Company News N.Z. FARMERS’ CO-OPERATIVE
High er Dividend, Profit Down
The New Zealand Farmers’ Co-operative Association of Canterbury is recommending a 2 per cent, increase in dividends on all classes of shares for the year ended July 31, 1959. Recommended dividends are: first preference, 10J per cent, (compared with 8i last year): A preference, B preference and ordinary, 10 per cent. (8 per cent, last year). A preliminary announcement front the company says that group net profit after tax for the year was £101,459. This compares with £107,603 last year. The higher dividends will require £69,922 (compared with £56,088 last .year), and an unchanged transfer of £50,000 to general reserve, bringing it to £350,000, is recommended. Paid capital of the company is £691,722. Appropriations exceed net profit by £18,463, and carry-forward is reduced to £74,694.
The annual meeting will be held on October 6. The share register will close from September 21 to October 6 inclusive.
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Bibliographic details
Press, Volume XCVIII, Issue 28988, 1 September 1959, Page 19
Word Count
156Company News N.Z. FARMERS’ CO-OPERATIVE Press, Volume XCVIII, Issue 28988, 1 September 1959, Page 19
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