W.F.C.A.

Wairarapa Age, Volume XXXII, Issue 10435, 28 September 1911, Page 5

W.F.C.A.

ANNUAL MEETING OF SHAH - HOLDERS.

The aui*dai meeting of sharehoiders of the Wairarapa Farmers' Cooperative Association was held in the Board room on Wednesday afternoon. About thirty shareholder® were present, and the chair was occupied by 'Mr M. Gaselberg (Chairman bf Directors). Tlie notice calling the meeting was read by the secretary. THE CHAIKMAN 5 S AI>DtRiESS. In moving the adoption of tihe annua.! report (which has already been published in the Age), the Chairman said:—

[ Gentlemen, —In- rising to ariov© tihe ' adoption of the report and' balance sheet, I will make my usual preliminary remarks and statement of last year's transactions, also a forecast of your Directors' ■ policy for this current year. I am very plelased to meet you to-day, it being two years since I last addressed you; it was not a pleasant meeting, iwe were tlnen in the midst of the slump, a-rui at was a poor year in every sense, the only consoling and very important feature being that we were financially strong. I then stated rtmfr an the following year I hiad hopes of presenting you with a- more flavourable 'balance siheet. I aim pleased that my forecast "was correct. The report and balance sheet showed an increase of £4164 of net profit over tli<* previous year, viz., £10,600, aa against £6436.. You will have seen this year's report and balance sheet* and hiave Ibeen pleased to note that the net profit on our year's IxusinesS. 13 £15,119, showing the substantial increase of profit to be £4,519 over last year. The' Association's business has fully recovered its old buoyancy, general trade being larger of a satisfactory , character, consequently there is very little left for me to say, excepting thai the policy pursnied by your Directors from the first starting of the Association to the present has proved to be sound. It hag' placed the Association financially independent bf had times and in the position to gradually and pro- • fitaWy increase its: bfusainess, and at the saane time extend financial assistance to shareholders and other clients'. The isame policy will l>e observed by the Association, and'no doubt with the same favourable results. I will now give you my usual statement of the present financial position: of the Association.The figures are taken out of the balance sheet, th'ius: —The paid-up capital, (omitting shillings! and pence) is £85759; the reserve is 29,153, the contingent reserve £ISOO, the employees' acdicient fund £IOOO, total £31,653; the amount standing to profit and loss account, £19,860. -r Total, £137,272. Add the uncailled capital, £26,64.1, this is the capital v , of the Association, £163,913. Otir v assetsi as per balance toe £214,452; our (liabilities to outside . creditors ' •are £77,176; leaving a surplus 0f£137,276; add uncalled caoital £26,641; Total, £163,917. ■

. The financial position as compared witih ila®t year, sihows an increase of •assets over liabilities; of £13,045, wMah is accounted for by Shareholdere having paid up on rtiheir siharea £7030; the balance in premiums and increased profit© £6ols.—Total £13,045.

The comparison between our assets and (liabilities show that we have rather more (than. £3 or near £3 5® for every £1 we owe.

The reserves, although. Kinder different Sheadings, are in reality one iye- . serve, which includes the amount of £6530 to be carried' forward, making > in all £39,683, showing the present position of the Association to be very satisfactory from, (all points of view. You will note from the report that we have had a new front made to our Masterton premises, wihicih with improved lighting will cost over £I7OO. We ihiad /to incur the expense to enable our Detriments to inake an efficient display of goods'. The increiased Sailed -shouldmore (than repay interest on tie outlay. The above are the only, expeo- - iS€is we incurred Host year on properties, excepting the usual repairs 'and upkeep wihich comes under ordinary expenses. Our ibuilding programme for the current year, I em (pleased to isay, will not ibe a large. So far we (have under consideration tifoo erection of a granary near the Carfjeorcton [Railway Station. My [forecast for the current year, I- am pleased to say, is optimistic. Tihe future looks bright. All New Zealand products are in good demand' at /highly remunerative prices to the producers. We have ihiad seasonable weather, making itlhe prospects for a favourable harvest good. Money is plentiful, confidence is being . rapidly restored, improvements! are going on in town .and country, both, skilled' and unskilled labour is in good demand. ; So, taking all that I have mentioned into consideration, I think I am justified in anticipating a prosperous year for all in (the Dominion, including ourselves. I am pleased to say our trade for the current year opened favourably. The danger of my optimistic prediction© iboing upset would .be in the event of itiie British Empire becoming involved in a European wiar. Fortunately the war clouds wihich looked so Mack a little while ago are dispersing, and the prospects for peace are reassuring. I ihave great pleasure in testifying to the "efficiency of the istaff; they have exhibited their •usual zeal and loyalty to the Association, and Ihave been attentive and courteous to ishareholders and customers, which forms a 'great factor ir 'making our 'business a success-

