Mexborough and Swinton Times April 27.
Denaby Main Co-Operative Society.
On Saturday night the 66th quarterly meeting of the Denaby Main Co-operative Society was held in the Rossington Street Schoolroom, Denaby main.
In the absence of the chairman (Mr W.H.Chambers), Mr John Soar was voted to the chair. Mr Thomas J.Baylis (secretary) read the report and balance sheet which showed:
Sales for the quarter £5,044 4s 8d, being an increase of the corresponding quarter of last year of £588.
The profits to be disposed of were £1,257 7s 3d; this enables the committee to pay a dividend of five shillings in the pound on members purchases; after paying interest on members share capital, and the usual allowance to the reserve fund, educational fund, depreciation of fixtures and stock and non-members dividend, £61 14s 10d , being carried forward to the next quarter.
The chairman congratulated the members on their financial position. His task was, he hoped, an easy one. That night they had been able to pay their usual dividend of five shillings (25p) in the pound on the past quarters transaction, and carry forward money to the next quarter. If the committee could only have paid 2s 6d in the pound. He imagined his task would have been an arduous one; however as long as the members of the confidence in the past committee, and the committee’s work came up to the members expectations, the ad. Not much cause for complaint. He referred the members to the share capital account, which stood at £7896, the reserve fund at £967 (near the maximum of £1000); the educational fund at £124 and an additional building fund account at £320.
They had invested £6,731, yielding 5% and upwards and had a balance with the bank of £3,254.
He asked them to look at the figures, especially regarded the share capital account. They were yielding more interest on their invested transactions and bank interest than what they had to pay to their members. This in itself alone ought to command their confidence. He moves the adoption of the balance sheet, which was secondedby Mr C.Emery and adopted.
Mr Baylis eulogised the remarks made by the chairman, and stated that (as one of the Co-operative Wholesale Society’s auditors) he acquiesced in all that the chairman had said. He believe they were nearing the Premier position as co-operatives. They were now classified among the A1´s and hoped they would continue loyal to the society and that they would be able to continue the dividend for years to come.