THE FISHING BUSINESS.

Auckland Star, Volume LVIII, Issue 152, 30 June 1927, Page 4

THE FISHING BUSINESS.

SANFORD'S ANNUAL. MEETING.

THE CHAIRMAN'S STATEMENT,

The annual meeting of shareholders in Sanford, Ltd,, was held to-day in the company's offices, Freeman's Bay. Mr. A. P. Jagger, chairman of directors, occupied the chair. As already indicated in these columns, the net profit for the year amounted to £11,377 16/3, and the directors _ recommended the usual 7 per cent dividend. ■ In addressing shareholders, Mr. Jagger stated that during the year ending May 31„ 192G, two of the company's old trawlers were sold in Australia for considerably more than they_ The Income Tax Department claimed income tax on the amounts previously allowed lor depreciation on these trawlers, viz., £300. The directors protested, but on the advice of their solicitors, ultimately paid. _ 'liiis payment was not anticipated in their last report. , . ~t During the year the directors found it necessary to purchase another trawler (on account of which £0700 had been paid, the balance when the trawler arrives in August), to add to freezing accommodation (£2549), and to the Digester building (£1204), purchase new motor vans (£920), acquire and lit up shops (£1407), besides other capital expenditures considered necessary in the interests of the business. All this expenditure could not be expected to produce revenue immediately, but the directors felt satisfied that the benefits would be reflected in the future. Government Restrictions. During the past year the Government imposed further restrictions on the fishing grounds and closed certain areas during the "school fish" season, thus causing shortages during that period (November to January). The company was forced to send trawlers further afield, and supplies were short when otherwise they would have been plentiful. The directors were in hopes that with the now trawler the company would bo able to keep up the supply of fish during the coming year. Fertilisers. During the past year there had been a "fertiliser war." The directors did not fed disposed to reduce the prices of the company's fertiliser to compete with the prices ruling. Consequently the company had accumulated a certain amount of stock, which, had conditions been normal, would have been sold. However, it now appeared that the "war" was over, and that fair prices would be ruling in the near future, which would enable the company to dispose of its output at profitable prices.

With the object of giving every facility i to the public to purchase their requirements of fish easily, shops had been opened in Dilworth Building, Queen Street, Karangahape Road and Dominion I!oad, and another would be opened at Victoria Avenue (Reniicra) tram stop within the next few days. During the year, Messrs. Paul Sanford and Herbert Sanford retired from (lie directorate, and Mr. C. V. Houghton and Captain Hammond were appointed to fill the vacancies. The directors desired to thank the staff for their loyalty and co-operation, and to express their appreciation of the good feeling that existed throughout the company s service. The report and balance-sheet were adopted, and tiio retiring directors, Messrs Gilbert Sanford and A. F. Jagger, were re-elected.