IMPROVED RESULTS

Dominion, Volume 28, Issue 217, 11 June 1935, Page 12

IMPROVED RESULTS

Farmers’ Co-op. Organisation INCREASED NET PROFIT Much improved results are shown by the Farmers’ Co-operative Organisation Society of New Zealand, Ltd., for the trading year ended March 31, 1J35. The directors, in their report, to be presented at the twenty-first annual meeting of shareholders at Hawera on June 29, state that, “despite the existing stringent conditions, there has been a successful expansion of business, and while commercial conditions generally call for the greatest caution, we see no reason why further progress may not be made during the ensuing year.” , . The profit, before making provision for depreciation and income tax, is £22,095 15/9. Of this sum, £5477/16/9 has been set aside for income tax, and £4045/14/4 has been written off plant and properties, leaving a net balance of £l2,t><2/4/8 to be added to the profit and loss appropriation account, which, together with the amount carried forward from last year and a credit form forfeited shares, makes a balance of £16.632/4/6 to be deal* with. The directors recommend the payment of a 4 per cent, dividend, absorbing £8404 2/9; addition to the general reserve account, £3000; transfer to insurance reserve account, £500; the carrying forward of the balance, £4728/1/9. In view of the unsettled conditions of the world markets, the directors feel that the financial affairs of the society should be brought up to a condition to meet any contingency, and they believe that their policy of strengthening reserves is the wish of shareholders. The retiring directors, Messrs. N. K. Cleland, C. R. Honeyfield, William Jones, W. Wickham, and P. Brophy, have been nominated’ for re-election, and Messrs. M. P. Bremer, J. Cocker, and A. Coxhead have also been nominated. The auditors’ report says the company has had another profitable year. After making provision for depreciation the profits amount to £18,050/1/5, but of this sum £5477/16/9 has been set aside to meet income tax. Income tax thus absorbs a sum equal to rather more than 2} per cent, on the paid-up capital of the company, while shareholders receive 4 per cent. “Once again -we are glad to be able to report that the year’s profits have not been written without due regard to the stil] difficult times the Dominion is passing through. Reserves visible and undisclosed are, in our judgment,, adequate.” With the single exception of the wool department all branches of the company’s business made increased profits compared with last year, and the total turnover showed a healthy increase, lhe wool department was, of course, affected by the 40 per cent, drop in wool values last season, and to some exent also by the reluctance of growers to sell at last season's prices. The company’s accounts afford the following comparison for the last three years:— Year 31 1933. . 1934. 1935. Assets— ® Freehold and lease- „ hold land 57,912 59,400 t»,395 Machinery & plant 10,270 10,196 Stock on hand .... 40,789 41,661 47,743 Sundry debtors ... 259,911 2-13,735 . 27O '**?J War loan stock .... 532 570 90S Shares 3,500 3,500 3,500 Cash in hand 385 369 017 Liabilities — Paid-up capital ... 210,020 210,093 L 10.103 Mortgages 12,843 12,735 **>32o Bank overdraft .. 04,913 25,H0 0l),o99 Fixed deposits .... 37,387 34,909 38,749 Sundry creditors 35,015 47,557 *2,277 Unclaimed dividends 09 00 147 Reserve for income tax 213 3,238 .6,091 Profit & loss ac/nt. 1,937 12,710 10,682 Reserve account .. 10,090 10,000 12,500 Insurance reserve . — — 500

This year’s net profit of £12,572 compares with £10.768 for 1934, and a loss of £2452 for 1933. No dividend was paid in 1931. 1932 and 1933, and 3 per cent, was’paid last yepr.

DEVONPORT FERRY CO. Large Increase in Profit By Telegraph.—Press Association. Auckland. June 10. The accounts of the Devonport Steam Ferry Co., Ltd., for the year ended April 30, show a net profit, after alowance for depreciation ou steamers, plaht, etc., of £17,717, compared with £7673 for the previous year.

