Thirty-One Heroic Efforts 1979

CHAPTER THIRTY-ONE

Heroic Efforts

Norm Blake, company secretary and one of Farmers’ Co-op’s long-serving employees, retired after 42 years with the company. Commencing employment in 1937 as a clerk, he attained the positions of chief accountant and acting secretary and assumed the role of company secretary in 1950. After leaving school he worked for W & R Fletcher Limited as costing clerk and a few years later joined Farmers’ Co-op. During his long career he held many positions, including for many years that of assessor of the national award for the New Zealand Stock and Station Industry. He was also a Fellow of the New Zealand Society of Accountants. He played an integral role in the executive during the company’s most buoyant years and served under four general managers. This loyal, quiet unassuming man, whose actions spoke louder than words devoted most of his working life to Farmers’ Co-op. He had a keen interest in the outdoors and tramping, and with his wife, Joan Faulkner-Blake, he leased the Dawson Falls Tourist Lodge on Mount Egmont from 1942 until 1948. He was member of the Egmont Alpine Club, Horticultural Society, founder and Life Member of the Hawera Astronomical Society and an active member of the Hawera Chess Club. He also represented Taranaki at both hockey and cricket.

Internal promotions for employees who showed promise had always been part of the company’s strategy. Succession from within also ensured a certain amount of continuity. Trevor Pope showed exceptional qualities. With an agile mind and quick wit, he joined Farmers’ Co-op at the Wanganui woolstore in 1972, and with Norm Blake’s retirement imminent, Trevor was selected to transfer to Hawera to understudy him and in 1979 was appointed company secretary and head office accountant.

Economies of scale and critical mass were the focus for Farmers’ Co-op in 1979. The company began to suffer growing pains associated with its significant building programme during the past two decades and its more recent expansion plans. There was also a certain amount of unease in the business arena, brought about by the introduction of technology and competing large dedicated trading stores. The takeover of Farmers’ Co-op by Crown in the Wanganui/Rangitikei area also opened an opportunity to expand into the region. During the past year the company had exercised pre-emptive rights and taken over ‘the half interest in Farmers’ Co-op Distributing Company in Farmers’ Co-op Wools Ltd at Wanganui’, prompting general manager Tom Molesworth to recommend to the board that: ‘it was necessary to back up our activities by extending our operations into the Wanganui area’.

What seemed a relatively simple and logical step, considering past successes within the Taranaki region, with the benefit of hindsight, most long-time shareholders and those who kept an eagle eye on the happenings of this evergreen provincial co-operative consider the decision to venture into the south to be a turning point in the company’s fortunes.

Discussions had already taken place ‘with a person who knew the district well and who would be

most suitable to be in charge of the operations in Wanganui’. He would also be able to obtain other suitably qualified personnel. Negotiations over the coming months culminated in an agreement to purchase Londontown Enterprises Ltd, the leading departmental store in Wanganui. The purchase of Londontown allowed entry into the United Stores Society, a well known buying group for drapery and manchester goods, with excellent brand names and exclusive lines. A retail outlet for farm merchandise was also established at a separate location. At the same time the Society was committed to building another floor on its large New Plymouth departmental store. In addition to these quite sizeable projects, the Society’s manual accounting system, involving ledger machine production of statements and manually attaching invoices, handled by the three district offices, New Plymouth, Stratford and Hawera, required urgent modernisation. Like many organisations at this time, Farmers’ Co-op directors and management were challenged with the introduction of the new and seemingly complicated world of computers for accounting purposes. Responsibility for this complex technology was placed in the hands of company secretary Trevor Pope.

With the company’s coffers under stress due to adverse trading conditions, general manager Tom Molesworth had no option but to elaborate on the worsening financial situation being experienced by the Society and the industry as a whole at the annual general meeting of 1979. He was particularly concerned about the company’s debtors, which were now ‘at a level which is hard to sustain’, and having an effect on the Society’s liquidity and the high interest charges on borrowed money. Controls had been locked in place but were not having the desired effect. He emphasised that although the Society would continue its traditional role of seasonal assistance to shareholders and clients, ‘it would now follow a more formal procedure in providing this assistance’. The authorised share capital was increased by $2,000,000 by the creation of 2,000,000 Ordinary Shares of $1.00 each, making a total capital of $5,000,000 divided into Ordinary Shares of $1.00 each.

