OPPOSITION TO A.A.A.

Sun (Auckland), Volume IV, Issue 980, 24 May 1930, Page 11

OPPOSITION TO A.A.A.

FARMERS WITHDRAW SUPPORT DECISION AT WHANGAREI I Special to THE SUE WHAXGAREI, Friday. j Whether it was in the best interests , of farmers for them to link up with ; the Auckland Automobile Association j was a question discussed by the Pro- ■ vincial Conference of the New Zea- j land Farmers’ Union, held in Whangarel. The conference considered a remit today questioning whether it paid farmers to Join the A.A.A. and it was argued that where interests of rural ratepayers, who are also motorists, clashed with those motorists who | were paying little rates, the former should consider seriously whether their affiliation with the latter was doing them serious injury. Mr. Sanderson said that a large number of motorists in the King Country had withdrawn from the association, considering that interests of farmers upon the association were not well enough marshalled to secure adequate representation of their viewpoint. Messrs. Melsopp and Robinson said that the association would fight to death any increase in the price of petrol consequent upon the derating proposals of the conference; private car owners in cities would be the only class unable to pass the tax on. Both speakers considered it would offer too much opposition to derating proposals. Farmers should withdraw their support from the association. “If farmers continue to support the association it will mean that they will be finding money to light against their own interests,” said Mr. E. Walker. The remit was carried. FARMERS’ TRADING CO. NET PROFITS OF £60,423 BIG INCREASE SHOWN ’Net profits for the Farmers’ Tradmg Company for the year ended March 1930, at £60,423 works out at approximately' 12.7 per cent, of the paid up capital of the company*. The company’s balance-sheet, which is to be presented to the annua) meeting of shareholders on June 25, shows that the gross profit of the company has increased from £236,280 to £260,796, against which expenses have increased by £13,429 to £200,374. Salaries and wages increased by £4,917 to £88,737; administrative expenses, including rates and taxes, by £12,512, to £76,918. Despatch, cartage and catalogue expenses have decreased by £1,653 to £18,185, and there is also a reduction in net interest charges of £2,892 to £9,425. The company’s assets, as shown in the balance-sheet, amount to £1,076,032, compared with £1,040,171 last year. Following are the principal items, the corresponding figures for last year being given in parentheses: —Properties, iess building reserve, £411,566 (£374,773); plant, fittings, etc., £66,850 (£63,820); mortgages, £14,760 (£20,999); stocks, £307,352 ( £309,065); sundry debtors, including time-payment accounts, less reserve, and branch accounts, less reserve. £251,117 (£219,133). The principal liabilities are as follow: —Capital, £451,990 (£315,232); fixed deposits. £264,271 (£169,054); mortgages £58,855 (£64,536); current account, £101,826 (£92,121); bills payable and sundry creditors, £83,889 (£78,658); reserves for accrued expenses. including interest and insurance, £5,450 (£7,145). The libilities also include £14,111 to the Bank of New Zealand. Last year there was a credit at the bank of £22,810. Cash in hand and payments in advance show a decrease of £9,218 to £12,451. The company’s profits, subject to income tax, in the last three years have been £42,562 in 1927-28, £49,335 in 1928-29, and £60,423 in 1929-30. Dividends in 1928 were 6 per cent, on preference capital and 8 per cent, on ordinary; last year, 7 and 10 per cent, •respectively; this year’s are at the same rates. The exact amounts distributed are not shown in the company’s accounts, dividends and income tax being combined in one total. This was £32,524 in 1928, £32,195 in 1929; this vear’s total will be about £52,500. Appropriations to building reserve have been £5,000, £2,750 and £2,500 respectively. The balance carried forward in 1928 was £35,199, which was increased last year to £39,589, and now to about £45,000. FIRST LAMB ARRIVES SEASON BEGINS EARLY One of the first lambs of the season ■was horn on the Otaliuhu Trotting Club’s course at Mangere four days ago and, for such an early arrival, the youngster is in splendid condition. The lambing season generally commences in the latter half of June, and it is seldom that lambs are seen during May. The mother is one of a flock owned by the Otahuhu Trotting Club.