PROFITS INCREASE

Waikato Independent, Volume XXXIV, Issue 3210, 22 September 1934, Page 4

PROFITS INCREASE

FARMERS' AUCTIONEERING CO. £15,921 MOEE THAN LAST YEAR ; An increase of £15,921 in net profit • is disclosed in the annual accounts of the Farmers' Co-operative Auctioneer-', ing;;,oikv£ii^' v £33,008 for the year ended July ,31.' The profit was • struck after providing for bad and doubtful' debts and' depreciation oh property and.plant. l ' With £282 brought forward from* last yearv'there was available £33,290.' Preference dividends for the year required £12,661, leaving a balance of £20,629, out of which it is proposed to pay 4 per cent dividend on the ordinary share 'capital' income tax'for the year, and to carry the balance forward. The company's capital account at ( £730,000, paid to £479,953, is unaltered. Liabilities, other than capital, arc as follows, those for the previous year bo- y ing given in parentheses: Reserve, " £20,000 (£20,000); fixed deposits, £7950 (£16,175); current ' accounts, £4248 (£3370); creditors, £26,941 (£23,254 ff¥ interest, £202 (£112). Assets total £566,255, compared with £554,338 in the previous year.\ They include the following items? £161,445 (£i63,139); plant, £3027" £4312); furniture, £3380 (£4100);'. debtors, £187,862 (£191,836); investments, £11,799 (£13,197); Government stock, £28,495 (£28,495); cash, £81,986 (£59,320); stocks, stored and afloat,' £88,22.6 (£87,710). ' \ > Expenses totalled £80,735, as against- v £78,559 a year ago. Gross 1 profit, at £113,742 compared with £95,646 in the previous year. • ; • The directors, retiring by rotation V are Messrs Mcrvyn Wells (Cambridge) and Joseph Pohlen (Matamata), who,-/ 1 being eligible, offer themselves for re- ' ■; election. As.another nomination, that of Mr E. C. Day, hr.s boon received, an election will be .necessary.