An annual review with the Society’s bankers also took place in August 1979, when they perused the company’s accounts for the year and expressed concern at the decline in shareholders’ equity from 48 per cent to 38 per cent and criticised the methods of funding the Society’s expansion programme. Shareholder’s contributions had been far too small, ‘something like $600,000 out of over $2m in two years’, stocks were too high, and debtor level had increased disproportionately to the increase in volume of business. Debt servicing costs were also a matter of concern. The Society’s bankers also considered that the present method of obtaining fully paid-up share capital was far too slow and suggested a drive for additional shareholders. These comments did not come as a surprise to the Society. The bank made the firm suggestion that Farmers’ Co-op obtain the services of an independent consultant, expert in company procedure, to appraise the current situation and make recommendations. Subsequently Trevor Pope, the company secretary, had discussions with the Society’s auditors and they agreed to bring in one of their own personnel. The board had no option now but to meet the growing difficulties head on and stated: ‘We feel this advisable in the face of the Banker’s comments, and to assist Directors and Management in planning future operations.’

This resulted in the first of a number of reports undertaken by Mr R. N. Taylor, of Wilkinson Wilberfoss, Wellington commissioned by the company over the next few years. These were referred to as the ‘Taylor Reports’. Meanwhile seeking an opportunity to open a Farmers’ Co-op trading arm in Marton and Feilding districts to support representatives already operating in the area, negotiations were underway to lease a property owned by C. H. Campbell Limited, manufacturers, distributors and servicing agents in Marton, with a view to sub-leasing the workshop area and carrying on the Society’s traditional stock and station operation from the premises. Unfortunately due to the senior partner’s age, with none of his family interested in taking over the business, he had no option but to sell and following an inspection of his accounts and the premises, it appeared ‘a very viable business’, together with the exclusive New Zealand agencies for certain brands of plant and machinery. The immediate impression was that ‘such a business was too good to let go’, and C. H. Campbell Ltd

soon became a wholly owned subsidiary of Farmers’ Co-op. The Marton business and store was taken over in December 1979 with Mr Campbell managing the business until early in 1980 when a manager, Mr Ron Bush, was employed and Mr Campbell retired. Further expansion was also under way in Feilding with the purchase of a building from the C. G. Taylor Trust. The store was opened for business on Friday 16 November 1979.

An inherent, unshakeable spirit of enterprise continued to govern the ongoing activities of the company. The now embedded focus of progress would not permit a break from the continuing development and the company became distracted by its recent activities in Wanganui and Manawatu. Investigations following the bankers’ report revealed some serious underlying internal difficulties with stock levels that were having a significant and detrimental effect on the Society’s liquidity. At a board meeting on 29 April 1980, ‘the gloves were off’ when general manager Tom Molesworth reported on the ‘Financial returns’: Increase in Stocks $1,464,357 = 32.69%. With only 29.34% increase in Retail T/O this increase is far too high. If we allow 25% increase as fair and reasonable we are at least $344,322 ahead and this does not take into account any excess we had on hand at 31 March 1979. Increase in Sales Tax has been given as one reason for the increase. Looking at the stock taking schedule, however, we find dated stock, i.e. 1978 and earlier, as follows: Farm Supplies $108,265 Hardware $ 90,768 Fertiliser $ 843 Horticulture $ 3,540 Home Appliance $ 11,485 China $ 14,191 Toys $ 16,874 Drapery $225,432

$471,398

The general manager went on to say: It is acknowledged that valid reasons can be entertained for a fair percentage of 1978 stock still to be on hand, but by the same token it must also be acknowledged that there will be a percentage of 1979 stock already redundant. Therefore working on a ‘swings and roundabouts’ situation our excess stock must be in the vicinity of $450,000/$500,000. That means at current penal rates of interest an additional cost of $78,750 p.a. or $6,562 per month, and no company in our type of business, including FCOS, can afford this situation and stay viable.

There were few words of encouragement as the general manager elaborated further on the company’s precarious position that would show no sign of improvement in the immediate future as they were entering the clearing-sale season and having to pay out on these sales within a 14-day period. Due to this, he said, ‘our debtor situation will no doubt worsen rather than improve’. Total indebtedness as at 31 March 1980 – $6,743,993 – compared to 31 March 1979 – $4,138,523 – $2,605,472 The only consolation during this period was that the Society had met all its running costs, carried out certain items of repairs and maintenance and financed increased debtors to the extent of $2,994,570. Increased stocks $1,464,337 and capital expenditure had accounted for $558,385, totalling $5,017,312 and although this, in isolation, appeared an achievement, the bankers felt otherwise and had stated that ‘they were in no position to provide extra finance’.

