COMPANY NEWS
FARMERS’ TRADING RECORD PROFIT CAPITAL TO BE DOUBLED (New Zealand Press Association) AUCKLAND, May 22. Proposals to further Increase capital and the disclosure of a record net profit of £118,082 are features of the report and accounts of the Farmers’ Trading Company, Ltd., tor the year to March 31. Shareholders will be asked at the annual meetng on June 29 to approve the doubling of authorised capital to £2,000,000 by the creation of 972,378 ordinary £1 shares and 427,622 “C” 9 per cent, preference shares of £1 each. Within a few months up to 29,000 of the new "C preference shares will be offered to shareholders at par. The remainder will be retained until the directors decide to make a further issue. The net profit for the year of £118.082 was a record for the sixth successive year. It was £29.272 higher than the previous year's result which in turn showed an increase of £2878. The result was struck after providing £BB4B more for depreciation at £52.188. and undisclosed amounts for taxation. As previously announced ordinary dividend has been increased from 8) to 10 per cent.—the maximum rate payable under the company's articles. The carry-forward is increased to £198,069. Gross earnings exceeded the £1,000,000 mark for the first time, rising by £141,174 to £1,061,009. Expenses, including taxation and depreciation. increased by £115,902 to £932,927. Bank overdraft has been reduced by £151,293 to £257,221, and the level of stocks (less stock reserve of £105,000) was lowered by £183.967 to £921,334. Kauri Timber.—This company announces an interim dividend of 3 per cent, for the half-year ended February 28. Books closed from noon on June 4 to 18, payable June 18—ex div. June 4.—(P.A.) LONDON METAL MARKETS (N.Z. Press Association—Copyright) LONDON, May 14. Latest London metal prices are . Buyer Seller
Tin— d. e «. d. Spot 747 10 0 752 10 0 Forward •<* 737 10 0 742 10 0 LeadSpot ** 87 0 0 87 10 0 Forward 82 0 0 82 5 0 ZincSpot .. •• 71 0 0 71 2 8 Forward • • 71 0 0 71 5 0
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19530523.2.130
Bibliographic details
Press, Volume LXXXIX, Issue 27047, 23 May 1953, Page 8
Word Count
345COMPANY NEWS Press, Volume LXXXIX, Issue 27047, 23 May 1953, Page 8
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in