YEAR’S TRADING

Waikato Times, Volume 106, Issue 22730, 4 October 1945, Page 6

YEAR’S TRADING

FARMERS’ AUCTIONEERING NET PROFIT OF £76,535 Another successful year’s trading is shown in the report and balancesheet of the Farmers’ Co-operative Auctioneering Company, Ltd., to be presented by the chairman of directors, Mr D. Stewart Reid, at the 38th annual meeting in Hamilton on Saturday, October 20. A net profit is shown for the year ended July 31 of £76,535 15s 4d, after providing for bad debts and depreciation of properties and plant. In the previous year the net profit was £71,954 17s Bd. Income tax, national and social security taxes for the year are expected to absorb £53,800 (last year £49,500), leaving £22,735 15s 4d, to which should be added £8756 5s Bd, the balance brought forward from last year, making a total of £37,492 Is. Last year the relative amount was £30,500 19s 7d. Half-yearly dividends paid on preference shares on February 1 and August 1 accounted for £12,660 12s, leaving £18,831 9s, out of which the directors recommend a 4 per cent dividend on ordinary shares, accounting for £9069 12s lOd, leaving £9761 16s 2d to be carried forward. Turnover Much Higher The net profit for the past three years has shown little variation. In 1943 it was £73,095 18s, in 1944 it was £71,354 17s Bd, and this year £76,535 15s 4d. The year’s turnover was £2,974,444, which is considerably higher than in the two previous years. In 1943 the total turnover was £2,499,572, and last year £2,469,420, so that the latest year’s operations show an increased turnover of approximately £500,000. Principal items in the balancesheet compare as follows:

Directors Re-elected The two retiring directors, Messrs D. Stewart Reid (Tuhikaramea) and Joseph Pohlen (Matamata) offered themselves for re-election. A third 1 vacancy occurred by the retirement a few months ago of Mr E. M. Edkins (Mangaiti), who had been on the board of directors for 28 years, for the last nine of which he was chairman. Mr Vincent W. Simms (Otorohanga) was nominated, and as no other nomination was received no election will be necessary. Messrs R. P. Hazard and E. V. Riesterer being unopposed for the position of auditors, they will be declared elected at the annual meeting.

1943-44 1944-45 £ £ Paid capital 479.953 Reserve 30,000 Sundry creditors 67,347 Profit and loss balance Assets— 73,670 76,535 Properties and plant .. 186,718 186,838 Sundry debtors War Loan stock (less 183,069 219,548 reserve J 96,034 77,044 Stocks 172,685 158.472 Total assets 650,970 657,967