CO-OPERATIVE ASSOCIATIONS.

Gisborne Times, Volume XXVI, Issue 2301, 21 September 1908, Page 2

CO-OPERATIVE ASSOCIATIONS.

ANNUAL MEETINGS. [Phess Association.] CHRISTCHURCH, Sept. 19. The annual meeting of the New Zealand Farmers Co-operative Association °f Canterbury was held this afternoon. Mr. J. A. Pannett (chairman of directors) presided. In moving tho adoption of the report and balancedieet, which were adopted, the chairman said) that lie felt that, all things considered, the shareholders were to be congratulated upon a successful year’s operations. The profits for the twelve mouths amounted to £26,759, which, with £5386 carried over from last year, gave a total of £32,145. Tho earnings for the period, as compared with those of the previous year, showed a diminution consequent upon tlio disastrous collapse of the wool market, tho exceedingly dry weather during tlio greater part of the summer, which' naturally affected the auction andi stock commission, and, lastly, the money stringency which made its effect folt more or less an every department of the business.

TIM ART/] Sept. 19. The annual meeting of the Canterbury Fanners’ Co-operative Association was held to-day. The chairman of directors (Mr. J. Talbot) congratulated the shareholders on the results of the year’s working, which were particularly satisfactory in view of the complete destruction by fire of the Timaru premises, the low prices, of wool, the tightness of the money market, and other adverse circumstances. The total sales were £1,094,000, an increase of £200,000. Between £14,000 and £15,000 was expended on new buildings. The chairman said the fufcuro prospects appeared' fairly favorable, though- not such as to excite much enthusiasm. The report" proposed to allocate the nett profits of £24,267 in a dividend of 8 per cent, borons on purchases, of 5 per cent rebate of commission, 2 per* cent bonus to staff and salaries of 6 per cent, and £3954 wa6 added to the reserve, making a total of £50,000. The balance was carried forward. The report was adopted. A motion to reject it until there was a- more equal division, of profits was negatived. The retiring directors were re-elected. OAMARU, Sept. 19. The annual meeting of the North Otago Farmers’ Co-operative Association was held to-day. The balancesheet showed £2194 profit available. The report recommended a dividend of 7 per cent to shareholders. Ail amendment was moved to make the dividend to shareholders 5 per cent with 10 per cent bouus for commissions and 2J per cent on purchases, hut this was rejected l , and the report and balance-sheet were adopted. The retiring directors were re-elected.