RECENT SUCCESSES OF AGRICULTURAL CO-OPERATION 2^, 



Lumber . ^180,410 



Millwork .' 23,729 



Metal goods 10,756 



Builders' supplies 46,120 



Twine 520,373 



Barbed wire 70,136 



Woven wire 53.336 



Posts 46,419 



Coal 53.249 



Flour 8,488 



Apples 60,946 



These sales realized altogether $1,085,385. The total operations of 

 the co-operative department yielded only a slight profit. The necessity 

 of accumulating large stocks in order to meet demands punctually and to 

 guard against the rise of prices due to the war placed the company in some 

 difficulty. 



A live stock department was formed during the year. Sales began on 

 I March 1916 : at the end of August 196 carloads of live stock had been 

 handled, and the number handled in September and October was 302. 

 This department is doing educational work in that it shows farmers how 

 to form live stock shipping associations and make the greatest possible pro- 

 fit out of their stock. 



The total expenses of all kinds' amounted in 1915-1916 to $994,997 

 and the gross income to $1,566,422. The profit and loss account gives 

 a balance of $572,804, utilized as follows : 



Dividend of 10 per cent $100,500 



War tax 1915-1916 104,381 



Reserv^e 217,159 



Carried over . . ^ 150,763 



On 31 August 1916 the amount of the reserve fund was $600,000. 

 Among the assets invested capital amounts to $801,950 : $225, 682 of this 

 sum being invested in growing timber, and more than $300,000 in 

 town real estate, while the elevators are valued at more than $250,000. 



There is no doubt that the company is in an excellent position finan- 

 cially. Since it was founded its shareholders have always received a 10 per 

 cent, dividend except in the first year when the dividend was 7 per cent. 

 The shares have risen to 50 per cent, above their nominal value. 



§ 5. The fusion of two great farmers' companies. 



At the annual general meeting of the Manitoba Grain Growers' Grain 

 Company, held at Winnipeg on 29 November 1916, a ver>- important reso- 

 lution was passed which marks a turning-point in agricultural organiza- 



