F.A.C. PROFIT HIGHER

New Zealand Herald, Volume LXXVII, Issue 23769, 24 September 1940, Page 3

F.A.C. PROFIT HIGHER

BIG SHARE FOR TAXES I DIVIDEND AGAIN 6 PER CENT A profit of £69,432, subject to taxation, is shown in the accounts of the Farmers' Co-operative Auctioneering Company, Limited, Hamilton, for the year ended July 31. The result is struck after providing for bad and doubtful debts and depreciation, and compares with £51,602 a year ago and £60,254 in 1938.

Fixed preference dividends of 5 per cent per annum have already been paid and the directors recommend a distribution of 6 per cent on ordinary shares, unchanged. Preference dividends absorbed £12,661 and the proposed ordinary payment will require £13,604. In addition, approximately £43,200 will be necessary to meet taxation, which will leave about £6887 to be carried forward, against £6920 brought in. ' The year's turnover totalled £2,299,464, compared with £1,892,719 in the previous year. Gross profit was £186,830, against £166,131, and expenses £117,398, compared with £114,529. The company's only liability is £38,856 due to sundry creditors. Against this there is £38,416 in cash items. The percentage of outside liabilities to assets is 6.27. Capital and reserve and unchanged at £479,953 and £30,000, respectively, while the balancing total at £618,832 shows an increase of £26,355.

SHARE MARKET VALUES BUSINESS IN AUSTRALIA (Received September 23, 9.40 p.m.) SYDNEY. Sept. 23 Prices were steady, with some rises, on the Stock Exchange to-day, but buyers were cautious. Sales included: —Bank of New South Wales, £26 ss; Toohey's Brewery, 28s 3d; Tooths, 49s 9d, 50s; A.C.1., 35s 4%d, 35s 6d; ditto (con.), 16s 13d; Anthony Hordern, 13s 4d; Aust. Iron and Steel (pref.), 25s 6d; Broken Hill Pty., 44s 3d; British Tobacco, 48s Od; Colonial E!u?ar, £47 7s 6d; Electrolytic Zinc, ols 6d; Henry Jones, 53s 9d; Peters, 20s 7%d; W. R. Carpenter, 36s 6d; Woolworths (Syd.), 17s 10% d; Broken Hill South, 255; Commonwealth bonds, 4 per cent, 1941, £lO2 Is 3d; ditto, 1961, £lO7. Melbourne sales included :—National Bank A'asia (£lO paid), £ll 12s; GoldsbroughMort, 25s 6d; Moupt Morgan. Bs.

MINING NEWS OKARITO DREDGING RESULTS The Okarito Five Mile Beach Gold Dredging Company, Limited, Westland, earned a profit of £1236 for the year ended June 30, against £4439. Gold production fell to the lowest total for an}' year since the dredge started. But for the increased price for gold, the company would barely have made a profit. A dividend of 10 per cent was paid in July, and income tax had yet to be paid on this amount. A balance of £276 will be carried forward.

CLUTHA OBTAINS 280OZ. The Clutha dredge (Otago) last week recovered 280oz. gold in 115 hours. REPORTS OF MANAGERS Una Hill (Thames). —Stopinp is continuing in the drive south, from winch some gooa stone is being recovered. Crushing return to September 20, a total of 15 loads were treated for 18oz bullion, valued at' £126. INCREASED OUTPUT NORFOLK DAIRY COMPANY [from OUR OWN correspondent] MORRINSVILLE, Monday "It will be remembered by the older suppliers that when the company commenced operations our Empire was engaged in a life and death struggle against German aggression which terminated successfully," said Mr. S. A. Ferguson, chairman of directors of the Norfolk Dairy Company, in a supplementary report presented to the 25th annual meeting at Motumaoho. "The Empire is again engaged in a gigantic struggle of much. greater magnitude than the previous one for the maintenance of civilisation," continued Mr. Ferguson, "and it behoves every individual' in whatever . industry he is engaged to put his best effort into his work so as to provide the foodstuffs and other commodities that are so urgently required." The directors reported an increase of 78 tons of cheese, equal to 17 per cent of output. The recommendation of the directors that a dividend of 3 per cent be paid on the amount paid up on shares on June 30, 1939, was adopted. The retiring directors, Messrs. W. F. Stark and C. Iversen, were reelected. When the directors met at the conclusion of the annual meeting Mr. Ferguson was elected chairman for his 24th consecutive term. BEATH'S EARNINGS HIGHER [by TELEGRAPH —rRESS association] CHRISTCHURCH, Mohday Beath and Company, Limited, earned a net profit of £7815 in the year ended August 19, against £0406 the previous vear. Gross profit rose sharply from £98,007 to £106,864 but most of the increase was absorbed in additional provision for taxation, which is estimated at £15,117, against the previous figure of £10,299. The dividend recommendation in unaltered at 5 per cent on both ordinary and preference share capital.

STOCK EXCHANGE RESUMES

The Auckland Stock Exchange, which was closed yesterday in observance of Dominion Day, will 1 reopen this morning. v HAMILTON BUILDING SOCIETY [by telegraph —OWN correspondent] HAMILTON, Monday A profit of £364 was disclosed in the accounts of the Hamilton Permanent and Investment Building Society, submitted to the 17th annual meeting tonight. -It was decided to pay a dividend of 5 per cent. Mr. J. R. Fow, chairman, said the society was in a strong financial position and held a substantial amount m roscrvc. jMcssrs. W. C. Dixon, H. H. Fow and G. D. Shepherd were elected directors, and Mr. J. R. low was elected cnairman for the 18th term. PUKEKOHE PRODUCE [from our own correspondent] PUIKEKOHE, Monday The new season's early potato crops at Pukekohe are being favoured with mild weather and are making excellont progress. "Digging is expected to commence in about 10 davs, although it may be two or three weeks later beforo large quantities of now potatoes are available from the growers here. Since last Monday Pukekohe cauliflowers have increased in value from 9s to 10s 6a a bag. Supplies are still short. Drumhead cabbage remains at 'ls a bag and o>s a sack, subject to a reduction of !ld a bag on orders of ]<) bags or over. The last of the winter season's Savoy cabbages are now going out. They are bringing 7s fid a bag. Root vegetable's still sell at last Monday's prices, parsnips bringing (is a sugar bag and carrots and swede turnips 4s. Values for plants continue to decrease. Cauliflower plants were selling at lis a thousand to-day, against 12s a week ago. Straw Spanish onion plants have fallen from 4s 3d to -Is a thousand, with lots ,of 5000 or over at 3s Od a thousand. Brown Spanish onion plants have dropped from os t>d to 46 6d. Tomat-o plants remain at is Gd a tray of 50,