A RECORD YEAR

Evening Post, Volume CVIII, Issue 111, 6 November 1929, Page 14

A RECORD YEAR

FARMERS' DISTRIBUTING

COMPANY

Directors of the New Zealand Fanners' Co-operative Distributing Co., Ltd., report a record year. Their report and statement of accounts is for the' year ended 30th September last. The directors congratulate shareholders on the highly satisfactory result of the year's trading which constitutes "a record in the history of the company." Profit and loss account shows a gross profit of £63,737 13s lid, an increase of £4884 6s 7d compared with the previous year. Net profit, after making provision for bad and doubtful accounts, and for depreciation of plant and furniture, amounts to £15,527 7s 7d, compared with £10,810 8s Gd for the previous year, which, with the balance brought forward from last year of £1537 os lid, gives a balance to be dealt with in the profit and loss account of £17,064 13s 6d, which the directors propose should be allocated as follows:—To pay a dividend at the rate of 7 per cent, per annum, oh the capital (called and paid) of the company, which will absorb £724!) los lid; write off £2000 for depreciation of properties; add £2000 to general reserve fund; place £1000 in an insurance reserve fund; and provide a sufficient sum to cover income tax, and to carry forward the balance. During the year improvements were niade to the company's premises at Feilding, Marton, and Masterton. Retiring directors, Messrs. E. Eagle,' G. L. Marshall, and A/Stuart, who are eligible, offer themselves for re-election. The retiring auditor Mr. S. E. Lambert, F.1.A.N.Z., also offers himself for re-election.