DROP IN PROFITS

Auckland Star, Volume LXXII, Issue 228, 26 September 1941, Page 3

DROP IN PROFITS

F.A.C. OPERATIONS DIVIDEND MAINTAINED Profit of £66,506, after providing for bad and doubtful debt« and depreci.ation, shown in the accounts of the .Farmers Co-operative Auctioneering Company, L,td„ for the year ended July 31. Ihis compares with £60,432 last vear, a record, and £d 1,602 the previous year. „4 f _ t _ er balance brought forward of ' 8 added to the net profit there is x 73,161. The 5 per cent dividends on chares paid this year absorbed i 12.660, leaving £60,501 available. The directors propose an unchanged ordinary dividend of 6 per cent, requiring £13.604. to p'rovide £40.500 for taxation (£43,200 last year), and to carry forward the balance. The directors retiring and eligible for re-election at the annual meeting at Hamilton, on October 18 are Messrs. J. Pohlen and J>. Stewart "Reid. The nomination also of Mr. V. W. Simms has been receded, and an election will be held. Balance-sheet item*, showing variations compared "with year's figures, arc:—LIABILITIES £ £ Paid capital 479.953 Same Reserve 30.000 Same Creditors 36.397 - 2.459 P. A. L. Acct. (less pref. div.) 66.831 —3,191 ASSETS Proiperties, Plant, etc . 188.599 —4.839 Debtors 192.986 —8.224 Investments 41.982 —19.332 Deposits at call ?s 000 -L2S.oon Cash 18.800 —19,616 Stocks ~ 145.813 4-21.361 The accounts balance at. £613,181, a decrease of £5650. Gross profit wm £191.110. compared with £186.830 last year, while expenses totalled £124.603 against £117,397. Turnover amounted to £2.366.916. compared with £"2,299,464 last vear, an increase of £67.452. •The trend of operations over the past six years is shown as follows:— General Profits Dividend Reserves Gross Net p.c. £ £ Pref. Ord. £ 1036 .. 136.633 42.526 6- 4' 2 20,000 1937 .. 171,777 60,598 6* S 20.000 1938 . . 174.405 60,254 6* 6 30.000 1939 .. 169,131 51.802 6« 6 30,000 1940 .. 186,830 69.432 6 * 6 30.000 P4l .. 191,110 66,506 6* 8 30,000 •Subject to reduction to 5 per cent tn terms of ie National Expenditure Adjustment Act.