COMPANY AFFAIRS.

Auckland Star, Volume LXVII, Issue 134, 8 June 1936, Page 4

COMPANY AFFAIRS.

HAWERA FARMERS. The accounts of the Farmers' Cooperative Organisation of New Zealand, Ltd., Hawera, for the year ended March 31, disclose a net profit of £26,296, compared with £12,572 last year and £10,768 in 1934. The dividend of i z /i per cent is the highest the society has paid since 1922. The dividend was 4 per cent last year.

The sum of £8110 is provided for income tax. the dividend absorbs £9437 and with the balance brought forward of £4638 the sum of £22,824 is available. The directors propose transferring £3500 to general reserve, £500 to insurance reserve and £1000 to property account. From the balance of £8387 it is proposed to pay a staff bonus of 2V4 per cent and carry the remainder forward.

The directors report that the society was never in a better position to take advantage of any improvement in general conditions. The turnover of the society has shown considerable improvement the past year. MACKY, LOGAN, CALDWELL (IN LIQUIDATION). The report of the liquidator. Mr. H. J. Mills, of Macky, Logan, Caldwell (in liquidation), accompanying a statement of accounts as at February 19, which is to be presented at the third annual meeting of shareholders on June 29, states tha"; two of the most important assets have been disposed of. The new company had exercised ite option to take over the trading assets and payment of the consideration money had been made. The shares held in the Oamaru Woollen Co. had realised approximately 13/6 per share. The Newmarket factory had been sold for £10,500 cash. The remaining assets, consisting of properties and securities, were not at present realisable, but sufficient income had been derived to pay the totul outgoings over the whole. Since last November, when a change of Government took place, a policy of extreme caution had been adopted by investors, and no j change was likely in this attitude until ] after the effect of the Government's I financial plan was revealed. So long as the income from the various assets would I cover the outgoings he proposed to hoid j them pending favourable opportunities to sell. j The appropriation account showed the , results of realisations. The accumulated ! loss had been reduced by £29,000 during ] the year by the benefit of the credit from , the sale of the Oamaru Woollen Co. shares. During the period covered by the | accounts two dividends to unsecured creditors had been paid, totalling 10/ in | the £ of their claims, by first and second j dividends of 5/ each paid on May 20 and | December 12, 1935, respectively. A fur-1 ther payment of 2/6 was in sight and would be paid as soon as the funds were ! available. I The remaining assets represented the j residues of the liquidation and in the j absence of any satisfactory offers lie con- j sidered it best to hold them, as there j were indications of improving conditions that may facilitate sales later in the year, j The statement of accounts showed ! unsecured creditors, Bank of New Zealand, I £87,837; trade creditors, £58,370; loans on ; deposit, £119,023. Chief assets: Bank of New Zealand, £4186; Oamaru Woollen j account, £24,896; loan on mortgage, ' £2539; freehold properties, £13,505. | Capital is shown at £524.259. Accumu- j lated loss appears as £611,850. ;