Company News C.F.C.A. Profit Rises

Press, Volume XCVII, Issue 28700, 25 September 1958, Page 17

Company News C.F.C.A. Profit Rises

(New Zedlana Press Association) TIMARU, September 24.

Another excellent year for the Canterbury Farmers’ Co-operative Association, Ltd., is disclosed by the accounts for the year ended July 31, 1958. The net profit earned is £44,712 compared with £42,771 for the previous year. This figure is reached after providing £45,110 for taxation (previous year £45,584) and depreciation £21,778 (£18,194) on buildings and plant. The directors have declared a 6 per cent, dividend on all classes of preference shates and recommend a 7 per cent, dividend on the ordinary paid up capital. The rate of dividend on both preference and ordinary shares remains the same as the previous year. The profit and loss account discloses a gross profit earned by the sale of merchandise and produce and commission earned of £436.813 compared with £402.272 in 1957. Investment interest and dividends earned £5750 (£4907) making a total revenue of £442,563 —an increase of £29,384 on the previous year. The administration and general expenses costing £317,507 are up £24,333 on 1957 Directors’ fees (£1250) and interest to debenture holders (£12,206) remain the same. The current assets of the association as shown in the balance sheet stand at £ 1.07 m (£956,838). The increase here is attributable to the rise in merchandise stocks to £489,789 (£396,532). Advances and auction accounts were £354,217 (£26.082) and debtors’ accounts £220,148 (£183,958).

The current liabilities at July 31 are £681,194 as against £578,875 in 1957. The fixed assets of the association in property and plant stand at £277,377. Many improvements and the modernisation of the store and garage at Timaru account for the increase of £12,847 over the previous year.