A PROFITABLE YEAR.

New Zealand Herald, Volume LXVII, Issue 20656, 30 August 1930, Page 13

A PROFITABLE YEAR.

AGRICULTURAL ASSOCIATION SALE OF OTAHUHU PROPERTY. LOSS ON AUTUMN SHOW OFFSET. A strengthening of the financial position of the Auckland Agricultural and Pastoral Association by tho sale of a property of 37£ acres at Otahuhu, which had been lying idle, is recorded in tho 77th report which is to be presented at tho annual meeting on September 5. For some time this property had not been earning any rent and it became necessary for the council to deal with tho situation, tho report states. It was eventually sold to tho Challenge Phosphate Company, for the sum of £15,000, as from February 10, 1930. Deduction of bank overdraft at that date, £3033, loss of rent and legal expenses left £11,739, which was transferred to the new showground reserve account. This sum was £2339 greater than tho value at which the property stood in tho books.

Owing to tho change from a spring to an autumn show, a period of 13 months, February 1, 1929, to July 31, 1930, is covered by the balance-sheet. During that timo ono autumn show and two winter exhibitions were held. Gratification is expressed at the excellent support accorded to the autumn show by exhibitors, tho entries totalling 2174, against 1269 at the 1928 spring fixture.

" The balancG-sheot reveals a satisfactory position," tho report continues. " Aftor allowing depreciation 011 building! and plant amounting to £483, a credit balance of £56 is carried forward. The loss on tlio show amounted to £348. There was an increase in the prize money of £2OO, tho amount having been raised from £l2Ol to £l4Ol. The gate charge for tho first two days of tho show was reduced to Is, and this in a measure accounts for the decrease in the gate takings, which totalled £1025." An increase 0:1 tho expenses of the show by holding it for a period of three days instead of two was not compensated for by a corresponding expansion of the takings.

The net profit of £56 compares with a loss of £265 for the year ended on January 31, 1929. The profit and loss account shows that £1253 was received from tho two winter exhibitions. Against this are set debit balances of £384 in the autumn show account and £Bl2 in the general account. A further share of profit is expected from tho 1930 Winter Exhibition when the accounts have been finally adjusted. Tho executive stresses the importance of increasing tho membership. A total of 269 new members were elected during tho period, but it was desirable to raise the membership considerably, to enable tho show to function as a metropolitan fixture. Membership subscriptions for the 18 months totalled £llsO, representing annual' payments by 766 members.