INCREASED BUSINESS

Bay of Plenty Beacon, Volume 1, Issue 46, 7 August 1939, Page 2

INCREASED BUSINESS

YEAR OF PROGRESS NATIONAL DAIRY ASSOCIATION The directors of the National Dairy Asroc ation o[' Xcw Zealand Ltd, -n their report for the year ended April 30„ .stace that in spite of lower production, there is a marked increase in the volume of business, which is in keeping w th the .steady progress over the past few years. The balance sheet and profit and loss accounts reflect the increased turnover due in no small m-asure, to the increased support of shareholding companies. Essentia] to the stability of the as. full provision Yias been made,, including .depreciation £3070 17s 7d, superannuation subsidy £626 15s 10d, mortgage redemption, Wellington premises £390 18s 9d. The profit and loss account shows a credit balance of £43fi 2s od, which has been transferred to appropriation account. The total credit to this account is £1259 7s 6d. which } after allowing for income tax and social 1 security charge, will still show a balance to be carried forward of £1259. The amounts allocated during the year from trading account to rebates account show a credit of £3998 l.s 9d, and the directors have decided to declare a rebate to contributing shareholders of 2 j /2 per cent on of dairy factory requisites and machinery, and one per cent on merchandise; which absorbs this amount. During the year the Kaikolie, Kakaraniea, Koninj and cooperative dairy companies have applied for contributing share?,, and the j hope is expressed that those eo-opera_ tive dairy factories who are not contributing shareholders will seriously consider applying for their quota, which is based on the respective com. panies output for 1930. Stocks have been valued in accordance with stridt commercial prac. i tice. namely, cost or market value, ] whichever is the low r er.