Farmers’ Co-operative Auctioneering

Waikato Times, Volume 127, Issue 29241, 11 October 1940, Page 7

Farmers’ Co-operative Auctioneering

DEPARTMENTS AND AGENCIES SHOW PROFITS CHAIRMAN REVIEWS YEAR’S ACTIVITIES CRIPPLING TAXATION AND MORE INTERFERENCE Despite the difficulties encountered through war conditions, import restrictions and Government regulations, the Farmers’ Co-opera-tive Auctioneering Company Limited experienced another very successful year, the gross turnover showing an increase on last year’s figure of £406.745. At the annual meeting of shareholders today, the chairman of directors, Mr E. M. Edkins, who presided, completely reviewed the year’s activities. Mr Edkins stated that the assets amounted to £618.831 11s lOd, revealing a percentage of liabilities to assets of 6.27. Each branch, department and agency has shown a profit, and the net return was only 3 per cent, over the whole volume of business. The gross profit for the year was £186,829 15s 4d and the net profit £69,432 2s lid, compared with £51.601 14s 6d last year. The report of the directors and the statement of accounts, as previously published, and the recommendation of the board of directors that a payment of £12,660 12s to preference shareholders by way of a dividend and the payment of an ordinary dividend of six per cent., were endorsed.