FARMERS TRADING COMPANY.

Evening Post, Volume CV, Issue 121, 24 May 1928, Page 14

FARMERS TRADING COMPANY.

(Special to "The Evening Post.") AUCKLAND, This Day. The twelfth annual report of the directors ■of the Farmers' Trading Co., Ltd., to be presented at the annual meeting of shareholders on 20th June, states that the year ended 31st March has been marked by., the same substantial progress as has been received for a number of years. After making allowance for depreciation on a heavier scale than usual, full provision for bad debts, and writing down stocks to a very conservative level, the net profit is £42,561, which, added to £25,056 -brought forward from last year", makes £67,617 available for appropriation. This result, the directors state, is particularly satisfactory in view of tho trade depression during the year. The directors recommend the payment of a dividend of 6 per cent, on A and B preference shares, and a dividend of 8 per cent, on ordinary shares, absorbing £20,----500, and the transfer of £5000 to the building depreciation reserve account. This will leave more than £30,000 to carry forward to the next year after provision has been made foi- the, payment of income tax. A small proportion of business transacted on the time-payment system, only about one-seventh of the total siales, was ari outstanding feature of the year's operations, states the report.