FARMERS’ AUCTIONEERING

Sun (Auckland), Volume IV, Issue 1080, 18 September 1930, Page 11

FARMERS’ AUCTIONEERING

NET PROFIT OF £46,260 DIVIDEND OF 7 PER CENT A net profit of £46,260 is shown in the report and balance-sheet, of the Farmers’ Co-operative Auctioneering Company, Ltd., to be presented to the annual meeting of shareholders to be held on October 4. The directors propose to pay a dividend on the ordinary shares at the rate of 7 per cent. The usual preference dividends have been met. Following is a comparison of the company’s results and appropriations for the last three years: 1927-28. 1925-29. 1929-30. Brought forward £1,842 Net profit . . . 41,065 51,069 42,261 £42,907 £51,069 £50,114 Dividends— Pref., 6 p.c. . 15,193 15,193 15,193 Ordinary, p.c.. 6 s 7 Amount . . . 13,541 18,063 15,871 Taxation. . . . 10,785 13,959 To reserve. . 3,388 Carried forward •"Subject to taxation. Tho gross profit for tho year was £146,577, as against £145,991 in the previous year. Expenses amounted to £100,316, an increase of £2,394. Tho paid-up capital is £479,478, of which £253,212 represents preference shares. The reserve fund is unchanged at £29,763. Liabilities amount to £138,715, as against £141,283 last year, details being as follow, with the corresponding figures of the 1929 account in parentheses: —Mortgages owing by company, £419 (£451); fixed deposits, £23,321 (£24,576); current accounts, £7,509 (£10,025): sundry creditors, £49,820 (£52,724); interest accrued, £899 (£681); London office, £5,656 (new item): Bank of New Zealand. £51,091 (£52,826). Assets amount to £G90,475, a decrease of £3.046. Details are as follow:—Properties, freehold and leasehold, £167,944 (£170,018); machinery and working plant, £10,04G (£10,137): furniture, fittings and machines, £5,485 (£5,450); sundry debtors. £367,624 (£364,226); bills receivable. £1,030 (£1,192); investments, £41,182 (£42,739); stocks of merchandise, £97,165 (£93,937); advances against consignments, nil (£5,826). Tho retiring directors, Messrs. A. 11. Storey and F. M. Strange, offer themselves for re-election.