Denaby Main Co-operative Society Ltd – A Model Society

January 1905

Mexborough and Swinton Times January 28, 1905

Denaby Main Co-operative Society Ltd
A Model Society

The 85th quarterly meeting of the Denaby Main Co-operative Society was held on Saturday, in the Rossington Street Schools, Denaby Main. Mr WH Chambers presided, and he was supported by the secretary Mr J.T.Bayliss, Mr G.W.Roberts A.C.A, one of the auditors and the members of the committee

The secretary read the report and balance sheet, which showed that the sales for the quarter amounted to £8464 16s 8d been an increase of the last 2:45 hundred and £40 and 11 and 6 pounds over the corresponding quarter of last year. The profits to be disposed of our £2132 7s 4d; this enables the committee to pay a dividend of 5s in the pound (25%) on members purchases, after paying interest on capital, and a special depreciation of £50 on fixed stock and the usual allowance to the reserve fund, educational fun, and non-members dividend £39 2s 4d being carried forward to next quarter

the report further states that the 56 houses which the society has built-in Tickhill Street, Denaby Main, are let on leases to members, whereby, after a term of years, they become absolute owners

Mr W.H.Chambers moved the adoption of the report and balance sheet which was unanimously adopted

Mr Roberts one of the auditors, said he did not know whether the time was opportune to mention a matter he had thought of a great deal of – namely the credit system – which seemed to increase with increased members. There is was a first-class society, a model society, and one that should adopt the cash system in its entirety. Credit should not be indulged in; you will save the manager a good lot of time in bookkeeping. They had a good manager, and he ought not to be burdened with the work. “You,” he emphasised, “are losing interest on the money old by members to the society.” He hoped from the remarks that he had made this item in the balance sheet would be reduced to a minimum ere long

Mr Chambers said there was credit due to the auditor for bringing the credit system before the meeting. He did not think they could abolish it altogether, but he believes it might be considerably reduced, and thus save time and expense in booking. We do a magnificent trade for a place like Denaby are not expensive. The managers of both departments work very harmoniously with the staff they have under them.

The committee proposed to make further alterations in one of the departments. Their furniture business, he believed, had given satisfaction as a prices as were as low as any other business firms which carried on this business

Mr Bayliss, the secretary, stated that this was the best balance sheet they had ever issued, and their profits were very good. The members share capital stood at £12,777 2s 6d, loan capital £7 15s 6d, the reserve fund at £1784 10s 5d, the educational fund at £454 3s 10d and they had with the wholesale society in shares and in bank £3,897 4s and upwards of £1,600 stock in trade. This he considered to be very satisfactory

Mr GW Roberts, A.C.A. was re-elected auditor, Mr R Wright, treasurer (re-elected) and Mr John Hoyle re-elected (committee). The number of members now stands at 720

Votes of thanks to the chairman brought the meeting to a close