This presented a two-pronged problem for the Society. Firstly, in the short term they had to meet the current trade creditors as accounts fell due and pay livestock credits on due date, and in addition meet

the day-to-day expenses, including wages and salaries. Secondly, in the intermediate and long-term they had to pay for the cost of renovations and improvements at New Plymouth, possible necessary improvements and renovations at Waverley, Inglewood and the Stratford store and saleyards. There was also a commitment to continue reorganisation at Hawera, including retail and administration projects. With all this there was the necessary requirement for capital expenditure involved in other committed expansion plans and further repairs and maintenance with regard to plant.

Increased borrowing was obviously not going to solve the problem, with penal rates in excess of 17 per cent. However, consideration was being given to replacing the Society’s present short-term financial commitments with long-term accommodation using the New Plymouth department store as collateral and this was satisfactorily arranged on a first-mortgage basis. The point was made that in the past interest charged and received had substantially cancelled each other out, but during the 1979/80 year the company’s interest bill amounted to 25 per cent of the previous year’s profit. It seemed to all concerned incongruous that despite some meritorious performances within the operation, the company had arrived at such a difficult point in its history. It was necessary to sell all dated and slow-moving stock to produce cash and this was to be done before any other essential goods were purchased. Marketing co-ordinators were introduced to have ‘eyeball-to-eyeball’ discussions with branches and departments and physically inspect the stock in conjunction with stock sheets so necessary arrangements could be made for the disposal of all slow-moving stock. This would prove a mammoth task, but was now a main priority for the Society and it would kick off the sale of goods during the month of May with what they called the ‘Mayday Promotion’. It is not certain if the company intentionally used the standard distress call, but it was certainly an appropriate name at this stressful time of continuing financial difficulties. It was indeed time for reappraisal and consolidation before the policy of progress could continue.

Over the ensuing months of 1980 financial returns for three months to the end of June showed a reasonable increase in turnover, although expenses also increased. There was also a four per cent wage increase due in August that, following negotiations, could blow out to 10 to 13 per cent, and unfortunately debtors continued at a level that the general manager said yet again ‘was hard to sustain’ and was still having a significant effect on liquidity. Approaches to the Government for relief from the burden of seasonal finance to farmers had met with no success. In fact the Prime Minister advised the Stock & Station Agents Association that it would be in their best interests to tighten up the mechanism for advancing credit to farmers. Mr Molesworth reminded the board that there was to be a record payout of dairy factory proceeds on 20 August 1980, and that every endeavour be made to ensure the Farmers’ Co-op received its share of farm payments. Increases in the merchandise and motor turnover showed an upward trend in September, but debtors continued to rise and the general manager laid his cards on the table about the difficulties that prevailed: Debtors – Total as at 31 August 1980 – $10,877,983 and represents an increase of $2,765,654 – 34.09%. Of the total debtors, $3,754,995 (34.91%) is owing over 3 months compared with $2,761,525 (34.22) in 1979. This means that the aged debtors have increased by $993,470 over this period last year. He went on to say: We are also some $187,000 worse than in July, and this, in a nutshell, is where our liquidity problem lies. Payment of accounts in August was to say the least extremely disappointing, and such was the case that some extreme measures had to be brought into effect with pressure being brought to bear on outstanding accounts and the emphasis must be on substantially reducing the overall debtors’ level and to institute a system of control for future lending. Stock on hand continued to increase and turnover in most departments was described as poor. For instance, the order book for all drapery purchases was closed and authority to purchase in other departments was limited to branch managers. Expenses comprising payments owing on trade goods for August were in excess of receipts obtained, which if allowed to continue would bring serious

