COMPANY AFFAIRS.

Auckland Star, Volume LXX, Issue 192, 16 August 1939, Page 6

COMPANY AFFAIRS.

mcR€ASE w ?fmm. NORTH AUCKLAND-FARMERS. PREFERENCE OVIDBND m P-.C. (By Telegraph.—Own Correspondent.) WHANGAREI, this day. After writing off depreciation and making provision for 'bad. and doubtful debts, the net profit of the Nori'h Auckland Farmers' Co-operative, Ltd., for the year ended June 30 last, was £4104 12/, ivbieh is £85 15/10 more than tile profit for the previous year. But fori the dry summer and podmarkets for livestock causing a subefcanitial shrinkage in commission earnings results for the year's wiorking would have ■been very satisfactory, states the report to be submitted to the annual meeting on September 1. Out of the profit shown, income tax and social security tax nas to be paid. The amount remaining will enable payment of a dividend of 4%, per cent on preference share capital and the directors make a recommendation accordingly. Reference in the report is made to the death since tihe close of the year of Mr. J, J. Fraser, wiho was a highly esteemed member of the board continuously since 1909. Sincere appreciation of Mr. Fraser's loyalty and of the valuable services rendered by him in his long association with tflie company are recorded. The retiring directors, Messrs. D. J. Finlayson and J. W. MeAulay offer themselves for re-election, as do the auditors, Messrs. Pinker and Boyd. Freehold and leasehold property, buildings and ealeyards, less depreciation, are valued at £33,952, and sundry debtois account for £112,080. Stocks of merchandise are shown at £34,467. There is owing to trade and sundry creditors £19,072. LESS PROFIT. GREY AND MENZIES, LTD. DIVIDEND STEADY AT S PER CENT. A reduction in net profit is disclosed in the annual accounts ui Grey and llenzies, Ltd., for the year ended June 30. The dividend rate on both preference and ordinary shares is maintained at 8 per cent and a transfer of £1000 is to be made to the reserve account, which will then stand at £6000. Net earnings at £3570, which compare with £4476 last year, are arrived at after making provision for depreciation, bad debts, income tax and social security charges. The directors report that a profit was again made by the subsidiary company. The retiring directors, Messrs. Buxton and R. R. Menzies, are nominated for re-election at the annual meeting to be held on August 23. Results for the past three years compare as follows:— 1937. 1935. 1930. £ £ £ Brought forward .. 1643 1271 1308 Net profit * 3415 4476 3579 £5058 £5747 £1887 1937. 1938. 1939. To reserve £1500 £20()0 £1000 Dividends — Pref., p.c. 71 8 8 Amount .......... £375 £400 £400 Ord., p.c 71 8 8 Amount £1912 £2039 £2039 Carried forward .. £1271 £1308 £1418 Balance-sheet {Changes. Movements in the chief balance-sheet items compared with those of the pre- j vioua year are as follow: — LIABILITIES. £ £ ' Paid capital 30,488 Same ! Creditors 6,911 + 81G Mortgage 6,600 —200 Reserve Account ... 5,000 +2000 Bad debts reserve 500 Same . Profit and -Loss Account 4,887 —860 ! ASSETS. I Properties 31,369 +3913 Shares in subsidiary .. 3,676 Same Stocks 12,124 +3457 Debtors 6,768 +46 Cash ' 25 —5481 Total' assets ..... 54,356 +1756 Principal changes are the replacement of last year's bank credit by an overdraft of £1577 (included in creditors' column £6911). This is offset by an increase in property and plant by nearly £4000 and an increase in stocks by £3457.