A 'LARGE' FARMERS' COMBINATION 173 



The capital is raised by shares of the nominal value 

 of 53., and one share has to be taken for every 10 acres, 

 or part of 10 acres, in the occupation of a person 

 desirous of becoming a member. One-fourth of each 

 share (is. 3d.) is paid on application. The balance 

 may be called up, but the association does not expect 

 that any further call will be necessary ' for some time 

 to come, if at all. 1 The business done, as indicated 

 above, has, indeed, been effected on a called-up capital 

 of only about 600, this sum having, it is said, ' proved 

 ample for requirements.' A member incurs no liability 

 beyond that of having to pay up, if called upon, the 

 shares for which he has subscribed, so that the financial 

 responsibilities of a member farming 100 acres do not 

 exceed 2 los. The first charge upon net profits is 

 payment of interest at 5 per cent, on the paid-up 

 capital, such interest being added to the share capital 

 until the nominal value thereof has been attained. 

 The average profit aimed at is 2 \ per cent., that amount 

 having been found sufficient to cover all working 

 expenses and interest on share capital, and to allow a 

 substantial sum to be placed to the reserve fund. 



The association has a committee of management of 

 twenty-one, including some of the largest and most 

 advanced farmers of the district ; and, as showing the 

 practical interest they take in the work, I may mention 

 that the attendance at a committee meeting, out of the 

 total membership of twenty-one, is generally about 

 nineteen. Then there is a trading committee of ten, 

 whose members supervise the purchase of all require- 

 ments, and are careful to supply the highest quality of 

 goods at the lowest possible price. There is also a 

 finance committee of seven. The operations of the 

 trading committee are supplemented by the services 

 of two managers, one of whom takes charge of the 



