Page 11 Advertisements Column 1

Sun (Auckland), Volume II, Issue 364, 26 May 1928, Page 11

Farmers’ Trading Co’s Advance Notice to Shareholders NET PROFIT FOR YEAR £42’SGI Twice the Amount Neccessary to Pay Dividends on All Classes of Shares Profit and Loss Account for 12 Months ended 31st March, 1928 To Dispatch and Cartage Expens. „ Catalogue and Postage „ Directors’ Fees and Expenses „ Insurances & 8. d. „ Interest paid on Mortgages .. 4,078 14 6 Less Interest received from Mortgages .. 2,050 3 5 Int. on Secured Debenture Stock, Fixed Deposits, Current Accts., and Bank Overdraft .. .. 31,975 17 3 Less Interest Received and Int. Charged to Branches . . 18,601 16 4 & s. 8,176 19 9,624 1 1,174 3 1,563 16 2,028 11 1 Postages, Receipt Stamps, Telegrams, Cables, Stationery, Telephones, Auditors’ Fees, and Rates and Taxes Repairs and Maintenance, Advertising and Printing, Electric Lighting and Power, Legal Expenses, Rents, Travelling Expenses, etc. Salaries and Wages .. Depreciation .. .. Bad Debts mi Balance, Net Profit for Year 13,374 0 11 14,186 13 6 39,906 2 77,421 17 5,236 10 5,914 16 178,607 12 42,561 16 £ 221,169 8 7 By Gross Profit Head Office, Insurance Commissions, Consignment Department, Rents Received, and Net Profits Transferred from Branches and Factories • • • • L ._.j 221,169 8 7 1927 April Ist By Balance Less Dividends Paid ~ Reserve for Building Depreciation 1928 March 31st— By Balance Carried Forward Profit for Year Ended 31/3/28 .. .. .. Less “A” Pref. Interim Dividend Balance for Appropriation Balance Sheet, 31st March, 1928 LIABILITIES. £ s. Capital Paid Up .. .. Forfeited Shares Reserve .. .. Secured Debenture Stock .. Fixed Deposits Mortgages . (x) Bank of New Zealand, Auckland Cx) Bank of New Zealand, London Office and Branches (x) Secured by Debentures. Amount at Credit Current Accounts ... Bills Payable .. .• •• Sundry Creditors Insurance Beserve Beserve for Accrued Expenses (including Interest). Profit and Loss Appropriation Account 67,617 15 Less “A” Preference Interim Dividend 4,008 0 Contingent Liability— Bills Current under Discount £2,248 18 £ s. d. 304,020 15 0 1,430 12 3 261,119 16 10 100,542 4 10 65,790 11 5 16,298 18 7 35,814 17 71,865 16 9 7,664 9 10 61,682 15 7 1,000 0 0 6,250 0 0 63,609 15 3 85,171 13 10 15,650 0 0 Cash in Hand in Advance and Payments £997,090 13 6 122,526 17 9 22,345 13 11 69,521 13 10 £997,090 13 6 DAVID BOBERTSON, Secretary. In accordance with the Companies Act, 1908, we certify that all our requirements as Auditors have been complied with. AVe report that we' have examined the above Balance Sheet, together with the Books, Accounts and Vouchers relating thereto, and that in our opinion it is properly drawn up so as to exhibit a true and correct view of the state of the Company’s affairs, as s’lown by the Books of the Company at the 31st March, 1928. In the course of our Audit, we have visited the whole of the Company’s Branches. We have examined all Inventories and checked the summaries of Stocks, which have been Certified by Departmental and Branch Managers and the General Manager. , HUTCHISON, ELIFFE & CAMERON, Auditors. JAS. BODDIE, Chairman of Directors. Properties— Auckland Less Buildings Reserve Branches Less Buildings Reserve . Plant, Fittings and Office Applia Auckland, Factories, Bake houses and Branches Less Depreciation Office Furniture Less Depreciation Motor Vehicles Less Depreciation Mortgages .. ... Stocks — Merchandise, Auckland Factories Stock in Transit Stocks, Branches ~ Bills Receivable Sundry Securities and Loans Sundry Debtors— Time Payment Accounts Less Reserve Merchants, Agents, and Sundries Branch Accounts Less Reserve 222,742 18 5,500 0 151,340 10 1 4,250 0 0 54,846 19 3 3,936 10 0 4,005 7 4 200 0 0 7,252 14 2 1,100 0 0 £ s. d. 217,242 18 4 147,090 10 1 50,910 9 3 3,805 7 4 6,152 14 2 25,185 10 10 180,752 1 0 18,419 12 6 4,431 1 4 101,306 11 11 3,249 9 2 6,735 14 3 145,026 17 9 22,500 0 0 The following is the Chairman s Report printed w ith the Balance Sheet, which will be posted to all Shareholders during the next few days: CHAIRMAN’S REPORT For the Year Ending 31st March, 1928. To our Shareholders, — In presenting our Twelfth Annual Report and Balance Sheet, your Directors desire to direct your attention to the fact that the past year has shown the same substantial progress as has been recorded now for a number of years. After writing off heavier depreciation than usual and making full provision for all bad debts, and after writing down stocks so that they are taken in on a very conservative basis, we are showing a net profit of £42,561 which, added to the £25,056 carried forward, gives us £67,617 to deal with. This is particularly satisfactory in view of the trade depression which has affected the whole Dominion during the past year. After paying a six per cent, dividend on our “A” and “B” Preference Shares, and an eight per cent, dividend on our Ordinary Shares, which the Directors recommend, the total of this absorbing £20,500, and after writing £5,000 to building depreciation reserve, and providing for Income Tax, we will carry forward a sum of over £30,000 to next year. An outstanding feature of our business for the past year has been the small proportion of Time Payment business transacted, it being only one-seventh of our total sales, or, to be exact, 14.4 per cent.; surely a splendid recognition that our prices are right. A very high standard of merchandising has now been attained by the Company, and to further add to the attractiveness of shopping at the Farmers , your Company has acquired a Tease in Perpetuity of the property opposite our warehouse, having a frontage of 225 ft. to Wyndham Street and 100 ft. to Hobson Street, and will immediately proceed to make it into an attractive Parking Area so that our many hundreds of shareholders and customers who drive in from surrounding country districts, may park their cars in security and without restriction while visiting our warehouse. The satisfactory results of the year’s trading are attributable to the loyal support of our shareholders, and the growing portion of the public who buy consistently from our Company, to the excellency of the management in general, to the loyal service of our staff, and to the thoughtful co-operation and support given by my fellow members on the Board of Directors in fact, th e truth of the motto that appears on the cover of the Company s monthly house organ, ‘‘All at it, always at it, wins success,” has again been emphasised in the year’s operations. Yours faithfully JAMES BODDIE. Chairman of Directors. The Annual General Meeting will take place in the Chamber of Commerce, Swanson St., on Wednesday, 20th day of June, 1928, at 10 a.m. FARMERS’ TRADING COMPANY, LIMITED Hobson Street and Wyndham Street It May Be Your Misfortune To Meet With An Accident To-morrow How Will Your Family Fare? THE SUN FREE INSURANCE