A BIG CONCERN.

Taranaki Daily News, 27 April 1921, Page 2

A BIG CONCERN.

HAMILTON FARMERS’ CO-OP. AUCTIONEERING CO., LTD.

The financial year of the Farmers’ Cooperative Auctioneering Co., Ltd., Hamilton, closed on January 31, and a few extracts from their statement of accounts may be interesting. The directors’ report mentioned t.ha,t during the year 1083 allotments of .briiinary shares were made, representing shares upon a basis of and..at"a premium of os per share. preference shares were allotted at par to 204 applicants at £1 each paid tip.' 'During the year shareholders have either cash, or their accounts have been“sredited by way of allowance, with 25 per" cent of the commissions charged on all'sales'of stock, with'. 2s ■Gd per ton on manures, and 3% per cent on all other purchases of merchandise ( ne t items and>. motor cars excepted). These allowances or rebates have absorbed £25,487 5s lldj After paying the above-mentioned al-j lowances or rebates the profit and loss account shows that the net profit for the twelve months amounted to £59,852 Ils sd, and the estimated land and i£-i come tax. based on.the new incidence qf, taxation, will approximate £30,000, leaving's,-balance of £29,852 Ils 5d to' be dealt with. The directors propose! to allocate the amount as follows: To pay interest at the rate of 6 per cent per annum on preference share capital, to pay a dividend at the rate of 8 per cent per annum on ordinary share capital. To pay a special bonus of 5 per cent to members of the permanent staff on salaries earned, no one bonus to exceed the amount payable on £5OO per annum, namely £25. This bonus to attach to members of the staff who were in the employ at January 31, 1921; payment of same to be entirely at the discretion of the board of directors, and to carry balance forward. * The balance-sheet was as follows:

Capital and liabilities—Capital called up (£476,234), less call? unpaid ( £1136 ss), £475,097 15s; reserve account at January 31, 1920 ( £52,104 ;>s), plus premiums on shares allotted during the year (£5676 10s), £57,780 15s; reserve for equalisation of dividends, £5202 8s 7d; reserve for depreciated V/alue of New Zealand Government war bonds, £1462 10s; mortgages owing by company, £33,212 4s 4d; fixed deposits, £84,572 IGs Gd; amount, at credit of current accounts £35,597 2s Id; sundry creditors, £93,401 Os 4'd; interest accrued, £3>BOB 8s 3d; Bank of New Zealand, £29,383 14s; balance, profit and loss account, £59,85’4 Ils 3d—grand total, £679,459 5s Gd. Assets—Properties, freehold and leasehold, £147,961 3s 2d; machinery and working plant, £14,101 5s 3d; sundry debtors, £473,283 17s 9d; bills receivable, £1543 19s sd; investments, £8863; war loan inscribed stock, £26,250; New Zealand Government debenture, £3000; stocks of merchandise in stores, £201,321 7s 8d; office furniture, fittings and

machines, £3134 12s 3d—grand total, £879,459 5s Gd -

Contingent liability—Amount uncalled on 41 Farmers’ Co-operative Wholesale Federation (N.Z.), Ltd., shares at £B5 per share, £3485. Profit and loss account—Dr.: To advertising, postages, stamps, telegrams, telephones, printing, stationery, rents, rates, taxes, lighting, auctioneers’ licenses, directors’ fees -and expenses, insurance (fire and accident),_ auditors’ fees, wages and salaries, trade and incidental expenses, maintenance and repairs of saleyards, etc., £146,017 12s sd; profit for twelve months ending January 31, 1921, £59,852 Ils sd—total, £205,870 3s lOd. Cr.: By profit and loss account at January 31, 1920, £41,952 19s Hd; interest on preference shares, dividend on ordinary shares, land tax, and income tax on profits for year ended January 31, 1920, and special bonus to staff, £41,952 19s lid; gross profit on stock, land, insurance, finance, and merchandise departments, after providing for bad and doubtful debts, depreciation, and brokerage on sale of shares, £205,870 3s lOd. Turnover —The turnover for the year just dosed amounted to £3,093,459, thus shewing an increase of £2641,816 over the previous period. In this connection a fresh record has been established.

Capital—During the year the subscribed capital has increased by £195.877, the paid-up capital by £112,445, and the uncalled capital by £83,554, making the total of each as under: Subscribed £640,622, paid-up £47-5,098, and uncalled £170,388.