NET PROFIT £18,769

Hawke's Bay Herald-Tribune, Issue 150, 13 July 1937, Page 6

NET PROFIT £18,769

H.B. Farmers' Co-op. Assn., Ltd. 6 per cent: dividend A net profit of £18,769 9/10 was earned by the Hawke's Bay Farmers' Cooperative Association, Ltd., during the year ended April 30. The directors' report, to be sumitted to the . annual meeting on Friday, scates: "After making provision for depreciation on building, plant, etc., and reserve for income-tax, the balance of proht, includijg £12,520 16/6 brought Kr\vard from last year, amounts to £31,290 0/4, which the directors recom'mend be alloeated as follows:— To pay a dividend of 6 per cent on paid-up capital; to add the- sum of £7000 to the reserve fund; and the balance to be carried forward." The gross profit was shown as £106,988 14/1. Expenses totaled £88,219 4/3, the balance left being £31,290 0/4, including the -balance from last year. The reserve fund on April 30 was shown in the balance sheet at £61.555 10/-, and the paid-up capital of" tbl? company is £300,000, shares ailotted b'e ing 51,273 at £5. Assets included £180,162 4/7 in properties, £85,985 0/1 in mcrebandis*, £110,943 4/6 in advances, £39,418 1/9 in Government inscribed stock, and £70,542 5/- in cash.