PROFIT INCREASED

Taranaki Daily News, 13 November 1934, Page 12

PROFIT INCREASED

FARMERS’DISTRIBUTING CO. DIVIDEND OF 5 PER CENT. A dividend of 5 per cent., the first since 1929, is recommended in the annual accounts of the New Zealand Farmers’ Co-operative Distributing Company Limited (Wellington). For the year ended September 30, a profit of £17,549 was earned, compared with £5016 for the previous year. The profit is made after providing for bad and doubtful debts, unpaid interest, and depreciation on plant and furniture. With the* balance of £1766 brought forward from last year there is a balance in profit and loss appropriation account of £19,225, which it is proposed to allocate as follows: A dividend at the rate of 5 per cent, per annum; write off £1230 for depreciation of properties; add £3OOO to the general reserve account; provide a sufficient sum to cover income tax and to carry forward the balance, estimated at £3400. It is also proposed to utilise the amount of £5ll in forfeited shares reserve to depreciate further the book values of the company’s saleyard properties. The directors state that the’ volume of business handled was easily a record, the turnover, excluding land sales, increasing from \£604,612 to £1,071,319, all departments having increased business. During the year extensive alterations and additions were made to the Masterton premises, while at Wellington it was found necessary practically to double the size of the main wool store to cope with the increased business. The capital of the company is £133,695. In 1929 the’ dividend distribution was 7 per cent