SUCCESSFUL CONCERN

Waikato Times, Volume 125, Issue 20915, 21 September 1939, Page 11

SUCCESSFUL CONCERN

TRADING MAINTAINED FARMERS’ AUCTIONEERING DIVIDEND OF 6 PER CENT After providing for bad and doubtful debts and depreciation on properties and plant, a net profit of 151,601 1 is 6U is shown in the 32nd annual accounts of the Farmers’ Cooperative Auctioneering Company, Limited, which will be. presented at the annual meeting of shareholders, to be held in the Winter Show concert hall on Saturday, October 7. The nrl profit compares with £60.253 17s 10d for the previous financial year. The summarised statement uf accounts is as follows: Profit and loss account, after providing for bad and doubtful debts and depreciation on properties and plant, shows a net protit for the year amounting to £51,601 14s 6d; balance brought forward, £7988 14s 4d; making a total of £59,590 8s lOd. From this the following dividends have been paid on preference shares: Half-year ended January 31, 1939, £6330 6s; half-year ended July 31, 1939, £6330 Gs; making a total of £12,660 12s, and leaving £46,929 16s lOd. From this balance it is proposed to pay a dividend of 6 per cent on the ordinary share capital of the company, the income, land and social security taxes for the year, and carry the balance forward. The directors retiring by rotation are Messrs A. 11. Storey and Basil Orr, who have been nominated for reelection. No other nominations having been received, an election will not be necessary. The auditors, Messrs R. P. Hazard and G. W. Armstrong, retire in accordance with the articles, and have been nominated for re-election. No other nomination having been received, they will be declared elected at the annual meeting.

Balancesheet Items Principal balance-sheet items are as follows:— Liabilities Capital paid up . £ s d Reserve account 30,000 U 0 Sundry creditors 29,204 4 4 balance profit an [ loss £1)9,590 »s 1 Od (less ,-ix months’ prcT. ost t«» Jan. 31, 1 939, £6330 6s) 53,260 2 10 £592,477 7 2 Assets £ s d Properties at cost, less depreciation 137,Si9 0 0 Plant at cost, less depredation Office furniture a cost, less depreciation . . . 2,700 0 0 .-undry debtors .. Bills receivable . . 2,650 5 3 Investments .... y.Z. Govt. insc. stock £41,205 (less for market fluctuation £560 2S 9d) .. 40,704 17 3 Cash in hand and at bankers Stocks or merchandise in stores and afloat .. 103,065 13 1 £592,477 7 2 Accounts Compared The accounts for the 1937-38 and 1938-39 years afford the following comparisons, figures being taken to the nearest £: — Capital paid up 1937-33 1933-39 £ £ . 479,953 479,953 Sundry creditors 59,591 29,264 Profit for year 60,25 4 51,602 Properties .... . 136.103 187.349 Office furniture 2,400 2.700 sundry debtors . 253.590 227,263 Bills receivable 2,755 2.650 Investments 12,929 1 1.316 Govt, stock .... 40,705 40,705 Reduction In Turnover At £1.892.719, the company's turnover for the financial year is considerablv lower than for the previous year. The annual turnover since 1932-33 is shown in the following table: — 1932-33 .. 1,048,166 1933-34 .. 1,481,296 1934-35 .. 1,411,400 1935-36 . . 1,905.690 1936-37 . . 2,403,330 1937-38 .. 2,221,110 1933-39 .. 1,892,719 Strong Financial Position The percenta c e of liabilities to assets is at the verv low figure of 4.19 per cent, this clearly Indicating the strong financial position of the company. „