FRIDAY SEPT. 50
FRIDAY SEPT. 30
M G M
h'lou nt a < )i 1Y)ulsI c
FEATURING - MARTHA RAYE AND BOB BURNS
FRIDAY OCfr. 7 FRIDAY OCT. 7
M G M
" SARATOGA "
CLARK GABLE
FEATURING
JEAN HARLOW
- FRIDAY OCT. 7
FRIDAY OCT. 7
A GOOD RULE. FOR PURCHASING
CO-OPS
(By S.D.Sanders, Co-operative
Bank Commissioner )
Proper financing is indispensable
to the success of a cooperative
< pui*chasing associat ion since
it builds up membership confidence
by insuring stability and econ
omy of opertion.
Let us briefly consider the' re
lationship of proper financing
tb membership confidence. Members
cannot have confidence in an or
ganization that is'improperly or
inadquately .financed, - -and- - without
membership confidence it is im
possible to build up a strong
organization. Cooperatives
should riot expect their members to
have confidence in them unless
they arc able to operate soundly.
There is -no magic in the word
"cooperation11 unless it is tied
up to efficient business opera-’
tion, and efficient operation for
any type of cooperative o-r other
wise requires a sound financial
program.
Consider, for illustration, the
importance of finance to the
economy of operation of a coop
erative purchasing association.
To operate ecconomically it is
necessary to have an adequate
supply of working capital in
order to buy supplies so as to
gain the benefit of any discounts
that may be offered. An associa
tion with adequate working cap
ital will be able to take advan
tage of many opportunities for
saving that are not possible to
an association that operates on
,a shoe-string. Adequate working
capital is also essential to
stability of operations. If an
^association has adequate working
’capital, it can plan its operations
over a period of time and take
advantage of any factor that may
result to the benefit of the
association.
To my mind the essentials of a
sound financing program are ad
equate fixed and working capital
and adequate reserves to meet the
( Continued on nr.rfi 7^