NORTH AUCKLAND FARMERS

New Zealand Herald, Volume LXVI, Issue 20332, 13 August 1929, Page 5

NORTH AUCKLAND FARMERS

GOOD YEAR'S TRADING,

NET PROFIT OF £729.3.

A net profit of £7293 for the year ended June 30 is shown in tho 27th annual report of the North Auckland Farmers' Co-operative, Ltd., to be presented at tho meeting to be held at Whangarei on September 5.

The report states that parallel with the development of the company in several directions there is (ho need of more capital to givo financial assistance to farmer clients. The soundness of the company now having been established, and more favourable conditions ruling, the directors state that they feel justified in making an early issue of more ordinary shares.

Including the balance from the previous account the amount available is £8546. The directors again recommend payment of a dividend of 6 per cent, on the preference shares, absorbing £4398. Income tax is to be provided from the balauce. The directors retiring by rotation are. Messrs. J. E. Close and Angus Finlayson, who offer themselves for re-election. Messrs. G. H. Masfen, of Auckland, J. G. Ritchie, of Kaikohe, and V. Trounson, of Maro'piu, were appointed to the board during the year. Regret is expressed at the death of Mr. D. C. Snelling. Tho auditors, Messrs. Pinker and 0 Boyd, offer themselves for re-election. v The company's capital is £97,lJ§oajjs which preference shares represent £f s 'i'&of Tho gross profits wero £,46,211, aa3gsjS%&S. £39,851 in the penses were £32,71L/>S yA*Arhile ex'•epieciation alloy*» as •against £30,036. :!nst £4450. y*anco was £6207, as WvKoS? reduction of ordinary capital 1 iQojipanv earned net profits of £3536 iitf t "Ai-27, £5315 in 1927-28, and for the lasir;year 417293. Income tax and preference dividends have been paid out of theso sums.