THE TRADING COMPANY.

Auckland Star, Issue LI, 24 May 1920, Page 2

THE TRADING COMPANY.

A YEAR'S OPERATIONS.

The fouj-th annual report and balancesheet to Ite presented at the annual meeting of the Fanners' Union Trading Company shows a profit on the year's operations of £70,510, in addition to rebates of £20,152 paid in cash or credited to shareholders, and represents a rebate on" sharehollers' purchases of 3$ per cent, on grocery and 7_ per cent, on general merchandise.

There has been a substantial increase in the number of shareholders from 5830 at the end of the previous year to 10,700, with an authorised capital ot £ €00,000 and a subscribed capital oi £434,700.

It is proposed to pay a dividend of ,S per cent, on the paid-up capital on ordinary shares and 0 per cent, on preference shares, 'both free of income tax; to distribute a bonus of £7051 among the merchandising staff; and to carry forward a balance of £7500.

The turnover of all departments is fixed at £985,000, the total liabilities, exclusive of capital, £437,379, and the assets £832,445.

A number of branch stores have been opened in various towns during the year. In this connection it is proposed, states the report, to extend this principle ot chain stores.

On Tuesday shareholders wiH be asked at an extraordinary general meeting to consider a proposal to increase the capital of the company to £1,000,000 by the creation of 300,000 additional ordinary shares of £1 each, and 100,000 additional B .preference shares to rank pari passu with, and to be issued with and subject to the same rights as existing B preference shares.