COMMERCIAL

Poverty Bay Herald, Volume LXIV, Issue 19374, 12 July 1937, Page 6

COMMERCIAL

HAWKE’S BAY FARMERS fi' PER CENT DIVIDEND £7OOO TO THE RESERVE A net profit of £18,709 9s lOd was earned by the Hawke's Bay Farmers’ Co-operative Association, Limited, during the year ended April 30. The directors' report to be submitted to the annual meeting on Friday states:—’’After making provision for depreciation on buildings, plant, etc., and reserve for income lax, the balance of profit, including £12,520 10s (id brought forward from last year, amounts to £31,290 0s 4ri, which the directors recommend be allocated as follows, viz:— To pay a dividend of 6 per cent on paid-up capital; to add the sum of £7OOO to the reserve fund: and the balance be carried forward.” The gross profit was shown as £106,988 14s Id. Expenses totalled £88,219 4s 3d, the balance left being £31,290, Os 4ri, including the balance from last year. The reserve fund on April 30 was shown in the balance sheet as £61,555 10s, and the paid up capital of the company was £165,427. The authorised capital of the company is £300,000, shares allotted being 51,273 at £5. Assets included £180,462 4s 7d in properties, ,685,985 os'ld in merchandise, .6110,943 4s (id in advances, .639,418 ,1s ,9d in Government inscribed stock, and £70.542 5s in cash.

J. J. NIVEN AND CQ., LTD. INCREASE IN NET PROFIT A rise of £2135 in net profit to £12,378 is shown in the accounts of J. J. Niven and Company, Limited, manufacturing engineers and merchants. for the year ended March 31. A dividend of Is a share, against Bcl last year, is recommended, and front the profits £3OOO will be placed to general rserve. A sum of £II,OOO was set aside for land and income tax. The dividend is equal lo 5.85 per cent, against 3.9 per cent in the previous two years.