MORE PROGRESS.

Auckland Star, Volume LXIX, Issue 221, 19 September 1938, Page 6

MORE PROGRESS.

FARMERS' AUCTIONEERING. NET PROFITS £66,254. ORDINARY DIVIDEND 6 PER CENT. Another successful year is disclosed in the annual accounts of the Farmers' I o-operutive Auctioneering Company for Vm-!',' 1 , 1 - 1 * 1 em \ cd , J ."! y 3i - Gross P'otits at ii,4.40;j are the highest in the company's history but a rise of £3000 in expenses lia* reduced the net earnings to a level sliglit.y below the record figures shown tor the previous year. In their report the directors state:— '! he profit and lose account, after providing lor bad and doubtful debts and depreciation on properties and plant, shows a net profit for the year amounting to £00,253 17. JO, to which is added the balance brought forward from last year, £!I'7S 8/10, less transfer to reserve account, £0000, £278 8/10, making a total ol £u0.;>32 (i. 8. From this the following dividends have been paid on preference share*:-- On February 1 for half vear ending January 31, 1938, £6330 6/; on August 1 for half year ending July 31, 1938, £6330 6 £12.060 12', leaving £47.871 14/8, out of which it is pioposed to pay a dividend o: <i per cent on the ordinary share capital, the income and land tax for the year, and cany the balance forward. The directors retiring by rotation are Messrs. E. M. K.dkins and Mervyn Wells, who have been nominated for re-election. Xo other nominations having been received, an election will not be necessary. Past Years Compared. The following table indicates the trend of_ operations over the past decade: — Profits. Dividend, General Gross. Net. p.e. reserves. £ £ I'ref. Ord. £

1!)31 87.24 12.76 1»32 »3.«1 «.38 3033 S2.13 17.87 1!»34 7O.0K '_>!». 02 Iftsr. 72.72 27.27 1i»3fi (18.87 31.12 1037 r.4.72 35.40 11138 ...... C.4.75 34.55