FARMERS’ CO—OPERATIVE AUCTIONEERING CO., LTD.

Waikato Times, Volume 90, Issue 14024, 29 March 1919, Page 7

FARMERS’ CO —OPERATIVE AUCTIONEERING CO., LTD.

annual meeting. The annual meeting of the banners C.o-operalivc Auctioneering Company look Mace in the ud* Hamilton this morning. Mi J , BalLl ° j chairman of directors presided, and tiler!; 11 were about 50 shareholders present. . . Report and Balance-sheet. The chairman’s opening address appears on pages 4 and o of this issue, lie moved the adoption, ot • the repot I aijd balance-sheet (already published). Mr W. Carr KoUett, in seconding the adoption of the report and balancestaff on the success ot their lalxmr 3 ; considering the trials ot the jea through which we had just passed-the ..real war now happily ended, and the 'epidemic, which closed ah sales for J. me weeks ,and earned off some ot their prominent officials, and which caused loss of carnmg power, w'u.st the ordinary expenses had. to.stul bt paid. Thev could not biu look upon too vear’s results as eminently satistac torv. The profits had increased by ■fpriDO. the share capital had increased

£2O W> vr.iw.w-. .. - by nearly £2'),0(,0, > rmcl the- results Showed conclusively that die ’ lI “ n ; •* earo had been taken by the directors and staff in keeping the working cost nt the lowest. The balance-sheet showed that over £12,000 had been paid m taxes, but he hoped that as soon as peace was declared, and we got bau to our ordinary trading, although we could no: expect taxation to fall to prewar rates, yet we could expect sonic remission, and this would be to iho.n ac - vantage. He felt sure that the cause ■of the successful trading for the yeai had to a largo extent been owing to the ■company having extended the sale or mrcliandisc and other articles winch .-are required by the .former,, .and it he was right in this surmise, surely it should "bo an indication to efihe directors to further supply the farmers with all the goods required for ’household purpose”. In support of this, he said that many years ago, when the New Zealand Farmers’ Co-operative was started, it was owing to the fact that the fat - oners were being charged something like Vs per cent commission on the sale of tiicir stock, and this the farmers ■thought excessive, so they started the Co-operative to reduce these charges, but after they had been operating for acme time ,they found that at the reduced rate of live per cent it would not pay, and he could assure them that the merchandise department had to keep the stock department going, henct? his advocacy of extending the merchandise departments of the company. Mr Rollett said he had from time to time read in the papers how pressure had been brought to bear upon the directors to amalgamate with the Farmers’ Union Trading Co., and as a shareholder in the Auctioneering' Co. die was pleased that this pressure had been resisted. They had got a truly co-operative concern, but if they read an article published in the Waikato Times of March 13th, it would clearly prove to them that the preference shareholders of the Trading Co. not only had a firm grip of the funds of the company, but also the shareholders. "They should keep clear of allowing •either debenture holders or others of ever getting control of such a truly coporative company as theirs. He reminded shareholders of the necessity of their doing all their business with their own company, and when funner capital ■was required to increase their holding .on shares and induce their farmer friends to take up shares. Farmers should all work together, not from selijfish aims, hut as they all knew, that -“God. helps those who help themselves.” Mr Duxflelcl- asked if the £33,000 •nett profits for this year were included in the £84,000 surplus—Mr Barugh rianswered in the aflirmitive. Mr E. Hammond said the shareholders had probably gone thoroughly 'into the balance-sheet, and must have •been convinced that the business had been well managed and controlled by Uhe directors, who were entirely too modest.’ They had evidently conducted the. business at as low a cost as any in Mew Zealand, and were quite .justified in asking for incraesed capital, as the money already placed in their hands had been used to the •best advantage. If they considered they could serve the interests of the farmers better by increasing ■ the ■capital, they should receive every support. (Applause.) The report and balance-sheet were adopted unanimously. Election of Officers. Messrs H. S. Hawkins and E. M. Edkins were re-elected to the Board iof directors. The chairman said they were both first-iclass directors, and he was glad to sec them back on the board. Auditors: Messrs Bruce and English were re-elected. The matter of remuneration was left in the hands cl jthe directors. Shareholders’ Scrutineer: Mr Geo JEdgecumbe was re-elected.

Tho New Capital. A shareholder thought that in issuing new capital some consideration should be given to the old sharehold.crs. and suggested that they be allowed to take' up paid-up shares.. The chairman said the directors had not considered it advisable to take ordinary shares and pay them up in •full. ' Directors’ Services Recognised. I Mr Gordon moved that the two principals (Messrs Barugh and Hawkins) be granted an increase of remuneration. —Mr Ewen McGregor seconded. Mr Bushcll pointed out that this (could not be done at this meeting, as ■the remuneration was llxed in the Articles of Association. The difficulty was mot by a motion .being passed that a grant of £3OO be divided between the two gentlemen named. It was generally recognised that Messrs Barugh and Hawkins were most inadequately paid for the great services they were rendering the Company, the former receiving only £l5O and the latter £75. A vote of thanks to the directorate for their services was carried by acclamation. It was resolved to call a special to consider the alteration of Ithe Articles of Association so that Ihc remuneration of the directors Could be increased. One shareholder considered that the salary of the chairman, in view of the large amount, of work entailed, should be at least ■£soo. Salaries of Staff.

: Mr .). Gordon moved that the directors go into the matter of the salaries of the staff. It was a very important HAing. when they had a good staff, \*o keep it. A sovereign was now worth only about 13s, and salaries, he was afraid had not increased proportionately. Mr McCaw seconded. He said the staff did their work well, and deserved every encouragement. ■ The motion was carried unanijmously. A hearty vote of thanks to the. chairman, directors and staff was carried by acclamation. A light lunch was provided, to jjyhich the fullest justice was done.