It may foe interesting to show you the growth of the Association's business ibv the present number of employee®, ihorses and vehicles required to do the work at the stores and carry on our extensive delivery service, viz.—The num.her of employees, lvale and female, are 185; the numbi/N i« 1 n A V

er of ih.or.ses average form 65 to 70; the number of vehicles, including brakes and (lorries, 35. I think I have fully explained tall matters of interest to you, and ■wall now amove the adoption of the report and 1 balance sheet.

Mr H. C. Robini&on seconded the resolution of the chairman. He said lie iliad taken out figures from the 1909, 1910, and 1911 balance sheets. He stated that an his opinion the test of the position of the Association was its liquid asset® -and liquid liabilities. There had been <a slump in 1909, but in 1910 a profit of £lO,600 was shiowm, and' in 1911 (the profit was £15,000. The floating liabilities :n 1910 amounted to £26,30u and in 1911 to only £20,700. Thfe boo": debts amlounted to- about £68,000 Be considered the position was iar ly .satisfactory, and he congratuauied the shareholder® upon the position.

Ma- HlatcMord commented upon the Ifaot that although & dividend of 9 per cent, was being "declared, the charges for goods were in some case© higher than at other , .■(establishments'. '

Tine Chairman pointed, out that the Association was a competitive con-' cern. It sold only , (the very beat gcodis and bffered no shoddy. It -was news to him that the Association charged more for its goods' than had been charged elsewhere. Sir Blatchford said he paid more for ironmongery ■with the Association than he paid elsewhere.

The Chairman stated that some people preferred goods miade in Cernjany. Others did hot. He had wide experience, land die.(believed the Association compared " favourably with other firms in the matter of prices. It paid cash for dtis goods in the Old Gauntry.

! ,Mr Blatchtford said! ihe would have lik-ed to have seen a 'bigger 'bonus on \ purchases. : The Oliaarman: But you get it w your shares. : Mr James Brown congratulated' the Association upon its strong position? It (bad been of great assistance to ! struggling /settlers', (having givoi credit where smaller firms, though they anight he, had not been .able to do so. The Association had 'helped the farmers in a imost important imanner.

T3ie Chairman remarked that the Association was not entirely a mo ley making concern. It -was co-operat-ive, and iiad done much for the assistance of farmers by the establishing of various industries. The motion for the adoption of the report and balance sheet was then put and carried unanimously.

DIRECTORS. On the motion of Mr J. C. Ikadington, seconded by Mr H. Evans, the retiring Directors' (Messrs A. W. Cave, H. O. Williaims), ; D. Oas?iberg, and Donald Donald) were reelected Directors.

The action of the Directors iu appointing Mr F. C. Turner, .of ,<Eketa- > huna, to the position on the Directorate caused by the retirement of Mr Pharazyn, wa„ approved. , ' , Mr H. G. WilKams briefly retur.ied tUianks for the re-election of the retiring Directors. • i AUDITORS. On .the motion ( of Mi- H. Donald, seconded by Mr J. C. Lang, Messrs Radiham and W. B. Chennells were re-elected auditors, at a'salary cf £l5O and travelling allowances.

DIRECTORS' HONORARIPM. The Directors' honorarium was, on the motion of Mi" J. Bannister, seconded by Ma* P. Gbrdon, fixe(l at £650.

THE STAFF,

Mr D. Oaselberg moved a (hearty vote of thanks to tie staff ,of the Association. He had come into close touch, with stlie individual (members of the staff, some of whom had' been witli them from 20 years and, up to 37 years. He could {say confidently that they had never had a more efficient staff tihan rtihey had at present. 1 The Chairman endorsed the remarks of Mir D. Caselberg, stating that he was tihorougiMy Satisfied with the staff.

The resolution was carried by acclamation.

•Mr -E. Richards*, on beibalf 6f the members of the staff, suitably acknowledged the vote.

THE CHAIRMAN,

On the motion of Mr James Brown •a hearty vote of tihank® was lapsed to /the Chairman (Mr <M. Oasel'berg) for presiding.' Mr Brown expressed the hope that Mr Oaselberg would <be spared to the Association for many years. ( 'Mr Oaselberg, in acknowledging the oampliment, stated that Tie hop>ed to he spared for at le&st ten yearsi to preside over the affairs of the Association.