Company News FARMERS’ CO-OP.

Press, Volume C, Issue 29625, 22 September 1961, Page 15

Company News FARMERS’ CO-OP.

Profit Down 12 p.c.

Consolidated net profit of the New Zealand Farmers* Co-operative Association of Canterbury. Ltd., fen £14314. or 12.2 per cent., to £102,715 in the year ended July 31. The previous year profit rose £15,570.

The latest result is reached after provision of £42.515 (up £4063) for depreciation and £102.662 Mown £18.792) for taxation. It represents an earning rate of 14.8 ner cent, on paid capital. The earning rate on hieher shareholders’ funds fell from 896 per cent, to 7.68 per cent. Recommended dividends, as announced earlier, are steady at 10% per cent on first preference shares and 10 pet cent, on other classes of capital. Dividend requirement is £69.922. This year nothing (£50,000 last year) is transferred to general reserve, and carryforward is rajsed by £33302 to £106.499. Rise in Expenses Gross profit rose £12.342 to £1338.414, but general tradins expenses were £41.699 higher at £758.863. Interest received on Government stock was £1477 lower at £9894, dividends were steady at £1039. and interest on other investments rose £1503 to £3140. Interest paid on fixed loans fell £554 to £37.438.

Paid capital is steady at £691.722, capital reserve is virtually unchanged at £15.577. and revenue reserves rose £869 to £527.403 Shareholders’ funds rose £33997 to £1.340,201: Fixed liabilities fell £9063 to £650,484.

Fixed assets are £66.792 higher at £794,165. Freehold and leasehold property is shown at £595,525, compared with Government valuation of properties phis progress payments on new buildings totalling £1.094.083. Investments are £17,130 lower at £330,058. Overdraft, Stocks Up

Current liabilities rose £100.650 to £1,422334, while current, assets rose £75,921 to £2.288,796. Last year bank credit, short-term deposits and cash in hand totalled £284.089; this item has fallen to £4895, while an overdraft of £215,935 has appeared. Stocks rose from £1,126,686 to £1,331081.