SATISFACTORY YEAR

Wairarapa Times-Age, 10 November 1939, Page 6

SATISFACTORY YEAR

; F.C.D, COMPANY ANNUAL REPORT FIVE PER CENT DIVIDEND RECOMMENDED. MERCHANDISE TURNOVER WELL MAINTAINED. The directors of the New Zealand Farmers' Co-operatie Distributing Co. Ltd. in presenting the thirty-sixth annual report and balance sheet, again congratulate the shareholders on the satisfactory results of the year’s trading. The report proceeds:— After paying to shareholders a rebate of 2! per cent, from the company, and making provision for book debts and for depreciation on plant, motor cars and furniture, the net profit amounts to £16,456 Is 2d. With a balance of £7,646 16s 3d. brought forward from last year, there is available in the Profit and Loss Appropriation Account, the sum of £24,102 17s sd. which it is proposed to allocate as follows: — To pay to shareholders a dividend at the rate of 5 per cent per annum, To write off £1,771 2s lid for depreciatipn on premises. To provide sufficient to pay income tax and Social Security tax. And the carry forward the balance estimated at £7,800.

The directors have pleasure in reporting increased support from shareholders and the farming community generally, resulting in the merchandise turnover being well maintained. The Wool Department continues to show steady expansion, but owing to adverse climatic conditions during the early part of the year, the returns from the Live Stock Department were reduced. The retiring Directors are Messrs Thomas Currie, D. Scott and G. E. Yule, all of whom, being eligible, have been nominated for re-election. The retiring Auditor, Mr S. E. Lambert. F.P.A.N.Z.. has been nominated and offers himself for re-election.