80 THE STORY OF THE U.F.O. 



Shares held by individuals 66 



" " " U.F.O. Branches 37 



" Affiliated Farmers' Clubs 41 



' Farmers' Clubs not affiliated 23 



" " Affiliated Granges 12 



" " Granges not affiliated 4 



Number of U.F.O. branches 77 



" " " not holding stock 40 



Total number of Farmers' Clubs , 264 



affiliated 64 



not affiliated 200 



Number of U.F.O. branches that are dormant 3 



Number of Affiliated Farmers' Clubs that are dormant 9 

 Number of Affiliated Granges that are dormant ... 2 



The lapsing of unincorporated local organiza- 

 tions, holding stock, mentioned in the statement 

 just quoted, created a strange situation. When 

 the United Farmers Co-operative Company 

 was first organized the question of stock holding 

 by unincorporated farmers* clubs was an em- 

 barrassing one, and the solution arrived at was 

 that each local association should appoint one 

 of its members or officers to act as trustee for it. 

 This solution was not wholly satisfactory, how- 

 ever, while the situation became greatly more 

 difficult in case the local association lapsed. To 

 whom could dividends be paid? Difficulties of 

 this sort probably had some influence in bringing 

 about a change of policy as to shareholding with- 



