F.C.D. COMPANY, LTD.

Wairarapa Times-Age, 15 November 1938, Page 4

F.C.D. COMPANY, LTD.

PAST YEAR’S ANNUAL REPORT NET PROFIT OF £20,241 SHOWN The thirty-fifth annual repdrt of the New Zealand Farmers’ > Co-operative Distributing Co Ltd for the year ended Septembei’ 30, 1938, states: — “The directors in presenting the thirty-fifth annual report and balance sheet, have pleasure in congratulating the shareholders on the satisfactory results of the year’s trading. After paying to shareholders a rebate of 21 per cent on their purchases from the com-, pany, and making provisions for book debts, and for depreciation on plant,’ motor cars and furniture, the net profit amounts to £20,241 15s lid. With the balance of £7298 15s 6d brought forward from last year, there is available in the profit and loss appropriation account, the sum of £27,540 Ils sd, which it is proposed to allocate as follows: —To pay to shareholders a dividend at the rate of 5 per cent (five per centum) per annum; to write off £lBll 8s for depreciation on premises; to add £4OOO to the general reserve; • to provide sufficient to pay income tax; and to carry forward the balance estimated at £7600. “It will be noticed that two accounts 'Property Depreciation Suspense,’ and ‘Forfeited Shares Reserve,’ have been eliminated, both these amounts having been transferred to further depreciate the book value of our freehold properties. The directors acknowledge with gratitude the continued loyal support accorded the company at all points, and report a further substantial increase in merchandise turnover. The wool and live stock departments continue to show steady improvement, but the monetary value of their turnover declined, in sympathy with the lower prices ruling during the year. “The retiring directors are Messrs G. L. Marshall. A. Stuart and J. P. Tylee, all of whom, being elegible, have been nominated for re-election, and offer themselves accordingly. The retiring auditor. Mr S. E. Lambert, F.P.A.N.Z.. has been nominated and offers himself for re-election.” The report' is signed for and on behalf of the board, by Mr Thomas Currie, chairman.