FARMERS' CO-OP. AUCTIONEERING CO., LTD.

King Country Chronicle, Volume VI, Issue 452, 30 March 1912, Page 3

FARMERS' CO-OP. AUCTIONEERING CO., LTD.

REPORT AND BALANCE-SHEET,

The following report and balancesheet will bo presented at the fifth annual meeting of the shareholders of the Farmers' Auctioneering Co.. Ltd., to-day : "The success that the company has attained in the short period oi five years' operations has been beyond the most; sanguine expectations due in a large measure to the whole-hearted support of the shareholders. As you are aware, on the e(h October last, an extraordinary general meeting of shareholders was held when an increase of the capital to £200,000 was authorised. In order to give the present shareholders the opportunity of increasing their shares at par, your directors decided that they (the present shareholder?) should have the privilege of taking up what shares htey wished up to During this period shares to the value of £30,1 GO were taken up. Your directors have r.uw decided to place a premium of 5s per share on all shares. During the year our stock sales have been extremely well supported, the turnover showing a marked increase over last year. The produce and machinery departments, ag waa anticipated, show a considerable increase in the turnover. After writing off £IOOO for depreciation on buildings, saleyards. etc., there remains the sum of £16,546 2s 9d profit on the year's business, which, with £639 8s 8d brought forward from last year makes £17,185 lis 5d at the credit of profit and loss account which your directors propose to allocate as follows:—Dividend at rate of 8 per cent. £7335 13s lOd; rebate on commission, 20 per cent., rebate on purchase of seed 2J per cent, £2965 4s lid; reserve fund, £3000; special reserve for doubtful debts, £2500; bonus to staff,' dividend pro rata, £350; amount to be carried forward, £1034 12s Bd. The director to retire this year is Mr Thomas Paterson, who foffers himself for re-elcetion, and as there are have been no other nominations, Mr Paterson is duly elected. The directors take this opportunity of thanking the members of the staff for the efficient way in which they have carried out their duties during the year."

Balance-sheet as at 31st January, 1129:—Liabilities : Nominal capital 40,000 shares at £5 each, £200,000; subscribed capital, £128,510; less uncalled, £11,547 10s; called up capital, £116.962 103; less calls unpaid, £2679 10s; paid-up capital, £114,283; amounts at current accounts, £32,163 lis lid; amounts on fixed deposit £14,443 9s 4d; Bank of New Zealand, £24,678 ISs 2d; amount on mortgage, £4000; reserve fund £7500; special reserve for doubtful debts, £6500; balance profit and loss account, £18,185 lis sd; total, £221,754 10s lOd. Assets: Property account, £15,030; working expenses plant, £849 7s 6d; bills receivable, £3,868 15s Id; amount due to company on current accounts, £164,879 2s 4d ; cash in office, £ll3 ISs 6d; stock on hand, manure, seeds, etc., £922 6s Bd. Total, £221,754 10s lOd. Profit and loss account for year ended 31st January, V.U2: -To advertising, insurance, stamps and telegrams, trade expenses, wages, rates, rent, repairs and upkeep of saleyards, income tax, donations to A. and P. Associations, etc., depreciation of buggies, harness, saddles, horses, etc. (by revaluation) and Ind debts written off, £16,081 6s 2d: balance profit, £17,546 2g 9d ; total. £33.627 Ss lid. By commissions, discount and interest and fee 3, £33,538 8s id; recovery of debts previously written oil' as bad, £B9 ()s 7d; total. £33.627 8s lid. Total amount available for distribution, £181,853 Is 3d; total, £18,185 lis sd. Profit for 12 months ended 31st January, 1912, £17,546 2b 9d; balance brought forward from previous year, £639 8s 8d; total, £18,185 lis sd.