COMMERCIAL

Gisborne Times, Volume LXXIII, Issue 12092, 3 November 1933, Page 4

COMMERCIAL

ABRAHAM AND WILLIAMS

While the accounts tor the year ended September 30 of Abraham and Williams, Ltd., shows a trading profit of £10,379, the directors deem it advisable to make provision for a much larger amount to account for bad and doubtful debts. The actual figures brought forward, £4126; total, £20,505; allowance for bad and doubtful debts, or for unpaid interest, £32,650; leaving a debit balance of £12,175.. The directors! report states: — “In their last year’s report the directors stated that ‘until conditions a,re such that sheep farming is again a profitable occupation, it will be difficult for this company to make profits,’ After that statement was made the prices of all sheepiarmers products continued to fall up to. May last, by which time practically the .whole of the sheep farmers’ produce for the season had been marketed- Since then, markets have improved to. some extent, and the outlook is better. As the same time no sheep farmer’s produce for the 1933-34 season had been marketed at the date of our balance, and farmers have yet to receive the benefits of the rise in prices. The only farmers’ produce- yet marketed for current producing season is dairy produce, and London prices for this have been consistently- below the prices ruling at the corresponding period of 1932. The chief help the fanner has had up to the present lias been that arising - from the widening of the- exchange, rate. ■ Sir William Hunt and Mr. David Allan are the retiring directors and offer ‘themselves- for re-election: Chief items in the balance-sheet are- I .—Liabilities: Paid capital; £294,240; Bank of New Zealand, £48,911; sundry creditors, £44)948. Assets: ■ Sundry debtors, £319,559; property, £61,972; goods, £11,099.