfully tide over even a prolonged period of depression. There was no discussion on the report, which, with the balance-sheet, was adopted unanimously. The election to vacancies on the Directorate were then dealt with. Mr P. Gordon said he moved with pleasure that the retiring directors., Messrs H. G. Williams, D. Caselberg and A. W. Cave be . t re-elected. He thought that the Directors deserved very hearty congratulation on the success of their past policy, and at the present time of financial stress it was very desirable they should retain their offices. Mr D. Anderson seconded tne motion, which was carried unanimously. Mr Boddingtcn moved, and Mr j Robinson seconded, that the audij tors (Messrs W. B. Ghennells and K. T. Badham) be re-elected.—The motion was carried unanimously. It was resolved, on the motion of Captain Holmwood, seconded by Mr I Dunn, to grant a bonus of £625 for | distribution among the directors. Mr H. C. Kobinson moved a hearty vote of thanks to the Chairman and the Directors, complimenting them on the management oE theAssociation's affairs during the year. Mr J. B. McKenzie seconded the motion, which was carried by acclamation. * Mr H. G. Williams responded, re- . marking that there was no doubt the Association had presented a balancesheet this year which few concerns in New Zealand could boast A vote of thanks-to the staff was moved by Mr J. Bannister, who paid a high tribute to the courtesy and attention shown by them to customers. The mover said he felt assured it was their assiduity that contributed materially to the success of the Association's business. This motion, which Mr E. H. Waddington seconded, was also carried by acclamation. Mr W. S." Jago (secretary) briefly returned thanks on behalf of the staff. This concluded the business.