Company News FREEZING FIRM’S YEAR
North Canterbury Sheepfarmers’ ' Net profit of the North Canterbury Sheepfarmers' Co-operative Freezing Export and Agency Company, Ltd., rose £631 to £7701 in the year ended September 30. This result is reached after providing £16,296 (up £2511) for depreciation. Freezing works companies are exempted from disclosing taxation provision. Interest and insurance charges and tax provision for the latest year totalled £12,990, an increase of £402. Dividend on the unlisted ordinary shares has been maintained at 6 per cent, and requires £l7OO. The 51 per cent, preference charge takes £2OlB. Profit exceeds these requirements by £3983 and carry-forward is raised to £10,299. Salaries and other expenses rose £1351 to £13,942. Felling, freezing and curing charges and proceeds of by-products were £4895 higher at £52,179. Capital is steady at £28,341 ordinary and £36,690 preference. Capital reserves remain at £92,429. Revenue reserves are £3983 higher at £50,299. Fixed assets at £194,982 show an increase of £660.
Stocks and materials rose £9543 to £59,803, and sundry debtors are £18,642 higher at £36,456. Sundry creditors « and provisions rose £10,827 to £83,441 and bank overdraft is £13,960 higher at £61,354.
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Press, Volume XCVIII, Issue 29051, 13 November 1959, Page 17
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188Company News FREEZING FIRM’S YEAR Press, Volume XCVIII, Issue 29051, 13 November 1959, Page 17
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