FARMERS’ TRADING CO., LTD,
REPORT OF THE DIRECTORS,
DIVIDENDS RECOMMENDED,
NET PROFITS TOTAL £42,561
(Special to “Northern Advocate,”) AUCKLAND, This Day,
The annual report of the directors of the Farmers’ Trading Company, Ltd., to bo presented at the annual meeting on Juno 20, states that the year, ended March 31, has been marked by the same substantial progress as recorded for a number of years.
After making allowances for depreciation, on a heavier scale than usual, full provision for bad debts and the writing down of stocks to a very conservative level, the net profit is £42,561, which, added to the £25,056 brought forward from last year, makes £67,617 available for appropriation. This result, the directors state, is particularly satisfactory in view of the trade depression during the year. The directors recommend the payment of a dividend of six per cent, on A and B preference shams and a dividend of eight per cent, on ordinary shares, absorbing a total of £20,500 and the transfer of £SOOO to the buildings depreciation reserve account. This will leave more than £30,000 to be carried forward to.next year,* after provision for income tax. “The small proportion of business transacted on the time-payment system, only about one-seventh of the total sales, was the outstanding feature of the year’s operations,” states the report. The directors retiring by rotation are Messrs J. Boddie, A. A. Boss and J. E, Makgill, who are eligible and offer themselves for re-election.-
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Bibliographic details
Northern Advocate, 24 May 1928, Page 6
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242FARMERS’ TRADING CO., LTD, Northern Advocate, 24 May 1928, Page 6
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