CANTERBURY FARMERS' COOPERATIVE ASSOCIATION,

Wanganui Herald, Volume XXXVII, Issue 11058, 21 September 1903, Page 6

CANTERBURY FARMERS' COOPERATIVE ASSOCIATION,

Annual Meeting*

(Per United Press Association.) TIMAEU, September 21

Ther annual meeting of the Canterbury . Fanners' Cooperative Association was held here .on -Saturday, Mr J. .Talbot, chairman of directors, presiding. The balance-sheet showed a net profit for the year of i>18,050, bu^iirifli £1884 caTried forward last year, the amount,^yaijable for distribution is .£19,734, Vs\e.;iasgestf prott on mer-' M ? o^B^B6-^-^2l^76^^' total turnover oft "-' V ia>s9!,iß7, - comparea -with ". J393,443 last { year. ' All departments show, a'< marked, in- v crease. In t^ne .auction' department there 1 .... ,was a .turnover, of .- against " "■ £Waso(i lasi year, a. gain of 66191,473,. j against .£93,237. General merchandise- .. .-showed .£153,794, against c£99,91£ . last; year.- The/salaries for, the 'year totalled ( and directors' fees ,£430. Th£ (grief, items, in the liabilities ate^Capital sub-" scribed .£49,000, to reserve fund '. -fixed, deposit .^65,000, shateholders' cur-j rent acconnV.^£3£,ooo, drafts against pro- ' • duees£lo,ooi[>.v J The assets show — Freehold* property .£33,000, plant and furniture .£3OOO, advances on' wool, grain, /etc., ,£35,000; due, on open accounts, including ■ auction aid /grain, .£83,000; goods on hand, ,£58,000; Waimate branch, Bad debts totalled .£590. The past year's . , work establishes a record in the history of the. institution; ' The Canterbury, Farmers' Co-pperative " Association agreed on the distribution of profits, as follows: — Eight per cent.dividend on .capital, 6 per cent, bonus on pur- • clraseß, p&r cent to be refunded on grain and- auction commissions earned (wool exe'epted), 6^t>er cent fconus to staff, to be aadetfto'tne reserve fund, ,£IOO to' be . ; widi^n off buildings. The creation, of a further 200 scares* brjngirig the subscribed capital- up t0. #110,000, was sanctioned. A 1 * "" motiSri to reduce the interest on the paidup capital to. 5 per een% was lost.