FARMERS' AUCTIONEERING CO.

King Country Chronicle, Volume VII, Issue 549, 12 March 1913, Page 6

FARMERS' AUCTIONEERING CO.

SIXTH ANNUAL REPORT. The following report will be submitted at the annual general meeting of the Farmers' Auctionering Co. to be held at Hamilton on March 29th: The directors have pleasure in presenting the sixth annual report and oalanc sheet fur the period ending January 31st, 1913. It is gratifying to the directors to be able to report eo successful a result of the year's working, and shareholders are to be congratulated on the continued success of the company. All departments have been extremely well supported, which has consequently resulted in a large increase in turnover lor the year. The nett profit is £21,858 Is Bd, to . which has to be added £1034 12s 8d carried forward from last year's profit and loss account, making the total amount available for distribution £22,892 14s 4d, which your directurs propose to allocate as follows: Dividend at rat* of 8 per cent., £9831 4s 12d; rebate on commissions 20 per cent., bonus of 2£ per cent, on purchases made by shareholders through the produce department, £4325 14s 3d; reserve fund, £3!500; special reserve for doubtful debts, £2500; bonus to staff (salaries above £4OO not included). £436; amount to be carried forward, £2299 5s Id—total, £22,892 14s 4d. According to the Articles of Association the director to retire this year is Mr John Knight, who does not again seek office, and the nomination of Mr D. R. Caldwell being the only one received, he is duly elected; The director* take this opportunity of thanking the members of the staff for the efficient manner in which they have carried out their duties during the year.