PROFITS AGAIN HIGHER

Press, Volume LXXII, Issue 21886, 12 September 1936, Page 12

PROFITS AGAIN HIGHER

N.Z. Farmers’ Accounts

PREFERENCE DIVIDEND

INCREASED

A further substantial improvement in earnings is shown in the accounts of the New Zealand Farmers’ Co-ope-rative Association, of Canterbury, Ltd.,, for the year ended July 31, 1936. Gross profit has risen from £162,318 to £179,115, and net profit from £33,388 to £46,451. Dividends on the first preference and A preference capital are maintained at 4J per cent, and 4 per cent, respectively, and on the B preference dividend is raised from 2 to 4 per cent. The balance-sheet is the fifty-fifth to be submitted to shareholders, and will be considered ax a meeting to be held on Saturday, September 26. at 10.30 a.m. . , The report states that it is proposed to take out of the net profit a sum of £IO,OOO as a special reserve fund against contingencies which may result from new legislation, etc., and to allocate the balance of £36,450 11s 5d as follows. , , „ „, To payment of dividend of 4i per cent, on first preference shares, £6750. To payment of dividend of 4 per cent, on A preference shares, £BOOO. To payment of 4 per cent, dividend on B preference shares, £3440. The balance of £18,260 11s 5d to be applied to the reduction of the deficiency. The directors to retire by rotation are the Hon. D. Buddo, Messrs W. J. Anderson, H. H. Holland, G, Mangels, and J. Tait, who offer themselves for re-election. The auditors, Messrs Best and Wilkinson, offer themselves for re-election. LIABILITIES Allocation July 31, from 1936. last year. £ £ Capital issued .. 833,943 Capital paid up—--Ist pref., 4J p.c. . • 150,000 A pref., 2 p.c. .. 200,000 • B pref., 2 p.c. .. 85,968 Ordinary .. 114,697 550,665 Less calls in arrears 9,966 +2,180 Secured deposit stock 890,925 +1,724 Fixed deposits, etc. .. 5.607 —2,379 Current accts. credits 212,150 —26,822 Creditors .. 61,029 +4,546 Accrued interest .. 15,445 1 Land tax reserve .. 1,509 Total .. 1,775,953 +43,854 ASSETS Freehold and leasehold property less mortgage .. 402,406 + 9,939 Warehouse fixtures, furniture, machinery, etc. .. 58,644 —1,257 Stocks .. 246,016 +27,111 Advances and debtors, less reserve ( Prepayments .. 840 + 58 Bills receivable .. 21,310 +8,874 Shares .. 9,628 —194 Short date investments 158,120 +23,504 Bank and cash .. 48,889 +37,364 P. and*L. account .. 256,821 —16,903 Total .. 1,775,953 +43,854 July ‘ 1934. 1935. 1936. £ £ £ Gross profit .. 154,778 162,318 179,115 Net profit .. 27,575 33,363 46,451 Div., Ist pref., p.c. 4J 4J A pref., p.c. .. B pref., p.c. .. To reserves .. 27,575 16,898 18,281 FRENCH AND AMERICAN EXCHANGE (UNITED PRESS ASSOCIATION—COPYRIGHT.) LONDON, September 10. United States and French exchange closed to-day at: Dollars 5.05 J, francs 76 15-32, to £1 sterling.