South Yorkshire Times November 22, 1958
Dividend Remains Steady at Denaby
The report and balance sheet presented to the half-yearly meeting of Denaby Main Industrial Co-operative Society showed membership of the Society as 3,073, Share Capital £67,584 and the annual sales £273,407.
These figures showed an increase of 74 members in the last half year and a slight increase in Share Capital and in annual sales. Some 114 members had been accepted during the half-year but 40 had withdrawn owing to varying circumstances.
In the Committee’s report, given by the Managing Secretary (Mr. V. J. Healy, F.C.I.S.), it was stated that sales for the half-year amounted to £131,714, an increase of 2.9 per cent. over the figure for the corresponding period of last year. Attention was drawn to the fact that this rate of increase was the lowest for many years, and it was attributed partly to the fact that the incomes of many of the members had been reduced recently through the cessation of Saturday working, and redundancy at the local collieries in the past few months.
Another factor and butter that foodstuffs such as bacon and butter had been lower priced and the poor summer weather had had an adverse effect on the sales of clothing.
Expenses had continued to increase although the rate of increase had been lower than that of any previous trading periods. Purchase Tax reductions during the half-year amounted to about £300. Attention was drawn to the fact that members may now invest to £500 in Share Capital.
The new Self-Service shop in the Ellershaw Estate had been opened on October 6th and members could take pleasure from the fact that it was one of the finest and most up-to-date shops in the district.
The Furnishing Department extensions were now almost complete and it was hoped that during November they would be able to give a good show of goods. It is the intention of the Board of Management to try to commence the renovation of the frontage of the Furnishing Department early next year, and the remainder of the Central Premises at a later date.
With regard to the surplus dividend, Mr. Healy reported that the Disposal Balance, after providing for interest on capital, and allocating £238 to the Reserve Fund, according to rule, amounted to £9,427 and they were pleased to be able once more to recommend the payment of an unchanged dividend of 1s. 6d, in the £. (7 ½ %)
Mr, W. Bettridge (President), referring to the dividend payment, drew attention to the fact that they could be proud they had been able to maintain that rate of payment as many Societies in the area had had to reduce their dividend payments this half year, owing to the reduced working in some colliery areas, and other circumstances.
Thanks were extended to all staff, officials and members for the efforts made during the past half year.
The following four directors were re-elected to the Board of Management: Mr W.H. Bettridge (President), Mr D. Stone (treasurer), Mr S. Bucknall and Mr. J. R. M. Williamson.