consequences. Although at times increased turnover was helping to some degree, replacing stock was having a negative effect on sundry debtors, which continued to climb each month. Trade and sundry debtors had increased by nearly three million dollars during the previous 12 months and stood at $11,057,629 as at 31 March 1980. It is interesting to note that despite this factor being one of the major impediments to an improvement in the Society’s financial state, such was the Society’s commitment to its shareholders that the thorny question of credit was only referred to in a veiled reference in the chairman’s review in the annual report: In meeting our trade commitments and other overheads on due date, it is obvious that we must review the system of charge accounts and advance to clients. With the Company being disadvantaged by the penal rates of interest borrowed against the allowable chargeable rate to overdue clients it is a matter for some concern. Finally the commissioned Financial Review requested by the company’s bankers and undertaken by Wilkinson Wilberfoss, dated 20 February 1980, was tabled at a directors’ meeting on 24 February 1981. The Financial Review was essentially based on the previous year’s figures up to 31 March 1980, and did not take into account a number of remedies already instigated by the Farmers’ Co-op and included in this report. In a memorandum to the directors, the general manager reviewed the report conducted by R. N. Taylor, management consultant, stating: The report is very full and it deals with the financial structure of the Company, its funding, possible supplies of additional finance and management policy. To accept such a comprehensive report in its entirety and to make recommendations at short notice is neither possible nor prudent but for the information of directors it is considered right and proper that at this stage at least the summary of their findings should be made available to them. Mr Taylor explained: In presenting our report it must be understood that our comments are made at a given point in time, substantially 31 March 1980 and since that date there have been changes in individual items. Many of these changes have been the result of conscious management policy to control liquidity. However, to accurately gauge the effectiveness of these contrasts will require further comparison as at 31 March 1981 when season factors are constant.

However, as far as many management and executive were concerned the report only confirmed their own opinions and corrective measures had already been taken or put into place. In fact the general manager stated that ‘All these measures have been discussed from time to time during the year at board meetings’. They were also in disagreement with some of the findings and suggestions on capital funding, but they did agree that for the company to ensure adequate growth there was a very strong necessity to increase shareholder capital, and methods to achieve this would exercise the thoughts of the directors and management both in the short and the long term.

A summary of the ‘Taylor’s Report’ review of The Farmers’ Co-operative Organisation Society of New Zealand Limited was as follows:

1. Liquidity ratios for the company have deteriorated in recent years although they tend to be in line with other stock and station agents. 2. The company is not generating sufficient retained profits to maintain a shareholders’ equity ratio of 50% which is the generally accepted norm. 3. There has been a weakening in the stock turn ratio which suggests scope for reducing investment in stocks by upwards of $1,000,000. 4. Debtors ageing appears to have been effectively controlled despite a 49.8% increase in total debtors. However, there is probably some scope for reducing debtors in the four months and over category. 5. Apart from borrowing to finance building alterations there appears to be little scope for long-termdebt borrowing.

6. The company’s earning rate is low by general company standards and is not sufficient to ensure growth in shareholders’ equity matches the rate of inflation. High priority must be given to raising the level of profitability. 7. The ability to raise additional shareholder capital is restricted by the fact that the company is a true co-operative and therefore does not provide scope for capital growth in investment. 8. The most likely source of raising large amounts of capital is by establishing a new class of shareholders who receive a return from dividends and capital growth rather than trading rebates. To do this, the Directors would have to agree that the company should move away from its founding principle of being a ‘true co-operative’. 9. New share capital could be in the form of specified preference shares which will enable the company to obtain tax deductibility for dividends paid. 10. Liquidity problems faced by the company are likely to continue for the foreseeable future. To provide a measure of predictability a system of cash budgeting tied back to a total system of budgeting, profit planning and management control should be instituted. From our analysis we believe the following steps should be taken in order to more clearly define the long-term needs for cash funds. – A comprehensive system of planning, including profit and cash budgeting, should be introduced and integrated with the company organisation structure. – Each area of activity should be monitored to ensure effective utilisation of resources leading to possible freeing up of cash funds. – Consideration must be given by management and the board of directors to the possibility for moving away from the co-operative concept, thereby improving the ability of the company to raise capital from investors rather than those solely interested in obtaining rebates.

Although chairman of directors Mr T. C. Tarrant had emphatically reaffirmed and endorsed the board’s commitment to promote ‘the growth of the TRUE CO-OPERATIVE’ in his annual report of 1980, it seemed inevitable that continuing down the path of expansion, building programmes, shareholder rebates and less-than-satisfactory control of credit in a volatile changing industrial climate would bring the company to its knees.

