FARMERS’ DISTRIBUTING CO.

Wairarapa Daily Times, 3 December 1926, Page 4

FARMERS’ DISTRIBUTING CO.

THE YEAR’S OPERATIONS. CONSOLIDATION OF FINANCES. The balance-sheet of the N.Z. Fanners’ Co-operative Distributing Company, Ltd., discloses a remarkable consolidation of its finances, the comparative figures of liabilities and assets (excluding ,9hare capital) for ]923 and 1926 being as follows: —Liabilities: 1923, £120,017; 1926, £73,439. Assets: 1923, £15)2,283; 1926. £176.342; giving an increase in the surplus of assets over Abilities of £30,937. All debentures, amounting to £7094, were paid right off during the year. After allowing for depreciation of properties, and making substantial pro-, visions for depreciation of plant and furniture, and for bad and doubtful debts, the profit and loss account shows a nett return of £2524 12s Od. A proposal is to be placed before the shareholders to write down the nominal value of shares by 6s in the £, which will enable the company to cancel the balance of the accumulated losses, to create- a reserve fund of £3OOO for bad and doubtful debts, and to provide £4OOO to cover depreciation on properties which have declined to that extent in value since they were purchased.