SMITHFIELD AND ARGENTINE MEAT CO.

Auckland Star, Volume LVI, Issue 183, 5 August 1925, Page 21

SMITHFIELD AND ARGENTINE MEAT CO.

LESS FAVOURABLE REPORT. DIRECTORS' OPTIMISM. LONDON, July 1. New Zealand stock producers will take some interest in the course of trade shown by. the report -just issued of the Smithfield and Argentine Meat Company. Recent weakness of the ordinary shares had foreshadowed a less favourable report for, the year 1924, and the accounts now show that the trading .profit amounted to only £74,044, against £264,112 for the preceding year, when a debit balance of £238,589 was extinguished. The credit balance brought in was £23,523, and a credit balance of £99,567 is now carried forward. Throughout the year the company's works at Zarate were in a state of partial dislocation. Prices of live stock ruled higher than at any other time since 1920, and were often too dear to allow of any profit. This state of affairs is attributed to drought conditions and to the greatlyincreased Continental demand. The obsolescence claim has been disposed -of, but certain taxation questions have yet to be settled, and it will be impossible to proceed with the capital reorganisation scheme until the necessary adjustments have been made. In epite of this, however, the directors consider that the company's position is stronger than at any time during the last five years. Reorganisation of the works is practically completed, and the outlook is viewed with confidence.