NORTH AUCKLAND FARMERS’

Sun (Auckland), Volume III, Issue 739, 12 August 1929, Page 10

NORTH AUCKLAND FARMERS’

NET PROFIT OF £7,293 A net profit of £7,293 is shown in the twenty-sixth annual report and balance sheet of the North Auckland Farmers’ Co-operative, Ltd., for the year ended June 30, 1929. Of this amount, £4,399 will go to holders of the preference scrip in payment of the 6 per cent, dividend. Provision has yet to be made for income tax, and the balance will be carried forward. The report stated that the paid-up capital of the company stands at £97,198. Parallel with the development of the North, and the growth of the company’s business, more capital is required in order to render greater assistance to farmer clients. The directors propose making an early appeal for subscription to a further issue of £1 paid shares. Further sales of surplus properties, and the writing-off of depreciation, brings the property account down to £44,515,- which is £6,260 less than last year. Gross profit for the vear was- £46,211. In October. 1927. 12s a share was written off 59,707 fully-paid £1 ordinary shares, and the proceeds, £35,824, applied to extinguish a profit and loss debit of £32,365. Arrears in preference dividend to 1925 were also written off, and the preference dividend reduced from 7 per cent, to 6 per cent. In 1923 the company showed a loss of £9,036; in 1924, £2,327; in 1925, £2.402; in 1926. a profit of £1,192; in 1927, a profit of £3.535; in 1928. a profit of £5,315.

Messrs. G. H. Masfen, of Auckland; J. G. Ritchie, of Kaikohe; ; and V. Trounson, of Maropiu, were appointed to the directorate during the year.