N.Z. FERTILISERS

Sun (Auckland), Volume 1, Issue 31, 29 April 1927, Page 2

N.Z. FERTILISERS

PROFITABLE TRADING LARGELY INCREASED OUTPUT Although the net profit of £25,186 19s 6d for the year ending March 31, 1927, was rather less than the previous year, the output of New Zealand Farmers’ Fertiliser Company surpassed all previous records, according to the directors’ annual report, to "be submitted to the annual meeting of the company, scheduled for June 1. Considering the low competitive rates ruling during the last two months of the financial year, the directors consider the results of the year’s trading most satisfactory, and have decided to recommend payment of a dividend of 74 per cent. This will absorb £19,649 12s 6d, leaving a balance of £13,236 5s 3d to be carried forward. Adequate provision lias been made for depreciation to buildings, plant, and machinery, both at the Auckland and New Plymouth works, though no appropriation has been made for writing down rights and concession account, as it was considered that the full amount of undistributed profits should be carried forward. According to the company’s consulting engineer, Mr. S. Irwin Crookes, who recently made extensive investigations into the latest developments in the fertiliser industry in the United States, Great Britain, and the Continent, the company’s works compare most favourably with similar works in any part of the world. Three directors, Messrs. A. A. Ross, S. Irwin Crookes, and M. Hai'dirvg, are retiring, and offer themselves for reelection. PROGRESS REVIEWED Eleven years’ existence stands behind the company, five years of which were passed before the firm reached the manufacturing stage. For the last six years gross profits have been successively £24,753, £65,682, £81,575, £84,811, £93.368, and £BB,OOO. A net loss of £15,916 was shown for 1921-22 and a loss of £7,247 in 1922-23, followed by a net profit of £24,105 in 1923-24. Following is a summary of the company’s results and appropriations for the last three years: 1924-25. 1925-26. 1926-27.

The balance sheet shows capital paid up £261,995, the same as the previous year. The reserve account stands at £17,647, also the same as last year, while liability to bankers has increased from £178,623 to £181,221. Assets total £ 539,537, an increase of £17,991. Land, buildings, machinery and plant, less depreciation, stand at £424,378, a reduction of £9,929. Stock, £64,824, shows an increase of £27,138, while sundry debtors, £37,265, is higher by £1,087. Rights and concessions remain at £13,000.

Brought forward Net profit .. £ 8,118 25,724 £ 7,193 27,156 £ 7,699 25,187 Total 33,842 34,349 32,886 Prelim, expenses 7,000 Rights and concessions 7,000 Dividend, p.c. .. 'll 72 72 Amount 19,650 19,650 19,650 Carried forward 7,193 7,699 13,236