C.F.C.A

Timaru Herald, Volume CI, Issue 15455, 18 September 1914, Page 4

C.F.C.A

! ANNUAL REPORT. The following is the report of the ' Directors of the C.F.C.A., to be presented to the shareholders at the twenty-first annual meeting to ho held in the Assembly Rooms. Tima.ru, on Saturday, 20th September:— Tho past year lias witnessed tho most serious labour disturbance that the Dominion lias experienced for many years, ar.d considerable dislocation to jwsincss resulted, extending over a, period of fully two months. Under the adverse conditions, it is gratifying to report 'hat the Association's business has been well maintained and the results of the year's operations show a slight increase over the preceding twelve months. Of the new creation of 10,000 "fJ' ; preference shares authorised at the Inst annual meeting of shareholders, considerably more than half have been taken up during the year by our own shareholders; the applications for ordinary shares have been most satisfactory, and 173 new shareholders have come in during the twelve months; 578 fresh ordinary shares have been allotted, and the total number of shareholders in the Association now stands at Tho total snles for the twr'tc months at the Association's headquarters and brandies, have established a fresh record, amounting to the large sum of .£1.276,224. The extensive additions to the Geraldine premises indicated in the last animal report, have been completed during tho year and have afforded greatly increased facilities for tho conduct of our business there.

Your directors have, with very much regret, to record the loss by death, of on old and great.lv esteemed member of the Hoard, the Into Mr W. B. Howell, who from the inception of the Association, always took a. keen and active interest in its welfare. The retiring directors this year are:— Messrs John Talbot, John Anstey, J. M. Barker, Andrew Austin, and Kenneth Mackenzie, all of whom are eligible for re-election and offer themselves accordingly. One nomination was received for a seat on the Board—that of Mr T. L. Hart of Morven. and there being only one .vacancy. Mr Hart, wi!L bo declared duly elected, without the necessity of taking a ballot. 'I he net amount available to be dealt with this year amounts to £35.29G 35s 7d, being slightly more th-y.ii last year. The present turmoil and national upheaval of business and dislocation of finance throughout the whole world, brought about by the existing deplorable war, has impressed your directors with the need to exercise caution and discrimination in considering the question of distributing profits made out of the past years business- "Under normal conditions, the results would fully justify a distribution similar to that of last year, but under the present existing conditions, and the uncertainty of the near future. • they are unanimously of the opinion that it would be wiser to withhold for a time the distribution of a portion of the available funds, and they propose to recommend to the shareholders that the dividend of 6 per cent, on preference shares, and S per cent, on ordinary shares be now declared and paid, and that a bonus of 5 per cent, on pur; lues nn.ilo.hy. shareholders during the. year., (agricultural 'implements excepted).. 20. : per cent, rebate on "all commissionsearned (wool excepted), and 4 per cent, h.miw on salaries to the staff, be declared, but that these, bo withheld for a lime in whole or part and cnpit.ii : se.l at .3 per cent interest, until the present tension is terminated. Shareho'ders will bo offered the option of taking up the equivalent value to the bi-.mi.ses and rebates in (5 per cent, preference shares, and for this purpose the directors have sanctioned the issue of any mini her from one upwards. After making the necessary reservation tor payment of income tax and auditors' and stoektakers' fees, there would then still be left an estimated surplus of between £4OOO and £SOOO, of which the i directors recommend an appropriation! of £2OOO to ordinary reserve' £IOOO to special reserve aga ; nst possible bad and doubtful debts, and that the balance be carried forward. Your directors car-nestly hope that these proposals wii! meet with the general approbation of shareholders. The balance-sheet shows:—Authorised chare capital £325,000. in 65.00!) £5 shares. Total . capital paid £I9G G62 l«i- Id. "Uncalled £05.803. "Urn-dotted £32.335. Calls unpaid £139 Is 13d. Liabilities.—Capital called up £19(3.662 ISs Id, reserve fund £58.-Si2 ISs 2d. added from profit for year ended 31st Jnly, 1913 £1,157 Is ]od, nremiums on shares at'ottod during the year £216 l."s, unclaimed dividends (cancelled) £l9 15s. unclaimed dividends £205 7s I'V., fixed deposits £198.960 18s 2d. shareholders' current accounts £91.889 7s 2d. sundry creditors 16,296 10s Id. London office account £11,444 4s 3d. accident and fidelitv insurance fund £1.295 10s. bank oveVdraft £339 lGsSd, profit and loss £35..296 los 7d. Assets. —Freehold proper tv cost £310.019 lis Sd (less written off to 31st July. 1914, £5.350), £101.669 lis Sd, leasehold property £3 : 356 ISs Bd.i tuni'ture. fixtures, fittings, plant £20247 39s 3d, advances on grain, wool, meat, etc., £125.860 9s 6d, due or open accounts £09.648 39s lid. due for grain sold £30,674 4s lid. due on auction accounts £105.298 3s 4d, bills rcceivab'c £O,lll 19s 9d. investments £1,047 17s, »m* n- h.-u.d £145.865 9s oil. cash on hand £'3o-55 4s 7d. PROFIT AND LOSS 'ACCOUNT. Dr.—To stamps, telegrams, and telephones £1,849 Is 4d. salaries'and wages £31.816 Is 13 d, directors' fees £470 15s. insurance premiums £1.697 9s ldl miscellaneous charges £2.193 S.s 30d. travelling expenses, upkeep' motor cars. tyeles. stabling, etc. £1.595 10s 3d. rates and taxes £1,127 3s lOd. stationery, printing and advertising £1.186 2s 7d, cartage £3.403 Is 8d ; depreciation properties, furniture fixtures, fittings. and plant £2,286 4s 9d. bad dobes (loss reservations marie) £605 12s. balance forward from last year £1.7.'i3 14s Id. profit, for year ended 31st Jul v. 1914. £33.543 Is (3d. Or.—By balance at 31st Julv. 1913. bonuses pa d £28.428 l'-)s id trailer to reserve fund £1.357 Is 10d, transfer to insurance fund £3,000. transfer to doubtful debts reserve £SOO auditors' and stocktakers' fees £353 6s 3d. inceme tax £2.031 3s -Id: leaving £1.753 lis Id. Commissions £17.757 9s 9d. discount, interest, exchange, rent £2 9GS 14s ,".d, storage £391 3s Gd, grosTpiWit j on merchandise and produce £6O 6561 3s 3d ' j