Meetings were held in Wellington with Messrs Hodkins and O’Neill (ANZ Banking Group) and R. Taylor (Wilkinson Wilberfoss) on 23 March 1980 where a full and frank discussion took place. Farmers’ Co-op representatives acknowledged agreement with a great deal of the report and it was now necessary to undertake a review of all the prevailing circumstances. The bank was appraised of steps already taken to remedy the matters of concern, particularly in relation to stocks, debtors and the cash-flow situation. It was also now a matter of bringing the results of the financial year ending 31 March 1980 into the frame to fully appreciate where the company was at this point in time. Depending on these results, strategies for the company, both short and long term, could then be determined.

Change was in the wind, with chairman Thomas Cleverley Tarrant retiring by rotation, in accordance with age requirements, at the annual general meeting on 31 July 1981, after 22 years on the board, eight as chairman of directors. The Tarrant family had been at the cutting edge of the Farmer’ Co-op from the beginning when his grandfather, Charles Cleverley Tarrant, chaired the first public meeting on Saturday 16 December 1911, convened by George Buckeridge at Hawera, ‘to consider the advisableness of starting a co-operative business’. Thomas Cleverley Tarrant was born in Feilding, the oldest son of Thomas and Maud Tarrant, and moved with the family to Ararata to live on the property of his grandfather. In later years following his marriage to Mary (née Harley), they sold the properties on the Makino, Tirimoana and Morea Roads and purchased a farm at Beach Road, Waverley. Thomas, like his father and grandfather, took an interest in community affairs such as school committees, chopping and athletics. He was president of the Waverley A & P Association

and deputy president of Federated Farmers. Apart from his position on the Farmers’ Co-op board, Thomas served as a director of the Manawatu West Coast Stud Romney Company and a committee member of the Manawatu West Coast Romney Club and judge and inspector on behalf of the New Zealand Romney Council. At such a critical time for Farmers’ Co-op his imminent retirement was viewed as a defining moment for a company that was searching for shelter and calm waters.

The fortunes over its history has, as we already know, been mixed. Over the 68 years it had at times waged a grim struggle against what seemed insurmountable odds, and its story is one of courageous enterprise by men and women of the highest integrity and initiative. Now the sequence of events and quickly changing business environment presented possibly the most difficult challenge faced by the company so far.

Discounting for prompt payment of accounts failed to get majority support at the annual general meeting of the Society on 30 July 1981, attended by 150 shareholders. Gordon Gibson from Manaia asked that the directors give urgent consideration to making provision for a reduction of overdue accounts by offering a discount for prompt payment, but the motion was defeated when put to a vote. Directors and shareholders who spoke against the motion said that the present system was adequate and the board was already examining ways of correcting the problem through its branch credit managers. Mrs Whiting from New Plymouth said that ‘the board should send its less than desirable clients elsewhere’. Another speaker from the floor said it was common knowledge in the rural area that bank managers, in attempting to assist clients, advised them to leave the Farmers’ Co-op account until last. Criticism of the Society’s difficulties with slow-paying clients, who incidentally paid no interest on outstanding accounts, arose from comments by the retiring chairman Mr Tarrant. Mr Molesworth, the managing director, entered the fray and told the assembled shareholders that the Society was facing increased interest charges which could not be offset by charging clients more, and ‘the Society can no longer continue to finance clients on an indefinite basis’. Figures showed that the company had been called on to more or less permanently finance clients to the extent of $4 million and this, in the face of increased competition coupled with a downturn in retail trading and reduced livestock commissions, could not continue. Despite a record turnover and gross profits the costs of operation had eroded the 1979/80 profit by 53.8 per cent. It had also been resolved that due to a shortage of funds and the desire to maintain strength, the coming year’s cash rebate would be paid in shares only. This brought a response from Mr Ingram of Hawera, who said ‘that a considerable amount of trade had been put through the company the previous year on the understanding that they would receive a cash rebate, but it was not being paid. What assurance did they have that this would not happen in the future?’

Tom Molesworth was quick to remind the meeting that the previous year shareholders had received a 16 per cent return on capital before additional shares were allocated to them, but this year, due to the inflation rate and the increased cost of maintaining and holding stocks, all the earnings would need to be retained by the company and it was only possible to do this by allocating shares instead of the cash rebate. While the directors were mindful that adequate return to shareholders should be made, it was also essential to maintain the shareholders’ assets and business profitability level. There was a certain amount of disquiet amongst shareholders concerning what were seemingly radical moves for an organisation which had in the past always acceded to most of the expectations of its supporters. Times were changing rapidly and although aged debtors to 31 March 1981 were showing a reduction of $853,425, the total debtors stood at $14,009,479 and reports relating to ‘on the spot’ stock on hand showed that stocks overall were ‘clean’ with only some 10 per cent being pre-1980. It was a marked improvement. However, turnover continued to decline in the ensuing months.

