NORTH AUCKLAND FARMERS

Sun (Auckland), Volume II, Issue 441, 24 August 1928, Page 12

NORTH AUCKLAND FARMERS

NET PROFIT OF £5,315 A net profit of £5,315 is shown in the balance-sheet of the North Auckland Farmers’ Co-op., Ltd., for the year ended June 30, 1925. A year’s dividend to 4 preference shareholders will absorb In October, 1927, 12s a share was written oIT 59,707 £l_ fully-paid shares, and the proceeds, £35,824 4s, applied to extinguish profit and loss debit of £32,365. Arrears of preference dividend to 1925 were also written off, and preference 1 dividend reduced from 7 per cent, to 6 per cent. In 1923 the company showed a loss of £9,0.,6, in 1924 £2,327, in 1925 £2,402, in 1926 a profit of £1.192, and in 1927 a profit of £3,535 on the year’s operations. UNION BANK OF AUSTRALIA The annual report of the directors of the Union Bank of Australia, Ltd., states that in accordance with the powers conferred on them by the proprietors at the general meeting on July 25, 1927, the directors, on October 21 last, made the issue of 100,000 shares (£5 paid) then authorised the proportional alio tin em being one new share for every seven existing shares. The issue having been fully subscribed, the final dividend nqw announced is payable on the present paid-up capital of the bank, viz., £4,000,000. The premium, £600,000, received on the new shares has been added to the reserve fund, which is thereby increased to £4,850,000. The directors submit the balance sheet of the bank to Feb- i ruary 29, 1928, which, after provision for doubtful debts and contingencies, exhibits a net profit for the year of £736,904 3s 7d, inclusive of £97,938 12s Id, brought forward from the previous year. The interim dividend’ paid in January last at the rate of 15 per cent, a year, equal to 7s 6d a share, having absorbed £262,500, the amount now available is £474,404 3s 7d. From this the directors have made the following appropriations:—£so,ooo as provision for new buildings, and £25,0f*0 as a contribution in aid of the bank’s guarantee and provident funds. From the balance remaining (£399,404 3s 7d) the directors have resolved upon the declaration of a final dividend at the rate of 15 per cent, a year, equal to 7s 6d a share, making 15 per cent, for the year on the old capital and being at the samerate a year lor the half-year on the new capital, free of United Kingdom incometax*. The final dividend will absorb £300.000. and leave £99,404 3s 7d to be carried for w.-i rd.