Denaby Co-Operative Society – Offer of Freehold Declined

November 1932

Mexborough & Swinton Times – Friday 11 November 1932

Denaby Co-Operative Society

Offer of Freehold Declined

Share Interest Reduced

The 168th half yearly report and balance dirt of the Denaby Main Industrial Co. operative Society, for the six months ended Sept. 5th, 1932. shows sales amounting to £21,519 and disposable balance of £3,664, from which dividend at the rate of 2s. 6d. (12 ½ %)  in the £ on members’ purchases is paid, together with interest on capital, life insurance of members, husband and wife, the usual allowances to reserve and the educational fund, and a balance of £34 16s 7d. carried forward.

Since the institution of its life insurance scheme the Society has paid 421 death claims amounting to £3,151 15e. Sd. The amount of capital contributed during the half year was £1,169 16s 8d. and the amount withdrawn £2,485 9s. 10d. in addition to profits withdrawn £2,813 15s. 4d. and penny bank withdrawals £157 18. 4d.

The membership of the Society at the end of the half-year was 1,297, a net decrease of seven during the half .year. The dividend on members purchases (distributed this week) amounts to £2,353 8s. 4d, the interest on paid up capital £1,040. The total capital invested in the Society is £40,801. The investments of the Society amount to £41,669 2s 8d.

The half-yearly meeting was held on Saturday, in the Large Hall, Mr. W. Still, chairman of the committee, presiding.

The report and balance sheet was submitted and approved.

It was decided to rescind special rule II and substitute the following

  1. Interest on Share Capital shall not exceed 4 per cent.

Any member who does not make purchase to the amount of £8 per half year shall only be allowed interest at a rate not to exceed 3 ½ per cent. per annum for each half year so omitted.

2 ½  per cent. of the net profits shall be placed to the Reserve Fund and 1 per cent. for educational purposes.

The question of the purchase of the freehold of the central premises of the Society was considered, but as in the view of the Society the price demanded was too highs it was decided not to entertain the offer.

Sympathetic reference was made to the loss by death of Mr. G. H. Milnes for many years a member of the committee.

Mr. W. Still, Mr. J. Middleton and Mr. E. Oakley were re-elected to the committee and Mr. E. T. Hardy added.