Mexborough & Swinton Times – Saturday, 30 July 1904
A Prosperous Society
Fair Wages Paid
Good Reserve Fund
The Committee Congratulated
The 23rd quarterly meeting of the Denaby Main Co-operative Society was held on Saturday evening last, in the Rossington Street School, Denaby Main.
Mr. W. H. Chambers presided, and he was supported by the secretary, Mr. T. J. Baylis. Mr. G. W. Roberts, A.C.A., one of the auditors, and the members of the committee were also present.
The secretary read the report of the balance sheet, which stated that the sales for the past quarter amounted to £7,349 10s. 7d., being an increase on the previous quarter of £390, and £2,240 on the corresponding quarter last year.
The profits to be disposed of are £2,005 4s. This enables the committee to pay a dividend of 5s. in the £ on members’ purchases, after paying interest on capital and the usual allowances to the reserve fund, educational fund, special depreciation of fixed stock (£50), and non-members’ dividend, £71 4s. being carried forward to next quarter.
The Chairman moved the adoption of the report and balance sheet, and drew the members’ attention to the remarkable progress that had been made in the capital account of the society, the increase being upwards of £2,000 during the past three quarters.
He did not know whether the scare that had arisen in the neighbourhood had caused a few members to withdraw from the society. He was glad to inform them that the committee were able to pay 5s. in the £, and hoped to maintain it in the future.
The members had full security for their share capital, which had realised this quarter £151 5s. 8d., which was made up of bank interest and interest on the cottage property.
The committee were responsible for the moneys invested by the members. They had nearly £10,000 in cottage property, £500 share capital with the C.W.S., and a £1,660 loan with the C.W.S., and a balance of £2,556 6s. 6d. at the bank. So that they really had £14,000 to pay £12,000 with. (Cheers.)
Their outstanding accounts were very small, compared with the trade done. Most of the fixed stock had been written off.
He enumerated a number of items which were included in fixed stock, in addition to shop fixtures and the electric light plant they had put down.
Mr. T. J. Baylis said they had paid for fixed stock £1,585 19s. 2d. They had depreciated it so that it now stood at £557 16s. 7d. If any of them thought their money was not safe, they could come to the stores and they would be paid out. They could pay all their members out (if the members wished for it), and have the stock-in-trade to the good.
A member of the committee said they all ought to feel proud of the society’s financial position. He was one of the founders of the society, and had helped to draw up their rules, one of which stated that 2½ per cent. of the net profits should be devoted to a reserve fund. This had been carried out by the committee quarterly, and the fund now stood at £1,656.
He had thought at times that this fund was growing too large. Of late, however, he had changed his opinions, and thought the percentage not too large.
Another matter he drew their attention to was that when their share capital some ten years ago had reached £5,000 the committee recommended that they should employ chartered accountants to audit their books. This the members approved.
Their money was as safe as if it was in the Bank of England, and they need not feel afraid.
A great deal had been said of late against co-operation, but he could honestly say that they paid fair wages and gave reasonable hours to the staff they employed.
The buildings the society had erected would prove a boon and a blessing to those members who had decided to purchase one. The terms of purchase were 21 years or less, if the members were so disposed, which was a very reasonable term.
The members, and their trade, were increasing, and they were enlarging their premises to meet the demands of the members.
Mr. Roberts, one of the auditors, stated that he had checked the figures very minutely himself. Everything had been vouched for. They were in a solvent position, the balance sheet and the accounts were accurate, or he should not have attached his name to them.
“I do respect my name, and I don’t intend to ruin myself,”
said Mr. Roberts emphatically.
He continued:—
“The committee deserve the congratulations of the members for the splendid results they have placed before you, and for their business abilities in carrying on the stores in so satisfactory a way.” (Cheers.)
The Chairman spoke very highly of their secretary’s abilities. He had had a large experience in co-operative work, and had devoted the whole of his time to the movement for a large number of years. They were very fortunate in securing the services of so able a man.
The shop and premises were a credit to the society, and the manager took a great interest in the society, for which he deserved the credit also.
The extension of the premises was nearly completed, in which they proposed to stock goods suitable for the inhabitants and members in the village.
Messrs. W. H. Chambers and J. Soar (committee), and E. S. Baylis (auditor) were re-elected.
The number of members at the end of last quarter was 657, and now stands at 674; 21 have withdrawn and 38 joined.
Votes of thanks to the Chairman for presiding brought a successful meeting to a close.