RECORD TRADING YEAR

Manawatu Standard, Volume LIV, Issue 293, 8 November 1934, Page 2

RECORD TRADING YEAR

FARMERS’ DISTRIBUTING COMPANY. TURNOVER EXCEEDS £1,000,000. Stated to constitute a record in the history of the company, the year’s trading of the New Zealand Farmers’ Co-operative Distributing Company, Ltd., which has its headquarters at Feilding, reveals a highly satisfactory result, comment the directors in the 31st annual report. With an amount of £1,765 11s 6d brought forward from last year, there is a balance of £19.224 16s 4d in the profit and loss for distribution. After making full provision for bad and doubtful accounts, unpaid interest and for depreciation of plant and furniture, the net profit amounts to £17,459 4s lOd, compared with £5,015 4s for the previous year. It is proposed to' allocate the balance available by paying to shareholders a, dividend at the rate of 5 per cent, to write off £1,230 for depreciation of properties, add £3,000 to the general reserve account, provide a sufficient sum to cover income tax, and carry forward the balance, estimated at £3,400. It is also proposed to utilise £sll 2s 2d in the forfeited shares reserve to further depreciate the book values of saleyard properties. The volume of business handled was easily a record, report the directors, the turnover, excluding land sales, increasing from £604,612 to £1,071,319. All departments handled increased business. During the year extensive alterations were made to the Masterton premises, while the size of the main wool store at Wellington had practically had to be doubled to cope with the increased business enjoyed.