With the executive and board of directors preoccupied with grappling with the company’s financial complexities, one might gain the impression that little else of moment had been happening within the organisation over the past two years. But there was much going on. The additional floor

situated on top of the New Plymouth store was now well under way, with escalators being added and extended. There was considerable reorganisation of a number of the departments, with a fabric and homecraft department being the first to move to the new lofty home. A new coffee lounge adjacent to a conference room and a demonstration area, and with wide panoramic views of the sea, had been placed on the top floor. In addition, a small rest lounge was located in the area, with provision made for mothers to tend to the needs of babies. The main reason for constructing the new floor was to allow for further expansion, including some new departments and the enlargment of others. A function to celebrate the opening was held on 20 November 1980 from 5:30pm to 7:00pm.

The new operations at Feilding and Marton were now trading and appeared to be making progress. The livestock representative had been well accepted by the district and following a visit by Mr B. D. Veitch, director, and Mr T. Pope, company secretary, they were satisfied that the assets were being maintained and that sales debtors were at normal levels. A farm supplies representative was appointed to service the Ohakune area to complement the opening of the Ohakune premises on 22 October 1981, with Messrs Williams, Blyde and Kellick in attendance. The local mayor and a number of other dignitaries joined the directors for a luncheon. With returns for the initial period ‘proving more than anticipated’, the manager, Mr G. S. Hanna, had to adjust opening hours to deal with the tourist flow through the area.

At Inglewood a contractor commenced work on converting the ‘old Elmes property’ into a carpark. The general manager reported that he had also had discussions with Mr Crone regarding his service station property at Inglewood and that he and Mr Crone had agreed that subject to the board’s approval the Society would purchase the land, buildings and plant, with parts and stock at valuation on possession at the 1 October 1980. Mr Crone was prepared to accept as payment the parts and stock for the cash price plus a predetermined sum as part payment of the land and buildings, with the balance on a first mortgage for three years. He was also prepared to continue as car salesman and pump attendant, whilst his employee Mr Potroz would continue in the workshop as an employee of Farmers’ Co-op. The purchase and conditions were agreed and confirmed by the board. The Stratford saleyards were also being upgraded. Land and buildings at Taumaranui owned by Nolan’s Building Ltd and occupied by Neil Shaw Ltd had been on the market for some time and, following an offer from the lessee of $12,000.00 and seeking advice ‘from directors knowledgeable of the area’, it was ‘resolved to sell the property’. The Motor Showroom at Hawera was also upgraded and incorporated the machinery department operations into the farm supplies on Princes Street, Hawera.

On the lighter side, in 1980 the Inglewood branch of Farmers’ Co-op in conjunction with the Skellerup Young Farmer of the Year Regional Final organised a gumboot-throwing contest that was attended by 200 people and proved a very popular event. Many took part, including the local constable, traffic officer, mayor, compere Bob Parker, YFC contestants and members of the public. The Inglewood Press reported: Although a straight line down the road marked out the ladies and gentlemen’s records, gumboots flew in all directions. There is obviously a knack in throwing the ordinary gumboot. Some went right onto the Hotel roof to the right, onto the roof of Farmers’ Co-op to the left, one hit a spectator in the FCOS doorway, one turned the corner into the carpark, whilst others hit the ladder against the roof and No Parking signs. All in all lots of fun. Following the contest Gary McBeth auctioned off the gumboots. The eventual winners were Teresa Elliot for the ladies, with a great throw of 22.7 (her first attempt landed on the roof): and Stephen Wackrow for the men with his mighty discus-style throw of 29 feet. They received rainwear prizes. In-store competitions held by Farmers’ Co-op included ‘Guess the weight of a Friesian calf’, which was won by Owen Hastie of Tariki with the closest guess of 52kg. The calf, actually weighed 52½ kg. Owen’s prize was a pair of gumboots. Another in-store competition held by Moanui Trading Store – ‘Guess the number of gumboots in the window’ – was won by Diane Collingwood for the ladies and Kelvin Jackson for the men. The correct guess of 97 won them a pair of gumboots each.