SUCCESSFUL CONCERN

Waikato Times, Volume 127, Issue 21226, 24 September 1940, Page 7

SUCCESSFUL CONCERN

TRADING MAINTAINED FARMERS’ AUCTIONEERING DIVIDEND OF 6 PER CENT After providing for bad and doubtful debts and depreciation on property and plant, a net profit of £69,432 2s lid is shown in the 33rd 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 Friday, October 11. The net profit compares with £51,601 14s 4d for the previous financial year. The summarised statement of accounts is as follows:—Profit and loss account, after providing for bad and doubtful debts and depreciation on property and plant, shows a net profit for the year amounting to £69,432 2s lid; balance brought forward, £6920 8s 6d; making a total of £76,352 11s sd. From this the following dividends have been paid on preference shares: Half-year ending Janu-v ary 31, 1940, £6330 6s; half-year ended July 31, 1940, £6330 6s; making a total of £12,660 12s and leaving £63,691 19s sd. From this balance it is proposed to pay a dividend of 6 per cent on the ordinary share capital of the company, amounting to £13,604 9s 3d, the income, national and social security taxes for the year approximating £43,200 and carry the balance forward. The directors retiring by rotation are Messrs H. J. Gill and A. E. Manning, who have been nominated for re-election. No other nominations having been received, no election will be necessary. The auditors, Messrs C. W. Armstrong and R. P. Hazard, retire in accordance with the articles and have been nominated for re-election No other nominations having been received, they will be declared elected at the annual meeting. Balance-sheet Items Principal balance-sheet items are as follows’-

Accounts Compared The accounts for the 1938-39 and 1939-40 years afford the following comparisons, figures being taken to

Increased Turnover A substantial increase in the turnover for this year compared with last year is disclosed in the accounts, this year’s business involving £2,299,464. The annual turnover since 1932-33 is shown in the

Liabilities £ S <1 Capital paid up 470,953 0 u Reserve account '30,000 0 0 Sundry creditors 38,856 6 5 balance -profit and loss £7 6,352 lls 5d (less 6 montiis’ prer. interest. to .tan. 31, 1940, £03'3u 6S; ' 70,0 2 2 5 5 Tot3l £618,831 11 10 Assets £ S d Properties at cost, less depreciation 186,738 0 0 Plant at cost, less depreciation 4,800 0 0 Office furniture at cost, less depreciation .... 1,90 0 0 o Sundry debtors '201,210 9 9 Investments 11,428 6 5 IS.Z. Govt, inscr. stock £26,2*35 (less reserve for market fluctuation £1349 4S 3d) '2 4,385 15 9 N.Z. Govt. free-oMnter-est loan £25,000 0 0 Cash in hand and at bankers 38,416 10 S Stocks oT merchandise in stores and afloat .... 124,452 9 3 Total £618,831 '11 10

the nearest £: — 1938-39 1939-40 £ £ Capital paid up .. 479,953 479,953 Reserve oo.ooo i30,ono Sundry creditors .. -JO,264 38,859 Profit"for year 51,902 09,432 Properties 1S7.849 1S0.73S Sundry debtors ... , 227 J '263 201,2’10 Investments l 1,81-6 11,428 Govt. Stock 40,705 *24,880 Stocks 10 3,060 12 1,452 Casli 10.05S 38,417

following table:— 1932-33 . 1,048,166 1033-34 . 1,4-81,*2 96 4 934-35 1,411,400 il>9 3 5 -‘36 . 1,905,690 1*93*6-37 . 2,403,330 1937-38 . 2,'2'21,110 1933-39 . 1,892,719 1939-40 . 2,299,464