NORTH AUCKLAND FARMERS

Sun (Auckland), Volume IV, Issue 1050, 14 August 1930, Page 11

NORTH AUCKLAND FARMERS

A SATISFACTORY YEAR A net profit of £ 7,388, approximately 7.8 per cent, of the paid-up capital of the company, is shown in the annual report and balance sheet of the North Auckland Farmers’ Co-operative. Ltd. Including the balance brought into the accounts, the amount now available is £9,273, out of which the directors again recommend payment of a dividend of 6 per cent, on preference shares, absorbing £4,398. Income-tax, which last year was £2,262, is to be provided from the balance, £4,875, and the remainder is to be carried forward. As indicated in last year’s report, an appeal was arranged to farmers for more ordinary share capital, but although some applications were received for shares, the directors had the misfortune of having chosen a season when the revenue of the farmers was considerably curtailed by the reduced values of wool and stock. As a result no allotments had been made. The goodwill of the farmers, it was felt, had been earned, and it was believed that they would honour their promises to subscribe capital in the near future. The retiring directors, Messrs. D. J. Finlayson. J. .J. Fraser and J. W. McAulav, offered themselves for re-elec-tion. The gross profits were £44,125, as against £46,211 in the previous year, while expenses were £30.732. as against £32.711. Depreciaton allowance was £6,006. as against £6,207. Properties at £40,300 were £4,215 lower. Following the reduction of ordinary capital, the company earned net profits of £3.536 in 1926-27. £5.315 in 1927-28, £7.293 in 1928-29, and for the last year £7,387. Incometax and preference dividends haye ! been paid out of these sums.