Company News CANTERBURY FARMERS’

Press, Volume XCVI, Issue 28397, 2 October 1957, Page 17

Company News CANTERBURY FARMERS’

Profit Up 23 Per Cent.

Net profit of the Canterbury Farmers’ Co-operative Association. Ltd., stock and station agents and general merchants, Timaru, rose 23 per cent, in the year ended July 31. The latest result is £42.771, an increase of £7887 on last year’s figure. It is reached after provision of £18,194 (down £3032) for depreciation and £45,584 (up £9484) for taxation. Gross profit on merchandise and produce is £12,763 higher at £324,629, commission and storage charges rose £12,024 to £83,643, and interest on investments rose £2530 to £4782. Trading, administration and general expenses rose from £281.460 to £293,174, and interest on debentures rose from £10.994 to £12,206. Dividends Unchanged Dividends are unchanged at 6 per cent, preference and 7 per cent, ordinary. The preference dividend requires £6OOO, and the dividend requirement for the increased ordinary capital is £3755 higher at £12,584. No addition is proposed this year to reserves, which last year received £153,000. Appropriations of £18,584 fall short of net profit by £24.187. and carry-forward is increased to £101,598. Current liabilities rose £63.340 to £578,981. Apart from the higher tax and dividend provisions, other current liabilities rose £49,990 to £514,877. Debenture stock remains at £232,492. Capital rose £14,297 to £279,788, and shareholders' funds increased from £518,512 to £561,996. Cash balances rose £88,413 to £101,179, stocks fell £25,794 to £396,532, and payments in advance rose £5987 to £14.387. Sundry debtors are £5591 higher at £444.740. Investments are £23,462 higher at £163,101, and fixed assets are £9165 higher at £253,530. Directors report that new premises at Tetnuka were officially opened during the year Ampol Exploration Issue (N.Z. Press Association—Copyright) MELBOURNE, October 1. Ampol Exploration, Ltd., will raise £1,060.000 of new capital from which it will provide its 20 per cent, of Wapet (West Australian Petroleum) expenditure for the current year. The issue will be 4 million 5s shares in the ratio of one to three held at October 15. Ampol Petroleum, Ltd., has made provision to take up its full entitlement. The chairman. Mr L. J. Thompson, said at the annual meeting yesterday that the company knew of no reason why there should not be an accumulation of oil in commercial quantities in the Exmouth Gulf area.