FARMERS' CO-OPERATIVE AUCTIONEERING COMPANY

Waikato Argus, Volume XXXV, Issue 5549, 5 March 1914, Page 2

FARMERS' CO-OPERATIVE AUCTIONEERING COMPANY

The following report and balancesheet will be presented to the annual meeting of the shareholders of the Farmers' Co-operative Auctioneering Company, to be held at the company's olliees, Hamilton, at 11 a.m. on Saturday, 21st March:— "The directors have pleasure in presenting the seventh annual report j and balance-sheet for the year ended ! 31st January, 1914. Taking into j consideration the stringency of the money market throughout the year, which had the effect of considerably curtailing business, the result uf the year's working is most satisfactory. During the year we have opened new saleyards at Oparau and Te Puke, and there is every prospect of a valuable connection from these quarters. New yards have been erected at Kauroa by the three auctioneering linns and neighbouring settlers. The opening sale was held in January lust, which *vas very successful. The Tauniarunui Borough Council have built municipal saleyards, and the three Waikato firms nek a joint sale thereon 27th January. Early in the year we completed our bulk store at Frank ton Junction, and have already felt the benefit and great convenience of this building. In looking at the debit and credit sides of the profit and loss accounts you will notice the totals have increased by about £12,000. On the Ist August last we opened a separate set of books for our produce department, and this year the debit ami credit sides of profit and loss accounts have both been increased bv the expenses and sales of that department, whereas in former years only the nett profit of that department was credited to profit and loss account. The nett profit, after making ample provision for bad and doubtful debts, is £22,0-13 12s 1 Id, to which has to be added £2299 as lid carried forward from last year's profit and loss account, making the total amount available for distribution £24,342 18s 10d, which your directors propose to allocate as follows: -Dividend at rate of 8 per tent., £10,053 9s 8d; rebate on commissions 20 per cent., rebate of 2* per cent, on purchases made by shareholders through the produce department, £1991 8s Id; reserve fund, £3500; special reserve for doubtful debts, £25(1(1; bonus to staff, salaries above £4OO not included, £440: amount to be carried forward, £2258 Is Id; total, £24,342 18s lOd. In accordance with the articles of association, the director to retire this year is Mr YV. G. Park, and, there being no other nomination, Mr Park is duly elected. Auditors: Inaccrrdance with the articles of association, Messrs Bruce and English retire, and the following nominations have been received for the positions for the current year:- John G. Restell, G. E. Hissett, W. W. Bruce, R. j English and V. H. .Sanson. As the number appointed is in excess of the number required, you are now asked to elect two auditors, for which ballot papers are enclosed, and which must be returned to the secretary's office before 11a.m. on Thursday, \ 19th March. The directors take this : opportunity of thanking the members of the stall' for the efficient manner in which they have carried out their | duties during the \car. --Joseph I Barugh, chairman." Balance-sheet as at 31st January, 1911. Liabilities. —Nominal capital of 40,000 shares at £5 each, £200,000, ! Paid-up capital, £137,842; amounts at current accounts, £44,733 7b Id; amounts on fixed deposit, £22,027 (is 7d; Bank of New Zealand, £11,895 3s 7d; amount on mortgage, £5556 4s (id; reseive fund, £14,000; special restive for doubtful debts £11,500; share premium account, £895; bal- : ance profit and loss account, £24,342 18s lOd; total, £272,792 Os 7d. Contingent liability: Bills under discount, £29,722 5s sd. Assets.- Property account, £23,i 542; working plant, £1521 -Is; bills receivable, £27,058 17s 2d; amounts due to company on current accounts, £206,886 8s lOd; cash in office, £lO2 15a 9d; stock on hand (manures, seeds, etc.), £13,08(1 Ms lOd; total, j £272,792 Os 7d.

Profit and Loss Account for Year Ended 31st January, 1914. To advertising, bad deb's written off, depreciation of plant, etc. (by re-valuation), donations to A. and P. Associations, etc., insurance, rent, rates and taxes, stamps and telegtanis, wages, trade expensos, and repairs and upkeep of saleyards, £30,585 2s 7d; balance profit, £22,043 12s lid; total, £52,028 15s (id. By commissions, discount, interest and fees, £40,262 7s 2d; gross profit produce department, £12,330 08 2d; recovery of detts previously written oil' as bad, £35 19a 2d; total, £52,628 15s Gd. To total amount available fur distribution, £24,342 188 KM. lly prolit for twelve months ended 31st January, 1914, £22,043 12* lid; balance brought forward from previous year. £2299 5s lid; total, £24,342 18s lOd.