The dividend for the year is unchanged at 5 per cent. Newspaper Merger The provisional agreements for the purchase of the “Suu” newspaper in Christchurch and the discontinuance of publication of the Christchurch “Times” will be considered at a meeting of shareholders of New Zealand Newspapers, Limited, in xluckland on June 28. The directors recommend the adoption of the agreements, which are subject to the approval of shareholders of the three companies concerned, Sun Newspapers, Limited, New Zealand Newspapers. Limited, and the Christchurch Press Company, Limited. In addition to the terms of the agreements already announced, the following provisions are included: — “Publication of the Christchurch ‘Times’ shall cease on the day following cessation of publication of the ‘Sun.’ “New Zealand Newspapers, Limited, shall guarantee the sale of certain of the ‘Sun’s machinery at prices and subject to the conditions set out in the agreement with Sun Newspapers, Limited. “New Zealand Newspapers, Limited, agrees with the Christchurch Press Company. Limited, not to publish a morning paper in Christchurch and the surrounding district and the “Press" agrees not to publish an evening paper within the same district.” Prestige, Limited A. profit of £21,806 was earued by Prestige, Lt<l., iij the year ended March 31, compared with £21,79,6 the previous year. A sum of £515 is brought forward, making £22.321 available. The appropriation to general reserve is £2500; dividend of 9d. and bonus of 3tl. per share on ordinary shares, and a dividend of 8 per cent, for the preference shares, together absorb £19.465. leaving £357 to be carried forward. The directors state that business was well maintained. They add that any further reduction in duties would have a very definite effect on the industry. Creditors have dropped from £41.599 to £2(1.637. but the bank overdraft has increased to £33.188 from £25 671. Stoek is £14.973 higher at £l2O 231 ; debtors are £7548 lower at £25.006; plant and machinery are much lower at £101.75'7, last year’s figure being £119.712. South Sea Island Traders Un Chong and Co., Ltd., has been registered in Sydney, with a capital of £50.000. Except for a small Chinese holding on account of the retaining of the name. W. R. Carpenter and Co., Ltd., the South Sea trading organisation, is behind the capital of the company. On Chong and Co., which trades in and about the Gilbert and Ellice Islands, is old-established, and is wel'-known in the South Sen trading world. In purchasing this company’s holdings and trade, W. 11. Carpenter and Co., Ltd., has completed a link which now encircles the main Pacific trading centres.

Gold Mining Returns By Telegraph.—Press Association. Auckland, June 10. The Mataki dredge return for the week ended June 9 was 220 z, for 88 hours’ work. Dividends Payable Dividends. Due. Peter's Ice Cream—S p.e June 11 Blackwater Mines—final, 1/- per share (British currency) . June 12 Consolidated Goldfields—interim, 6d. per share (British currency) June 12

Robinson Ice—7 p.e June 13 Perpetual Forests—final, 4 p.e. June 14 Trustees. Executors—final, 3} p.e : June 14 Bank of New Zealand—final. 5 p.e June 15 Broken Hill South—l/6 per share June 15 Gordon and Gotch—half-yearly, 5 p.e June 18 Mossy Creek Dredging—ld. a share June 20 Hume Steel —half yeraly, pref. 7} p.e,, p.a. June 20 Gear Meat—interim, 2} p.e. .. June 21 Farmers Trading—ord.. 5 p.e. June 26 Australian Glass—final pref. 41 p.e.; ord.. 8 p.e ....... June 26 North Broken Hili—dividend 1/6 per share, bonus 6d. per share June 28 Waihi Grand Junction—4(l. a share ’une 28 Goldsbrough, Mort—final. 4 p.e. June 28 British Tobacco—quarterly. 1} p. c June 29 Farmers’ Co-op. Org. Socy. 4 June 29 Morris Hedstrom —final 3 p.c. Tune 30 Perpetual Trustees —1/- per share • • June Queensland Insurance, interim, 4 p.c July 1 Zinc Cornoration —pret. and ord. 1/- a share for 1934; pref, int., 1935. 2Z- a share July I Bulolo Gold Dredging—int., 1 dollar 20 "euts (about 5/10) a share July *’ Placer Development—mt.. - 'dollars 40 <’cnt? (about 11/8) n share ’ ,u ' 3 National Bank of N.Z.—final N.z/Breweries—final. 3} p.e. July 17 auction diary to-day \ewsteau. Hiimiltou. 11.30 a.m.— Leyton jersevs (Farmers' Auction.). 1 aunini'iiiiui Winter Sheep Fair. S Willeston St.. 10.3(1 a.m.—Gramophones (Johnston). 17*> The Terruee t. 30 p.m.—hurnlshiags (Johnston). , , • . 34 Roxburgh SI. 1 p.m.—Furnishings (Kirkbeck). Levin sale. 11.30 a.m (Abraham and Williams). 'JO-MORROW. Moleswqrth St.. 1 li.m. -Antique furnish-int-s (J- F -McKenna). 'l’anuthon*. Ha in ill on. 11. '»0 a.ni. lama here Jersevs (Farmers’ A net ion.). Tcrrian, ‘ Levin. 12.30 p.in.—Jersey stud (Loan and Merc.). 22 Brandon St., 2.30 p.m.—Lower Hurt dwelling (Leighton). Johnsonville fat stock sale. 1 p.m. Queen St.. Masterton, 1 p.m.—Plants a/c Just (Kerslake). Mastorton Horse Fair, 12 noon (farmers Dist.). Lauibton ijiiay. 12 30— Unclaimed property (Klngsway). Tailini)' ■ 12.3‘> P.m THURSDAY. Queen SI.. Mnsterton, 2 p.m.—Freehold (Kerslake). Shannon Saleyards, heifer sale, 1 p.m. (Abraham aud Williams).