N.A. FARMERS’ CO-OP.

Northland Age, Volume III, Issue 34, 2 September 1931, Page 5

N.A. FARMERS’ CO-OP.

ANNUAL REPORT.

A net profit of £333 for the year ended June 30 is shown in the 29th annual report of the directors of the N irdi Auckland Farmers’ Co-operative, Limited, Whangarei. The profit is £7055 lower than that earned in the previous year and the report comments that the reduction was a reflex of the present conditions. It would not permit the payment ot a dividend. With the amount of £2175 brought into the accounts from the previous year, there was £2506 now standing at credit of the profit and loss account, which would be carried into next year’s statement.

The report states that the paidup capital of the Company was unchanged at £97,197. Conditions during the year did not favour prospects of enrolling more farmers as members. Properties were £3OO lower at £40,000 and had been well maintained. Sundry debtors showed a decline of £IO,BBI to £123,864, but the reduction had been effected by the severe drop in prices of primary products. The retiring directors, Messrs F. Holder, G. H. Masfen, R. McCarroll and J. G. Ritchie, are offering themselves for re-elec-tion.

Of the Company’s capital preference shares represent £73,315. Ihe gross profits were £32,145, as against £44,125 in the previous year, while expenses, including depreciation, amounted to £31,812 as against £30,732 excluding depreciation, which was shown separately last year at £6006. The allowance this year is not itemised

Following the reduction of ordinary capital, the company earned net profits of £3536 in 1926-27, £5313 in 1927-28, £7293 in 1928 29, and £7388 in 1929-30. Income tax and preference dividends of 6 per cent have been paid out of these sums.

The annual meeting of the Company is 10 be field at Whangarei this evening.