RECORD TURNOVER BY F.A.C.

Press, Volume XCIX, Issue 29336, 15 October 1960, Page 11

RECORD TURNOVER BY F.A.C.

Peak Net Profit Of £150,009 (New Zealand Press Association) HAMILTON, Oct. 14. A record turnover of £7,710,625 is reviewed in the annual accounts of the Farmers’ Co-opera-tive Auctioneering Company, Hamilton, to be presented to the annual meeting on November 11. A record net profit before tax of £150,009 is recorded. Presenting the report, Mr S. A. Rhodes, chairman of directors: says that it will be remembered that the 1958-59 figures in the industry generaUy were affected to a considerable extent by reduced overseas realisation for primary products, which concerned the F.A.C. in particular. The directors’ report states that a dividend of 6 per cent. has been paid on preference shares and it is recommended that a dividend of 8j per cent, on the paid-up value of ordinary shares be paid, except that the 8989 shares issued in June shall rank as to one-sixth of the annual dividend. This payment will absorb £19,400. Highlights

Highlights of the company’s year include an increase in turnover from £6,900,970 to £7,710,625, an increase in the net profit from £142,519 to £150,009 and in the tax paid profit from £71,921 to £75,561.

The dividend will be raised from 7J per cent, to 8J per cent. Paid-up capital of the firm is quoted at £488,942, compared with £479.953 last year.

Revenue reserves are now £331,888 with £290,920, while capital and other reserves are £280,639, compared with £275,988. Shareholders’ funds with the company amount to £1,101,469, which figure is increased from £1,046,861 as in 1959.

The working capital is shown M £520,046, as compared with £454,686, the current ratio of assets to Eabilities improving from 1.95 to one to 2.1 to one.

Yellow Cabs Portfolio.—Yellow Cabs Holdings, Ltd., investment portfoEo of. shares and notes in other companies had a marked value of £591,789, at June 30, the chairman (Mr Maurice Shmith) said at the annual meeting in Melbourne. This was an appreciation of £200,328, or 51 per cent., over the cost, he said. W. and D. Interim.—Wilkins and Davies, Ltd., interim preference, 2J per cent., making 5 per cent, for year (6 per cent, last year) payable October 28, ex October 24.

Wright, Steph. Debs*—Wright, Stephenson and Company Ltd., convertible debentures ex interest October 20.

Riley Dodds Final.—Riley Dodds Holdings, Ltd., final 12J per cent., making 20 per cent, for the year (last year 30 per cent); payable November 9, ex October 20. This year’s dividend is on capital increased by a four-for-five bonus issue.

.Wilcox Moffiin Net—Net profit of Wilcox Moffiin, Ltd., Sydney, tor the year to June 30, 1960, was £63,875, against £61,096 the previous year. Dividend at the steady rate of 8 per cent takes £44,000. Consolidated balance-sheet shows paid capital at £550,000, shareholders' funds £926,908. Burns, Philp Interim.—Burns, Fhilp and Company, Ltd., Sydney, has declared an unchanged interim dividend of 5 per cent, payable on November 29 and ex dividend on November 11. Total payment during the last year to March 31 was 10 per cent Olympic Issue st Par.—Olympic ConsoEdated Industries, Ltd., tyre and cable group, wiU make a one-for-10 share issue at par. It wiU also aUot 200,000 ordinary 5s shares to the trustees of the Olympic superannuation fund. The issues will raise £708,897. Mosgiel Final 6 Per Cent— Mosgiel WooEen Factory Company, Ltd., final dividend is 6 per cent, making 9 per cent for the year (last year, 11 per cent on smaller capital). Toppa Dividends.—Toppa Holdings, Ltd., payable November 21, ex October 29. John Bulleid Bulleid and Company, Ltd., annual ordinary and. preference, 7 per cent (last year 6 per cent); payable October 21; ex October 3. Auckland Savings amounting to £2,809,000 were lodged with the Auckland Savings Bank last month In the highest monthly total for the 113 years the bank has been established, said the president of the board of trustees (Sir Ernest Davis) yesterday. Withdrawals were £2,419,000, leaving a surplus of £390.000.