The Rugbeian. (Rugby, Morgan Co., Tenn.) 1881-1882, 1882-04-29

- Shareholders 1886 27
Salaries 67l 90
Paid for Freight and Express 4s8 As
% % Hauling BAL 03
On the Chairman inviting discussion,
MIR. Taylor drew attention to the in
crease in the item of bills due the Com
missary compared with the October
sheet. Mr.. Tucker assigned reasons for
the increase, observing that no bad
debts were included, and that it was
found impracticable in practice to ad-
here to the principle of rules for cash
only prescribed by the Bylaws If
this were so a great deal of labor would
be saved the management.
A conversation of some length fol-
lowed, in which DIR. Wilson observed
that the London stores insisted upon
cash deposits beforehand to be kept
always in advance of orders. This did
not appear to be applicable to Rugby.
1t was pointed out by Mr.. H. d.
Boyle that strict adherence to cash
sales would frighten good deal of Gus
tom away from the Commissary and
by the Chairman that the amount owing
was all reasonably secure. Several
speakers remarked that the scale Of
prices at the Commissary compared fa-
vorably with other places in the neigh
borhood, including some actually on the
railroad, such as Helenwood and Glen
Mary.
Mr. Onderdonk observed that low
prices were the sole end and object of q
cooperative association, but thought
, that the imposition of an iron-bound
rule as to cash or credit was unadvisa-
BILE the management must be allowed
discretion.
Some variety of opinion was evident
as to the precise meaning of the term
Selling retail for cash" but the Chair
man admitted that cash over the coun-
ter was what was meant by the trainers
Of the rule.
Mr.. Tucker remarked that a number
of purchasers settled their accounts at
the beginning of each week, and that
his statement, finishes with the end Of
week, showed all these accounts as
debt to the Commissary.
! Mr.. Greenwood insisted that the Com
f misaary was in theory, and ought to be
, i'll practice, rigidly cash concern.
Credit meant expense Of booking, risk
Of bad debts, and increased prices to
paying customers to cover these losses.
r Leaving the limitation of customers
credit to the manager placed him i'll an
, inyidious position.
DR.. Wilson pointed out the difficulty
; of obtaining change in Rugby, and the
Inconvenience that would thereby be
r caused to outside purchasers, were cash
down insisted on.
Mr.. Tucker stated, in reply to Mr..
Pardon, that very few of the accounts
in question were of longer that fort
+ nights standing. In reply to a.queston
e from the Chairman, as to total Of bad
debts made since the commencement,
he had not computed the exact figure,
: but it was certainly under J, and prob
$ ably under t per cent.
r The Chairman observed that the
c smallness of the proportion spoke well
for the vigilance Of the manager, and
judged the general sense Of the meeting
to be in favor of continuance of the
present system, due caution being exer-
cised.
n The disposition of the dividend was
F.. then proceeded with, the Bylaw rela-
: ting thereto being read by the Chairman.
A resolution was proposed by Mr.
T. Tucker, seconded by Mr.. Wilson, and
carried mem, con. that % per cent. be
e placed to the Reserve Fund, and per
d cent. to each of the other two accounts.
e Mr.. Taylor observed diminution in
y the number of shareholders as COM
pared with the October sheet. AMI Mr.
> Tucker explained that the number in
the October sheet was too high, certain
cancelled certificates having, through
% hurry of preparation, been enormously
10 included in it.
= = A resolution was proposed by Mr..
: Wilson, seconded by Mr.. c. A. Clarke,
'S and carried mem. con. that the Balance
sheet be printed in the "Rugbeian Of
. the following week.
30 Mr.. Taylor suggested the adyisability
of electing second Auditor vice Mr..
Chas Blackjack, who had left Rugby.
90 After some conversation, DR.. Wilson
90 was proposed by the Chairman, sec.
% onded by Mr.. Taylor, and unanimously
90 elected.
o. A vote of thanks to the Trustees was
a. proposed by Mr., Pardon, seconded by
r i